PM CARES Fund UPSC

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

Formation of PM CARES fund:

• Formed in 2020 amidst CoVID-19 outbreak.

What are the Objectives of PM CARES fund ? :

• undertaking and supporting 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.
• will also render financial assistance, provide grants of payments of money or take any such other steps deemed necessary by the Board of Trustees to the affected population.

Administrative mechanism of PM CARES fund:

• 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 (Prime Minister) 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.

Contributions to the PM CARES fund:

• consists entirely of voluntary contributions from individuals/organizations and does not get any budgetary support. 
• exemption under the FCRA so it can accept donations and contributions from individuals and organizations based in foreign countries.

Disbursement of the PM CARES Fund:

• subject to the criterion/rules laid down by the trustees.

Donations to the PM CARES Fund:

• qualify for 80G benefits for 100% exemption under the Income Tax Act, 1961. 
• will also qualify to be counted as Corporate Social Responsibility (CSR) expenditure under the Companies Act, 2013.

Audit of PM CARES FUND:

• Will be audited by independent auditors who will be appointed by the trustees.