MCA Made an Amendment in Schedule VII of Companies Act, 2013

The Ministry of Corporate Affairs (MCA) on Thursday released a notification and through it, MCA has made some modifications in Schedule VII of the companies act 2013 Check out the AGM due date for the newly registered company under the companies act 2013. Also, we have mentioned two conditions for easy understanding. Read More. The Schedule VII was brought into the action with effect from April 1, 2014, and as Amended on various occasions, and this time it is amended to insert Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) as Corporate Social Responsibility (CSR).

The Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) were introduced by the Government of India on March 28, 2020, due to the COVID-19 pandemic in India. The fund was introduced to deal with any emergency or distress situation posed by the Coronavirus outbreak. The PM CARES Fund will be used for combat, containment and relief efforts against the COVID-19 and similar pandemic like situations in the future.

Read Also: Latest Official Updates Under Company Law by the MCA Know the latest official updates in company law by the MCA department. Also, we included MCA acts, circulars, notifications under companies act 2013. Read More

The Issued Notification states that in Schedule VII, item (viii), after the words “Prime Minister’s National Relief Fund, the words “or Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund)” shall be inserted. The Notification will come into effect from March 28, 2020. As per some reports published on May 20, PM CARES fund received at least $1.27 billion In donation, and this amount is enough for over 21.5 million COVID-19 tests