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Spends on Covid vaccine campaigns to count as CSR

All companies 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 profit of the previous three years on CSR activities every year.

By: ENS Economic Bureau | New Delhi | January 15, 2021 3:33:33 am
Pune covid, Pune covid vaccine, Pune covid vaccination, Pune healthcare workers vaccination, Pune news, Indian express newsThe target for day one was to vaccinate 3,100 beneficiaries and till 5.30 pm, 58 per cent of the target was achieved. (Representational)

The corporate Affairs Ministry on Thursday clarified that expenditure incurred by India Inc on awareness campaigns on the Covid-19 vaccination programme would be counted towards their mandatory Corporate Social Responsibility (CSR) expenditure. All companies 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 profit of the previous three years on CSR activities every year.

“… spending of CSR funds for carrying out awareness campaigns/programmes or public outreach campaigns on Covid-19 vaccination programme is an eligible CSR activity,” the Ministry said in a notification. Prime Minister Narendra Modi is set to launch the rollout of India’s Covid-19 vaccine programme on January 16 with about 3 lakh healthcare workers set to receive vaccine shots on the first day of the programme.

The Corporate Affairs Ministry had last year taken a number of steps to ensure that companies could classify spends on tackling Covid-19 as part of their CSR expenditure. The Ministry had notified las year that any donations to the PM-CARES Fund and state disaster disaster management authorities would count towards mandatory CSR expenditure.

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