MINISTRY OF CORPORATE AFFAIRS UPDATE – AMENDMENT TO CSR RULES: [NOTIFICATION NO 419 and 420 DATED 24TH AUGUST 2020]

Vide this notification, CSR Rules and Schedule VII of the Act has been amended, to enable the R&D expenditure incurred by companies in R&D of Covid-19 vaccine, drug(s) and medical devices in their normal course of business, to account it as CSR expenditure, for financial years 2020-2021, 2021-2022 and 2022-2023, so long as these companies carry out their R&D in collaboration with the institutes or organisation mentioned in item (ix) of Schedule VII to the Act- such as Central/State Government/Public Sector Undertaking funded incubators, IITs, National Laboratories established by certain Central Government Departments