The Centre has now made it eligible for the PM CARES fund to receive Corporate Social Responsibility (CSR) funding from various companies.
The Ministry of Corporate Affairs has brought forth the changes by making amendments in the Companies Act.
So far, only the Prime Minister’s National Relief Fund was eligible to receive CSR funding.
“In Schedule VII, item (viii), after the words ‘Prime Minister’s National Relief Fund’, the words “or Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund)” shall be inserted,” the ministry stated in a notification on Tuesday.
The notification will come into effect from Wednesday.
The PM CARES Fund was set up on March 28 by Prime Minister Narendra Modi to enable people to make financial contributions which can help the government in providing relief to the affected in any kind of emergency or distress situations.
The PM CARES Fund Trust had recently decided to allocate Rs 3100 crore to tackle the ongoing coronavirus pandemic.
“Out of the Rs 3100 crore, Rs.2000 crore will be earmarked for the purchase of ventilators, Rs. 1000 crores will be used for the care of migrant labourers and Rs.100 crores will be given to support vaccine development,” a statement from the Prime Minister’s Office had earlier stated.