PM CARES Fund

In News

• Recently, a petition was filed seeking that the PM CARES Fund be declared as ‘The State’ under Article 12 of the Constitution of India.

About Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund)

• Established:
  • In March 2020
  • It has been registered as a Public Charitable Trust.
• Objective:
  • 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 the affected population.
  • To undertake any other activity, this is not inconsistent with the above Objects.
• Composition:
  • Prime Minister is the ex-officio Chairman 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 Chairperson of the Board of Trustees shall have the power to nominate three trustees to the Board of Trustees who shall be eminent persons in the field of research, health, science, social work, law, public administration and philanthropy.
  • Any person appointed a Trustee shall act in a pro bono capacity.
• Funding:
  • The fund consists entirely of voluntary contributions from individuals/organisations and does not get any budgetary support.
• Exemptions:
  • 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.

• Registration:
  • The trust deed of PM CARES Fund has been registered under the Registration Act, 1908.

Source: IE