The financial effect of the 2020 coronavirus pandemic in India has been to a great extent problematic. The lockdown however vital has prompted a shocking effect on the economy. The Government of India reported an assortment of measures to handle the circumstance, from food security and additional assets for medicinal services to segment related motivating forces and expense cutoff time augmentations. Remembering the requirement for having a devoted national reserve with the essential goal of managing any sort of crisis or misery circumstance, as presented by the COVID-19 pandemic, and to give alleviation to the influenced, an open beneficent trust under the name of 'Executive's Citizen Assistance and Relief in Emergency Situations Fund' (PM CARES Fund)' has been set up.
According to Section 135(1), each organization having total assets of Rs 500 crore or more, or turnover of Rs 1000 crore or more or a net benefit of Rs 5 crore or more during any money related year will establish a Corporate Social Responsibility Committee of the Board.
The Board shall consist of three or more directors, out of which at least one director shall be an independent director.
The Board of Directors shall make sure that the company spends in every financial year, minimum 2% of the average net profits made during the 3 immediately preceding financial years as per CSR policy. In case of not spending the amount under CSR, the company will report why it has not done so.
The following activities can be performed by a company to accomplish its CSR obligations:
Top businesses and celebrities had rushed in to pledge millions in new donations to the PM CARES fund. The disaster and the urgent need for mobilizing resources, donations to designated funds is a good option and many corporates have already contributed huge amounts to the PM CARES Fund.