Govt asks steel PSUs to deposit CSR money in PM CARES fund; extra amount will be offset later

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Published: March 31, 2020 5:27:33 PM

8 steel PSUs including SAIL, RINL, NMDC, MOIL, MECON, KIOCL, MSTC, and FSNL, will deposit a total of Rs 267.55 crore CSR fund in the PM CARES fund.

PM CARES fund, steelpsu, dharmendra pradhan, steelminister, coronavirus, covid 19The Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) was created last week due to the emergence of the COVID-19 pandemic in India.

Steel Minister Dharmendra Pradhan has asked all the Steel PSUs to deposit unspent CSR funds of the current fiscal and the CSR funds of the next fiscal into the PM CARES Fund. 8 steel PSUs including SAIL, RINL, NMDC, MOIL, MECON, KIOCL, MSTC, and FSNL, will deposit a total of Rs 267.55 crore in the PM CARES fund, according to a statement by the Ministry of Steel. The Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) was created last week to take care of the health problems caused by the COVID-19 pandemic in India. 

The fund is aimed at combating, containment and relief efforts against the coronavirus outbreak and similar pandemic like situations in the future. Dharmendra Pradhan has also asked these PSUs to immediately adopt the Annadan initiative, which aims at feeding migrant workers and weaker sections of the society.

Also Read: Fresh Start Scheme 2020: Companies can file pending forms, returns without late fees; make fresh start

The government is urging the companies to contribute to the PM CARES fund with an open heart and to the best of their capability. In an online appeal, Injeti Srinivas, Secretary, Ministry of Corporate Affairs, wrote, “As you are the chief executive of a highly successful company, I would like to appeal to your company to contribute generously to the PM CARES fund, which may also include any unspent CSR amount, if applicable”.

The Secretary of MCA has also urged the companies to contribute over and above the minimum prescribed amount, which can later be offset against the CSR obligation arising in subsequent years. Meanwhile, any contribution made to the PM CARES Fund before 31st March would qualify for 80G exemption. From 1 April 2020, only those companies that choose to stay in the old tax structure will get the said benefit.

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