The Ministry of Corporate Affairs on 30th July 2021 has clarified that spending of CSR funds for COVID-19 vaccination for persons other than the employees and their families, is an eligible CSR activity.
At present, corporates with a net worth of Rs 500 crore, or revenues exceeding Rs 1,000 crore, or net profit over Rs 5 crore, have to spend 2 percent of their average profit over the last three years on CSR programs.
Spending of CSR funds for COVID-19 Vaccination is an eligible CSR acitivity under item no: (i) of schedule VII of the companies Act 2013 relating to health care including preventive health care and item no xii relating to disaster management.
