Clarification on spending of CSR funds for CoVID-19 Vaccination

 

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NON-ACADEMIC ICAI UPDATE (NOT RELEVANT FOR EXAMS BUT FOR GENERAL AWARENESS)

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Please find text of the Clarification on spending of CSR funds for CoVID-19 Vaccination notification below –

Clarification on spending of CSR funds for CoVID-19 Vaccination

icai
icai

Corporate Laws & Corporate Governance Committee The Institute of Chartered Accountants of India

31st  July, 2021

ANNOUNCEMENT

Sub: Clarification on spending of CSR funds for CoVID-19 Vaccination

The Ministry of Corporate Affairs had earlier clarified vide its circular dated 23.03.2021 that spending of CSR funds for CoVID-19 is an eligible CSR Activity.

In view of the continued spread of Corona Virus and in continuation to the aforesaid clarification, the Ministry has further clarified vide its circular dated 30th July, 2021 that spending of CSR funds for CoVID-19 vaccination for persons other than the employees and their families is considered to be an eligible CSR activity under item no (i) and (xii) of Schedule VII of the Companies Act, 2013.

Accordingly, the Companies may undertake the aforesaid activity subject to fulfillment of Companies (CSR Policy) Rules, 2014 and the circulars issued by the Ministry from time to time.

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[Circular No: 13/2021]

Circular is available at the link- https://www.mca.gov.in/bin/dms/getdocument?mds=HbDqXuiLTcYlShFfT8wcuA%253D%25 3D&type=open

Members may take note of the above and plan accordingly.

Sincerely Yours,

Chairman and Vice Chairman

Corporate Laws & Corporate Governance Committee The Institute of Chartered Accountants of India


Official Link of Clarification on spending of CSR funds for CoVID-19 Vaccination notification can be accessed from below –

https://resource.cdn.icai.org/65833clcgc53122.pdf

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Jai Hind, Vande Mataram
Team CA Study

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