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PM-CARES Fund

  • IASbaba
  • March 30, 2020
  • 0
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PM-CARES Fund

Part of: GS Prelims and GS-II – Governance

In News: 

  • ‘Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund’ (PM CARES Fund) has been set up as a national fund to deal with the COVID-19 pandemic. 

Key takeaways:

  • The primary objective is to deal with any kind of emergency or distress situation, like posed by the COVID-19 pandemic. 
  • The fund will also help in providing relief to the affected
  • This fund will enable micro-donations as a result of which a large number of people will be able to contribute with the smallest of denominations.
  • Contribution by corporates to PM-CARES Fund will be considered as CSR expenditure under the companies law, as per Corporate Affairs Ministry’s memorandum. 

Important value additions:

PM CARES Fund

  • The Prime Minister is the Chairman of the fund. 
  • Other Members include Defence Minister, Home Minister and Finance Minister.

Corporate Social Responsibility (CSR) 

  • Under section 135 of the Companies Act, 2013, every company having net worth of at least Rs 500 crore, turnover of Rs 1,000 crore or more, or a minimum net profit of Rs 5 crore during the immediate preceding financial year has to make CSR expenditure.
  • The CSR initiatives of companies thrust on creating value in the lives of the communities around its areas of business and manufacturing operations. 

PM National Relief Funds (PMNRF) 

  • These are the other funds under the Prime Minister. 
  • He is the chairman of the fund.
  • The PMNRF is used to support people affected by natural and man-made disasters. 
  • This includes acid attacks, accidents and riots
  • It is also allotted to people for kidney transplantation treatments, heat, surgeries, etc. 

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