Minister Asks Pharma Companies To Contribute In PM-CARE Fund Under CSR
Delhi: Through a recent release, D.V. Sadananda Gowda, Minister of Chemicals & Fertilizers requested all the pharmaceuticals companies to contribute to PM-CARE Fund under CSR.
The commitment for the same was made by D.V. Sadananda Gowda to All Major Associations of Pharmaceutical Industry.
The Novel Coronavirus (COVID-19) cases have been confirmed in many countries including India and that the Government of India is taking all possible steps to prevent spreading the outbreak and to mitigate the impact of the outbreak in India.
"However, a public health situation of this scale requires concerted efforts from all sections of the society. All profit-making companies are required to spend a certain fund on Corporate Social Responsibility every year as per law. The health sector is a legitimate area in which companies can spend their Corporate Social Responsibility budget" Minister stated
Government of India has set up the 'Prime Minister's Citizen Assistance and relief in Emergency Situations fund' (PM CARE) with the primary objective of dealing with any kind of emergency or distress situation such as that posed by COVID 19 pandemic and the Ministry of Corporate Affairs, GOI has already clarified that any contribution made to the said fund shall qualify as CSR expenditure under the Companies Act 2013.
It is a good opportunity to utilize the unspent CSR funds for Financial Year 2019-20 by contributing to the above fund immediately. Similarly, the Pharmaceutical companies may contribute to this fund from April 2020 onwards from the anticipated CSR spending of FY 2020-21.
"Looking at the potential scale of the spread of Novel Coronavirus (COVID-19) and its impact on health and well-being of our citizens, I request you to urge your members to contribute a maximum possible amount of their CSR budget in the above-mentioned fund so as to contribute in the nation's efforts at this crucial juncture" Minister added
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