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PM CARES Fund received Rs 912 crore contribution in year after Covid pandemic
- The Indian Express |
- Economics (Indian Economy) |
- 2024-12-28
- PM CARES Fund
- Public Charitable Trust
The PM CARES Fund received Rs 912 crore in donations during 2022-23, post-pandemic, with significant interest and refund incomes. Disbursements totalled Rs 439 crore, and the closing balance rose to Rs 6,284 crore. Established in 2020, it supports emergency and distress situations.
PM CARES Fund Financial Overview (2022-23)
The Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) received significant contributions and disbursed funds for various initiatives in the financial year 2022-23.
Contributions and Income
- The Fund received a total of Rs 912 crore in contributions.
- Rs 909.64 crore from voluntary contributions.
- Rs 2.57 crore from foreign contributions.
- Additional interest income amounted to Rs 170.38 crore.
- Rs 154 crore from regular accounts.
- Rs 16.07 crore from foreign contributions account.
- Received refunds totaling Rs 225 crore, including Rs 202 crore from procurement of ventilators.
Disbursal of Funds
- Total disbursal of Rs 439 crore during 2022-23.
- Rs 346 crore for PM CARES initiatives for children.
- Rs 91.87 crore for procuring 99,986 oxygen concentrators.
- Rs 1.51 crore on contribution refunds.
- Rs 24,000 on legal charges.
- Rs 278 on bank and SMS charges.
Financial Balances and Growth
- Closing balance at the end of 2022-23 was Rs 6,284 crore, a 16% increase from the previous year.
- Historical closing balances:
- 2020-21: Rs 7,014 crore.
- 2019-20: Rs 3,077 crore.
Overall Contributions (2019-2023)
- Total contributions received over four years: Rs 13,605 crore.
- Voluntary contributions: Rs 13,067 crore.
- Foreign contributions: Rs 538 crore.
- Total interest income: Rs 565 crore.
Fund Establishment and Management
- Registered as a Public Charitable Trust on March 27, 2020.
- Primary objective: To address emergencies like the COVID-19 pandemic.
- Leadership:
- Prime Minister as ex-officio chairman.
- Defence, Home, and Finance Ministers as ex-officio trustees.
- Additional trustees nominated by the PM: Justice K T Thomas (retd.) and Kariya Munda.
Benefits for Donors
- Donations qualify for 80G benefits for 100% tax exemption under the Income Tax Act, 1961.
- Donations can be counted as Corporate Social Responsibility (CSR) expenditure under the Companies Act, 2013.