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Following the onset of the coronavirus epidemic on March 28, 2020, the PM Cares Fund was formed. It is set up to provide relief to the public affected by the emergency or distress situation in the country. The funds will be used to combat the coronavirus pandemic, treat victims, conduct research to develop a treatment for the virus, and address the problem if another epidemic occurs in the future.
The Prime Minister of India has been named Chairman of the PM Cares Fund, together with India’s Home Minister, Defense Minister, and Finance Minister. The Prime Minister and his team can appoint three more people to this trust, which could include members of the opposition. PM CARES was registered as a public charitable trust on 27 March 2020 under the Registration Act, 1908.
Income tax exemption will be exempted under India’s Income Tax Act 80G on the amount donated to PM Cares Fund. Prior to PM Cairns in India, the Prime Minister’s Relief Fund was being run by the Prime Minister, in which people could contribute at any time, and the fund was Used to help people in the event of different disasters in the country. At least ₹ 10 can be donated to the PM Cares Fund and there is no limit on the maximum amount of donation. Indians or any foreign national residing outside India can also donate to this fund. On the appeal of Prime Minister Narendra Modi, many people from India and around the world donated to the PM Cares Fund and by May 2020, more than Rs 10,000 crore had been deposited in this fund.
Objectives of PM CARES Fund
- To support and undertake assistance or relief of any kind relating to calamity or distress, public health or any other kind of emergency, either natural or man-made.
- The relief under the fund includes the upgradation or creation of pharmaceutical or healthcare facilities, funding relevant research, other necessary infrastructure or any other type of support.
- To provide grants of money, render financial assistance or take such other steps towards the affected population deemed necessary by the Board of Trustees of the fund.
- To undertake any other such activity that is not inconsistent with the objectives mentioned above.
Constitution of PM CARES FUND
The Prime Minister (PM) of India is the ex-officio Chairman of the PM CARES Fund. The Minister of Home Affairs, Minister of Defence, Minister of Finance, Government of India are ex-officio Trustees of the Fund.
The Chairman of the Board of Trustees, i.e. the PM, has the power to nominate three trustees to the Board of Trustees. They must be eminent persons in the field of research, science, health, social work, public administration, law and philanthropy.
Benefits of donation to PM CARES Fund
- The PM Cares fund consists entirely of voluntary contributions from organizations or individuals, and it does not receive any budgetary support. It is a charitable fund where the people contribute to support and provide assistance for the people’s welfare in distress or emergencies. The contributions are utilized only for the objectives mentioned above.
- The donations to PM CARES Fund qualify for 80G benefits provided under the Income Tax Act, 1961 for 100% exemption. They also qualify to be counted as CSR expenditure under the Companies Act, 2013.
- The donation made to PM CARES Fund has got exemption under the Foreign Contribution Regulation Act, 2010 and a separate account for receiving the foreign donations is opened. Thus, the PM CARES Fund can accept contributions and donations from organizations and individuals based in foreign countries. During the year 2019-20, i.e. from 27 to 31 March 2020, an amount of Rs.3076.62 crore was collected under PM CARES Fund.
Some of the Biggest Donors in PM CARES
- TATA Group- 1500 crore
- Reliance Industries – 500 crores
- Aditya Birla group – 400 crores
- Adani Group – 100 crores
- Akshay Kumar – 25 crores
Many employees of the Government of India and many people working in other companies also decided to give their 1-day salary for this relief work.
How to make a donation to PM CARES
To donate to this disaster fund, a person or company can donate using all available banking services. Such as by debit card, credit card, internet banking, mobile banking, mobile wallet, demand draft, check etc. It has been advised by the Government of India, you should make any kind of donation with the account details given above, or visit the official website of PM Cares and use other means.
To Know More about PM CARES and Donate Online! Click Here
PM CARES Account Details
SBI account Details –
Savings Bank A/C No. 39238765008
IFSC Code: SBIN0000691
Branch- New Delhi Main Branch, No.11, Parliament Street, New Delhi-110001
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