Central Government by a notification dated 30th May, 2019 has amended Schedule VII of the Companies Act, 2013 to include “disaster management, including relief, rehabilitation and reconstruction activities” in the list of approved activities towards which CSR may be spent by Companies.
Schedule VII provides a list of Activities which may be included by companies in their Corporate Social Responsibility Policies. As per Section 135 of Companies Act, 2013, Every company having net worth of rupees five hundred crore or more, or turnover of rupees one thousand crore or more or a net profit of rupees five crore or more during the immediately preceding financial year shall constitute a Corporate Social Responsibility Committee. The Committee formulates a Corporate Social Responsibility Policy which shall indicate the activities to be undertaken by the company in areas or subject, specified in Schedule VII.
In the said Schedule VII, after item (xi) and the entries relating thereto, the following item and entries shall be inserted, namely:-
“(xii) disaster management, including relief, rehabilitation and reconstruction activities.”
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