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Ports, PSUs of Shipping Ministry contribute Rs 52 crore of CSR Fund to PM-CARES; employees donate one-day salary

By DNA On 06 April 2020
 
Ports, PSUs of Shipping Ministry contribute Rs 52 crore of CSR Fund to PM-CARES; employees donate one-day salary
 

Employees of the all major ports and PSUs under the Ministry of Shipping have come forward to donate a day’s salary amounting to Rs 7 crore to PM-CARES Fund in the fight against coronavirus pandemic. 

 

29,027 employees of total 18 entities under the Ministry of Shipping have contributed Rs 7,10,00,463 to emergency COVID-19 fund set up the Central Government, the ministry said on Monday. This includes 12 ports under the ministry and six PSUs. 

 

With 6324 employees and a contribution of Rs 1.27 crore, Mumbai Port Trust is the biggest donor in the list. 3700 employees of Kolkata Port Trust have contributed Rs 1 crore to the PM-CARES fund.

 

Besides, all of these ports and Public Sector Undertakings (PSUs) have also decided to contribute Rs 52 crore of CSR fund to the corpus.

 

The Jawaharlal Nehru Port Trust (JNPT) at Navi Mumbai has made the biggest contribution with Rs 16.4 crore. JNPT is India’s No. 1 container port handling more than half of the container cargo across all major ports in India.

 

Deendayal Port Trust in Gujarat and Odisha's Paradip Port Trust have contributed Rs 8 crore each. 

 

The Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund’ (PM-CARES Fund) been created to provide relief to COVID-19 pandemic affected people.

 

Earlier, the government had said that contribution by corporates to PM-CARES Fund will be considered as CSR spending under the companies law.

 

Under the companies law, certain classes of profitable entities have to spend at least 2% of their three-year annual average net profit towards Corporate Social Responsibility (CSR) activities in a particular fiscal. "Any contribution made to the PM-CARES Fund shall qualify as CSR expenditure," Corporate Affairs Minister Nirmala Sitharaman said last month. 

 

The corporate affairs ministry had issued a memorandum regarding this. 

 

"The PM-CARES Fund has been set up to provide relief to those affected by any kind of emergency or distress situation. Accordingly, it is clarified that any kind of contribution made to the PM-CARES Fund shall qualify as CSR expenditure under the Companies Act, 2013," the ministry said in the memorandum issued on March 29.


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Tag : COVID19 CSR Disaster Relief
 
 
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