PM CARES Fund: The Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) was established in March 2020 as a Public Charitable Trust. Its main purpose is to provide relief and assistance during public health emergencies, natural calamities, and other types of emergencies. The Fund operates through voluntary donations and is exempt from government funding. In this article, we will delve into the objectives, composition, funding, and registration of the PM CARES Fund.
Table: PM CARES Fund Overview
Aspect
Details
Establishment
March 2020
Registration
Public Charitable Trust under the Registration Act, 1908
Objective
– Provide relief and assistance during emergencies
– Support public health emergencies and other crises
Composition
– Chairman: Prime Minister of India
– Ex-officio Trustees: Minister of Defence,
Minister of Home Affairs, Minister of Finance
– Three eminent persons nominated by the Chairperson
Funding
Solely funded by voluntary donations from individuals
and organizations
Exemptions
– 100% exemption under section 80G of the Income Tax Act,
1961
– Considered as Corporate Social Responsibility (CSR)
expenditure under Companies Act, 2013
– Clearance under Foreign Contribution (Regulation) Act
(FCRA) for receiving foreign donations
PM CARES Fund:
Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund)– in basic
Objectives: The PM CARES Fund is authorized to support various relief and assistance measures. It aims to improve healthcare facilities, establish pharmaceutical infrastructure, fund relevant research, and provide financial aid to affected populations. The Fund has the flexibility to undertake any activity that aligns with these objectives.
Composition: The Chairman of the PM CARES Fund is the Prime Minister of India. Additionally, the Minister of Defence, Minister of Home Affairs, and Minister of Finance serve as ex-officio Trustees. The Chairperson has the authority to nominate three eminent individuals from fields such as research, health, science, social work, law, public administration, and philanthropy as Trustees. All Trustees serve pro bono, meaning they do not receive compensation for their services.
Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund)– Financial Aspect
Funding: The PM CARES Fund relies solely on voluntary donations from individuals and organizations. It does not receive any financial assistance from the government budget. The Fund has received a significant amount of foreign donations, amounting to Rs 535.44 crore over the past three years.
Exemptions: Contributions made to the PM CARES Fund are eligible for 100% exemption under section 80G of the Income Tax Act, 1961. This means that donors can avail tax benefits for their contributions. Additionally, donations to the Fund can be considered as part of the Corporate Social Responsibility (CSR) expenditure under the Companies Act, 2013.
Registration: The PM CARES Fund is registered under the provisions of the Registration Act, 1908. The trust deed of the Fund has been duly registered, ensuring its legal validity and compliance with relevant regulations.
Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) : Conclusion
A Trust named ‘Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund)’ has been set up by PM Shri @narendramodi to help the people of India in their fight against COVID-19.
The PM CARES Fund plays a crucial role in providing timely assistance during emergencies and public health crises. With its clear objectives, diverse composition of Trustees, and reliance on voluntary donations, the Fund aims to support relief efforts and contribute to the well-being of affected communities. The registration under the Registration Act, 1908 further strengthens the Fund’s legal framework and ensures transparency in its operations.
The PM CARES Fund relies on voluntary donations from individuals and organizations. It does not receive any financial assistance from the government budget.
Can donations to the PM CARES Fund be tax-exempt?
Yes, contributions made to the PM CARES Fund are eligible for 100% exemption under section 80G of the Income Tax Act, 1961.
How is the PM CARES Fund registered?
The PM CARES Fund is registered under the Registration Act, 1908, ensuring its legal validity and compliance with relevant regulations.
Who are the Trustees of the PM CARES Fund?
The Prime Minister of India serves as the Chairman of the Fund, and the Ministers of Defence, Home Affairs, and Finance are ex-officio Trustees. Additionally, three eminent individuals are nominated as Trustees by the Chairperson.
What are the objectives of the PM CARES Fund?
The PM CARES Fund aims to provide relief and assistance during public health emergencies, natural calamities, and other types of emergencies. It supports initiatives such as healthcare improvement, pharmaceutical infrastructure development, research funding, and financial aid to affected populations.
