What is PM-Care all about ?
Union government has set up a public charitable trust under the name of ‘Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund’ (PM CARES Fund)’.PM Cares Fund account details, tax benefit: To have a dedicated national fund with the primary objective of dealing with any kind of emergency or distress situation, like the current COVID-19 pandemic, and to provide relief to the affected, the Union government has set up a public charitable trust under the name of ‘Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund’ (PM CARES Fund)’.This will go a long way in creating a healthier India,” PM Modi tweeted today. The donations to this fund will also enjoy tax benefits.
Yes, It is not taxable and this is the reason !
Donations to PM Cares Fund will be exempted from income tax under section 80(G).PM Modi tweeted, “It is my appeal to my fellow Indians, 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.”
Company Can fulfil their CSR :-Companies can fulfill their corporate social responsibility (CSR) obligations through donations to the newly formed Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM CARES) Fund, the corporate affairs ministry clarified on Saturday.
The emergency fund was created by Prime Minister Narendra Modi on Saturday after his office received numerous requests from people for donations to support the government in its fight against the impact of Covid-19.
“People from all walks of life expressed their desire to donate to India’s war against COVID-19,” Modi said, adding the fund has been constituted respecting that spirit.
On Sunday, finance minister Nirmala Sitharaman took to social media to announce that the ministry of corporate affairs (MCA) had notified that CSR funds can donate to the PM CARES Fund.As per the MCA circular, Schedule 7 of the Companies Act, 2013, contribution to any fund set up by the central government for socio-economic development and relief qualifies as CSR expenditure.
“The PM-CARES Fund has been set up to provide relief to those affected by any kind of emergency or distress situation. Accordingly, it is clarified that any contribution made to the PM CARES Fund shall qualify as CSR expenditure under the Companies Act 2013,” it said.
How are normal people taking part ?
Appealing to citizens to donate generously, Modi said, “It is my appeal to my fellow Indians, kindly contribute to the PM-CARES Fund. This Fund will also cater to similar distressing situations, if they occur in the times ahead.”
People can visit www.pmindia.gov.in to make contributions using credit and debit cards, UPI, net banking and RTGS or NEFT.
How are big celebrities and companies taking part?
Bollywood superstar Akshay Kumar announced that he will be donating Rs 25 crore to PM-CARES.Actress Anushka Sharma, her cricketer-husband Virat Kohli have pledged their support to the PM CARES fund and Maharashtra Chief Minister’s relief fund. However, they chose not to disclose the amount.
Filmmaker Karan Johar, actor Sonam Kapoor, Ayushman Khurrana and few others also pledged support. Sachin Tendulkar donated Rs 25 lakh each to the Prime Minister’s Relief Fund and the Chief Minister of Maharashtra’s Relief Fund
Cricketer Suresh Raina donated Rs 31 lakh to PM-CARES Fund and Rs 21 lakh to UP CM’s Disaster Relief Fund to combat coronavirus.Bollywood actor Kartik Aaryan has contributed Rs 1 crore to PM-Cares fund.
Bollywood superstar Salman Khan will extend help to 25,000-odd daily wage workers of the film industry whose lives have been affected by the ongoing national lockdown.Varun Dhawan pledged Rs 30 lakh to PM-CARES Fund and Rs 25 lakh to Maharashtra CM’s relief fund.
Actor Shilpa Shetty Rs 21 lakhs to PM-CARES. Bhushan Kumar, who heads film studio T-Series, said he will donate Rs 11 crore. TV host and actor Maniesh Paul will donate Rs 20 lakh and Murad Khetani, the producer of 2019 blockbuster “Kabir Singh”, pledged Rs 25 lakh to PM-CARES and another 25 lakhs to the Maharashtra Relief Fund.
Designer Sabyasachi Mukherjee has pledged to give Rs 1 crore of his personal funds to the Prime Minister’s National Relief Fund (PMNRF) along with Rs 50 lakhs to Chief Minster of West Bengal’s Relief Fund.Teen shooting sensation Manu Bhaker donated Rs 1 lakh to the Haryana government.
Corporates Made Donations:-
Reliance Industries donates Rs 500 crore to PM CARES Fund .In addition to the donation to the PM’s Fund, Reliance Industries has also provided contributions of Rs 5 crore each to the governments of Maharashtra and Gujarat to support their fights against the COVID-19.
Adani Foundation has contributed Rs 100 crore to the PM CARES Fund for the fight against the coronavirus pandemic.
Tata Sons and Tata Trusts have pledged to contribute Rs 1,500 crore for the cause while Reliance Industries had made an initial contribution of Rs 5 crore besides opening India’s first COVID-19 hospital in Mumbai.
The JSW Group said it will extend a financial assistance of Rs 100 crore to combat the deadly virus.
Engineering and construction giant Larsen & Toubro announced Rs 150 crore donation to the PM-CARES Fund.
TVS Motor Company said it will donate Rs 25 crore to the PM’s Relief Fund.
The Sajjan Jindal-led group will provide equipment to healthcare workers and its employees will donate one day’s salary.
Anand Mahindra of the Mahindra & Mahindra Group had offered to provide Mahindra resorts as care facilities for those infected. The Mahindra Group is also working on making ventilators for Covid-19 infected patients.
Several FMCG companies such as ITC, HUL, RB, and Godrej have also pledged material and monetary aid to help the government.
ITC chairman Sanjiv Puri announced the conglomerate has set up Rs 150 crore COVID-19 contingency fund to provide relief to most vulnerable section of the society, provide assistance to rural healthcare and even provide protective gear for medical staff.
Private sector lender Kotak Mahindra Bank and its Managing Director Uday Kotak announced a Rs 60-crore donation. The bank will donate Rs 25 crore to PM Cares Fund and Rs 10 crore to Maharashtra Chief Minister’s Relief Fund, it said in a tweet.
Megha Engineering and Infrastructure Limited (MEIL) managing director PV Krishna Reddy has donated Rs 5 crore each to the Chief Minister’s relief funds of AP and Telangana.