Companies (Corporate Social Responsibility Policy) Amendment Rules, 2020

The summary of the report is as follows:

The Corporate Social Responsibility (CSR) Act, 2013 (2013 No. 18) has been amended by the Companies (Corporate Social Responsibility) Amendment Rules, 2020, which was published by the Ministry of Corporate Affairs on August 24, 2020. The amendment creates a new CSR scheme called the "CSR Scheme for Micro, Small and Medium Enterprises (MSMEs) for the Financial Year 2020-21 and 2021-22". The scheme aims to support MSMEs in the development of vaccines, antiviral drugs, and diagnostic kits for COVID-19 through research and development collaborations with academic institutions and organizations. The scheme will be funded through the CSR funds of companies and will be reported separately in the annual report of the company.