News Brief
An oxygen express with Oxygen tanker on it (representative image)
As part of efforts to quickly channelise funds for the development of the health infrastructure required to fight the Covid pandemic, the government has allowed investments in such activities to qualify as eligible corporate social responsibility (CSR) activities.
The Ministry of Corporate Affairs on Wednesday (5 May) clarified that spending of CSR funds directly or through pooling of resources for 'creating health infrastructure for COVID care are eligible CSR activities.
Resources for 'creating health infrastructure for COVID care', would include 'establishment of medical oxygen generation and storage plants' and 'manufacturing and supply of Oxygen concentrators, ventilators, cylinders and other medical equipment for countering COVID-19'.
Any funds moving in these activities by companies would qualify being termed as CSR spending for meeting annual compliance.
All companies, including government entities, with a net worth of Rs 500 crore or more, a turnover of Rs 1,000 crore or more, or net profit of Rs 5 crore or more, are required to spend 2 per cent of their average profits of the previous three years on CSR activities every year.
A ministry of corporate affairs circular said that CSR spending on health infrastructure and other activities can be undertaken directly by a company or in collaboration as shared responsibility with other companies.
(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest