PM CARES Fund

PM CARES Fund

About PM CARES Fund:

• Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) is set up as a public charitable trust  under the Registration Act, 1908 in 2020.
• It is not created under the Constitution or any law made by the Parliament or the state
• The fund is administered on an honorary basis by Additional Secretary/ Joint Secretary, in charge of the PM CARES Fund in the PMO.
• The Prime Minister’s Office provides administrative and secretarial support to the Trustees .
• The fund consists entirely of voluntary contributions from individuals/organizations and does not get any budgetary support.
• Donations to PM CARES Fund would qualify for 80G benefits for 100% exemption under the Income Tax Act, 1961.
• Donations to PM CARES Fund will also qualify to be counted as Corporate Social Responsibility (CSR) expenditure under the Companies Act, 2013
• PM CARES Fund has also got exemption under the FCRA and a separate account for receiving foreign donations has been opened.
• PM CARES Fund accepts donations and contributions from individuals and organizations based in foreign countries.
• This is consistent with respect to Prime Minister’s National Relief Fund (PMNRF). PMNRF has also received foreign contributions as a public trust since 2011.
• PM CARES Fund is audited by an independent auditor
• The Head Office of the Fund is Prime Minister’s Office, New Delhi.

Constitution of the Trust :

• Prime Minister is the ex-officio Chairman of the PM CARES Fund
• Minister of Defence, Minister of Home Affairs and Minister of Finance, Government of India are ex-officio Trustees of the Fund.
• Any person appointed a Trustee shall act in a pro bono capacity.

Objectives:

• 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,
• 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 the affected population.

Source: Indian express