Biz EOD: CSR funds for coronavirus; supply starts for Covid-19 test kits; govt suspends domestic flights

Finance Minister Nirmala Sitharaman on Monday confirmed that spending of corporate social responsibility (CSR) funds for COVID-19 is eligible CSR activity. Two companies whose diagnostic test kits had been validated by the Indian Council of Medical Research (ICMR)'s National Institute of Virology have begun supplies. No domestic commercial passenger flight will be allowed to operate in the country from March 25 onward, says Union Civil Aviation Ministry. Read for more top stories from the world of business and economy:

1. Now, Indian Inc can spend CSR funds to combat coronavirus

CSR funds may be spent for various activities related to COVID-19 relating to promotion of healthcare, including preventive health care and sanitation and disaster management.

2. India allows two companies to supply Covid-19 testing kits; no DCGI approval needed

Along with the new approval for low cost diagnostic kits, the government has also allowed 12 laboratory chains with 15,000 collection centres all over the country to carry out COVID-19 tests.

3. Domestic commercial flights to be suspended from March 25

India, which has already banned international flights for a week from Sunday, has taken this decision to restrict travel amid the coronavirus pandemic.

4. Coronavirus in India: Cap on petrol, diesel excise duty raised

Earlier this month, the Centre increased the excise duty on petrol and diesel by Rs 3 per litre each. This excise duty hike had reportedly helped the government collect over Rs 2,000 crore.

5. COVID-19 outbreak: Implications for luxury industry in 2020 and beyond

The COVID-19 pandemic may bring a major change in the consumers' mindset and the value system that underpin their luxury buying decisions. The brands that would work to understand this and adapt accordingly will surely turn out to be the new champions.