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Covid 19 Outbreak: Corporate Spending Towards Covid19 Eligible As CSR

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On March 23, the finance ministry said corporate expenditure incurred to deal with the economic slowdown due to the coronavirus outbreak shall qualify as a corporate social responsibility (CSR) activity. In a press release, the ministry said, "In view of the spread of novel #CoronaVirus in India, its declaration as pandemic by the WHO, and decision of Government of India to treat this as notified disaster, it is hereby clarified that spending of CSR funds for COVID-19 is eligible for CSR activity".

Covid19 Outbreak: Corporate Spending Towards Covid19 Eligible As CSR
 

The release further stated that money could be spent for healthcare promotion such as preventive healthcare, sanitzation as well as disaster management.

As of March 23, 2020, 415 corona positive cases have been reported from across the country and in its bid to prevent the spread of the deadly virus, the government on Sunday announced suspension of all train, inter-state bus and metro services until March 31, 2020. On Monday, domestic flights also stand cancelled from March 25.

The pandemic has severely hit businesses across industries, with some of the big corporate announcing cut in pay across employee categories.

Even before the lockdown was announced, malls , restaurants, multiplexes at some of the prominent places were closed down.

GoodReturns.in

Story first published: Monday, March 23, 2020, 18:00 [IST]
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