January 17, 2021

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Authorities Permits Analysis Spends On COVID-19 Vaccine, Medicine Underneath CSR Norms

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Government Allows Research Spends On COVID-19 Vaccine, Drugs Under CSR Norms

The R&D must be carried out in collaboration with the federal government

The federal government on Tuesday amended the Company Social Accountability (CSR) norms to incorporate Analysis and growth (R&D) spending on new vaccine, medicine, medical units associated to COVID-19.

“Any firm engaged in analysis and growth exercise of latest vaccine, medicine and medical units of their regular course of enterprise might undertake analysis and growth exercise of latest vaccine, medicine and medical units associated to COVID-19 for monetary years 2020-21, 2021-22 and 2022-23 topic to the situations,” mentioned a gazette notification, issued on Monday.

The notification additional mentioned that the spending must be made in monetary years 2020-21, 2021-22 and 2022-23 and the R&D must be carried out in collaboration with the federal government nominated institutes or organisations.

In July this yr, authorities had tightened CSR norms saying firms must clarify the place they’ve spent cash allotted for a similar, including that the businesses have to maneuver this cash to an escrow account if not spent.

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