New Delhi: The government on Thursday said spending by corporates for setting up makeshift hospitals and temporary COVID-19 care facilities will be considered as CSR activities.
Under the companies law, certain class of profitable entities are required to spend at least 2% of their three-year annual average net profit towards Corporate Social Responsibility (CSR).
“It is further clarified that spending of CSR funds for setting up makeshift hospitals and temporary COVID care facilities is an eligible CSR activity…,” the corporate affairs ministry said in a circular on Thursday.
The circular comes at a time when the number of coronavirus cases and related deaths are surging across the country, with many places seeing lack of beds and oxygen cylinders for patients.
Download Money9 App for the latest updates on Personal Finance.