CSR Update: Clarification on utilisation of CSR Funds used for Covid Care and allied activities

✓ Ministry of Corporate Affairs (MCA) clarified that spending of CSR funds for ‘creating health infrastructure for COVID care’, ‘establishment of medical oxygen generation and storage plants’, ‘manufacturing and supply of Oxygen concentrators, ventilators, cylinders and other medical equipment for countering COVID-19’ or similar such activities are eligible as CSR activities under item nos. (i) and (xii) of Schedule VII of the Companies Act, 2013.

✓ Further, contribution to specified research and development projects as well as contribution to public funded universities and certain Organisations engaged in conducting research in science, technology, engineering, and medicine as eligible CSR activity under item no. (ix) of Schedule VII of the Companies Act, 2013 which.