The Prime Minister Narendra Modi has announced PM CARES Fund which is a public charitable trust to fight against Coronavirus Outbreak and has urged the citizens to make their contribution. PM CARES stands for ‘Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund’. This fund will enable micro-donations as a result of which a large number of people will be able to contribute with smallest of denominations.
The Ministry of Corporate Affairs has said that the donation by companies to Prime Minister’s emergency fund will qualify as a corporate social responsibility (CSR) spending.
PM has tweeted “Kindly contribute to the PM-CARES Fund. This Fund will also cater to similar distressing situations, if they occur in the times ahead. This link has all important details about the fund.” The COVID-19 pandemic has claimed 21 lives in India and over 25,000 across the world so far.
Q. What is the full form on CARES Fund?
The PM CARES Fund stands for ‘Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund’
Q. What is PM CARES Fund for?
The Prime Minister has set up CARES Fund is a public charitable trust to fight against Coronavirus Outbreak. People can visit www.pmindia.gov.in to make contributions using credit and debit cards, UPI, net banking and RTGS or NEFT. Donations made to PM CARES fund will be covered under CSR spending.
Q. Who are the members of this public charitable trust PM CARES Fund?
Prime Minister is the Chairman of this trust and its Members include Defence Minister, Home Minister and Finance Minister.
Q. What is CSR Expenditure?
Corporate Social Responsibility or CSR spending are the expenditure incurred by an assessee on the activities relating to corporate social responsibility referred to in section 135 of the Companies Act, 2013 shall not be deemed to be an expenditure incurred by the assessee for the purposes of the business or profession. Hence CSR activities are not allowed as deduction from the profit of the company.
Q. How to donate to PM CARES Fund?
Following modes of payments are available on the website pmindia.gov.in –
- Debit Cards and Credit Cards
- Internet Banking
- UPI (BHIM, PhonePe, Amazon Pay, Google Pay, PayTM, Mobikwik, etc.)
Name of Account: PM CARES
Account Number: 2121PM20202
IFSC Code: SBIN0000691
UPI : pmcares@sbi
State Bank Of India,
New Delhi Main Branch
Q. Will the donations made to this fund exempted from income tax?
Yes, Donations to this fund will be exempted from income tax under section 80(G).