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 in 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.
- The primary objectives of the PM CARES Fund Trust are:-
- 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.
- 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.
- To undertake any other activity, which is not inconsistent with the above Objects.
- 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?
- The PM CARES Fund received Rs 535.44 crore as foreign donations during the last three years.
- The value of foreign contributions received in the fund stood at Rs 0.40 crore during the financial year 2019-20, Rs 494.92 crore in 2020-21, and Rs 40.12 crore in 2021-22.
- The voluntary contribution stood at Rs 3,075.85 crore during 2019-20.