PM CARES Fund – Under the chairmanship of Prime Minister Narendra Modi, the PM CARES i.e. the Prime Minister’s Citizen Assistance and Relief in Emergency Situation Fund was created on March 28th, 2020.
Candidates can know the detailed information about the PM CARES Fund on the Official Website (https://www.pmindia.gov.in/en/).
PM CARES fund is covered under Government Schemes which is an important static GK topic with regards to UPSC or any other competitive examination. For information on various Static GK check the article linked here.
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Like the PM CARES fund, there are various other schemes launched by the Government of India in order to address the social and economic welfare of the citizens of the nation.
Candidates can check in detail various Government Schemes which will be helpful for UPSC aspirants and for other competitive exams.
PM CARES Fund Objectives
Keeping in mind the need to provide relief to the affected in emergent situations of Coronavirus COVID-19, a public charitable trust under the name of PM CARES Fund has been set up. The PM CARES is a dedicated national fund created to combat the dreadful contingencies like COVID-19 pandemic in India. The primary objective of this fund is to deal with forthcoming emergencies or distress situations.
Objectives Of PM CARES Fund:
- 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 upkeep 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, which is not inconsistent with the above Objects.
Constitution of the PM CARES Trust
The Prime Minister is the ex-officio Chairman of the PM CARES Fund. Government of India, Minister of Defence, Minister of Home Affairs and the Minister of Finance are ex-officio Trustees of the PM CARES Fund.
The Chairperson of the Board of Trustees i.e. the Prime Minister shall have the power to nominate 3 trustees to the Board of Trustees who shall be the eminent persons in the field of research, science, health, social work, public administration law, and philanthropy. Any person appointed a Trustee shall act in a pro bono capacity.
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Other Similar Government Fundings
Not just the PM CARES Fund, there are other similar existing charitable trusts of Indian Government like Prime Minister National Relief Fund (PMNRF). The details of PMNRF are highlighted below:
- PMNRF was started in the year 1948 by Jawahar Lal Nehru.
- It was instituted to assist displaced persons from the neighbour country Pakistan.
- The funds of PMNRF are now used to tackle natural calamities like earthquakes, floods, and cyclones. Also, to help the needy with major medical treatment like cancer, kidney transplantation, acid attack, etc.
- The fund in the PMNRF are entirely the voluntary contributions from the public like the Individuals, Organizations, Companies, Trusts, Institutions etc. and does not get any budgetary support.
- Any disbursement from the PMNRF fund is made with the approval of the Prime Minister.
- The PMNRF is recognised as a Trust under Income Tax and contributions towards it are notified for 100% deduction from taxable income under section 80(G) of the Income Tax Act, 1961.
PM CARES Fund Important FACTS
- The fund does not get any budgetary support and consists entirely of voluntary contributions from the individuals or organizations.
- The fund will be utilised in meeting the contingencies or emergency situation aroused in the country.
- Donations to PM CARES Fund by the individuals would qualify for 100% tax exemption under 80G of the Income Tax Act, 1961.
- Donations to PM CARES Fund by the organisations would qualify to be counted as Corporate Social Responsibility (CSR) activity expenditure under the Companies Act, 2013.
- A separate account for receiving the donations from the foreign countries has been opened. This enables PM CARES Fund to accept donations and contributions from individuals and organizations based in foreign countries. Foreign donations in the PM CARES Fund would also get exemption under the FCRA. This is consistent with respect to the Prime Minister’s National Relief Fund (PMNRF). PMNRF has also received foreign contributions as a public trust since 2011.
All the news and information related to PM CARES and the COVID-19 pandemic forms a part of the Current Affairs section in the UPSC examination 2020.
Candidates appearing for Civil Services Exam this year scheduled to conduct form May 31st, 2020 can check UPSC Prelims page for relevant information regarding the exam.
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