About PM CARES Fund 

• The Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM CARES) Fund was set up in the aftermath of the Covid-19 pandemic to mobilize resources. The Fund was established on 27 March, 2020.
• PM CARES Fund is a public charitable trust. It has been set up keeping in mind the need for having a dedicated fund with the primary objective of dealing with any kind of emergency or distress situation, like posed by the COVID-19 pandemic, and to provide relief to the affected.
• The Prime Minister is Chairperson (ex-officio) of the PM CARES Fund and Minister of Defence, Minister of Home Affairs and Minister of Finance, Government of India are ex-officio Trustees of the Fund.

Objectives

• The primary objectives of the PM CARES Fund Trust are:-

1. To undertake and support relief or assistance of any kind relating to a public health emergency or any other kind of emergency, calamity or distress, either man-made or natural, including the creation or upgradation of healthcare or pharmaceutical facilities, other necessary infrastructure, funding relevant research or any other type of support.
2. To render financial assistance, provide grants of payments of money or take such other steps as may be deemed necessary by the Board of Trustees to assist the affected population.
3. To undertake any other activity, which is not inconsistent with the above Objects.

Legal Provisions

• PM CARES Fund has been registered as a Public Charitable Trust under the Registration Act, 1908.
• PM CARES Fund accepts voluntary contributions by individuals/organizations as well as contributions as part of Corporate Social Responsibility (CSR) from Companies/Public Sector Undertakings (PSUs). However, contributions flowing out of budgetary sources of the PSUs are not accepted.
• All contributions towards the PM CARES Fund are 100% exempt from Income Tax under Section 80(G) of the Income Tax Act, 1961 for those who opt for the old tax slabs.
• Any contribution made to the PM CARES Fund by any Company or a PSU shall qualify as CSR expenditure as provided under the Companies Act, 2013.
• PM CARES Fund is audited by an independent auditor.

Whether Foreign Donation is accepted in the PM CARES Fund?

• Yes. PM CARES Fund has received exemption from operation of all provisions of the Foreign Contribution (Regulation) Act, 2010. 

Why in News?

• Prime Minister Narendra Modi chaired a meeting of the Board of Trustees of the PM CARES Fund.

Reference:

1. https://newsonair.gov.in/News?title=PM-Modi-chairs-meeting-of-Board-of-Trustees-of-PM-CARES-Fund%3b-Ratan-Tata-and-Sudha-Murthy-join-as-trustees&id=448070