March 31, 2020
Alert: India Coronavirus Update
Today, Finance Minster Nirmala Sitharaman along with G20 finance ministers and central bankers participated in a virtual meeting to discuss the economic impact of the global pandemic, coordinate efforts to combat the situation, and discuss next steps in the G20 action plan. Read the G20 press release here, Finance Minister Sitharaman’s remarks here, and remarks by IMF Managing Director Kristalina Georgieva’s remarks here.
Additionally, the Finance Ministry issued an ordinance today, providing relaxation of certain laws to ease compliance burden. The ordinance provides for extension of various time limits under the Taxation and Benami Acts. See press release here.
The Ministry of Corporate Affairs has clarified that company’s contributions to the PM CARES Fund over and above the minimum prescribed corporate social responsibility (CSR) spends can be offset against their CSR obligations of subsequent years. See notice here.
Action Required: In the wake of this pandemic, many of our member companies are doing tremendous work to help the Government of India. Please share your social initiatives and ongoing support for communities in India during this pandemic.
Wishing you and your families good health.
Dr. Mukesh Aghi
President and CEO
US-India Strategic Partnership Forum