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.
