The Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) received Rs 912 crore in contributions during the financial year 2022-23 as donations continued to pour in even after the Covid pandemic.

• The Fund also received Rs 170.38 crore as interest income and Rs 225 crore in form of refunds from various sources, including refund (Rs 202 crore) from procurement of 50,000 ‘Made in India’ ventilators to government hospitals run by the Centre/States/UTs.

About PM CARES Fund

• Established: In March 2020, as a Public Charitable Trust under the Registration Act, 1908.
• Purpose: Dedicated fund to handle emergencies or distress situations like public health emergencies, natural or man-made calamities, and provide relief to affected populations.
• Objectives
  • To provide relief and assistance during public health emergencies or other calamities, both natural and man-made.
  • To create or upgrade healthcare, pharmaceutical, or necessary infrastructure.
  • To fund relevant research or other support for affected populations.
  • To render financial assistance or grants as deemed necessary by the Board of Trustees.
• Constitution of the Trust
  • Chairperson: Prime Minister (ex-officio Chairman).
  • Ex-Officio Trustees:
    • Defence Minister.
    • Home Minister.
    • Finance Minister.
  • The Prime Minister has the power to nominate three Trustees to the Board of Trustees.
  • All Trustees act in a pro bono capacity.
• Funding Sources:
  • Voluntary contributions from individuals and organizations.
  • Foreign contributions under the FCRA (separate foreign donations account maintained).
  • No budgetary support from the government.
• Income Tax Benefits:
  • Donations qualify for 80G benefits (100% exemption under the Income Tax Act, 1961).
  • Contributions qualify as CSR expenditure under the Companies Act, 2013.

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Significance

• Emergency Response: Provides a streamlined mechanism to mobilize resources during crises like the COVID-19 pandemic.
• Transparency: Regularly audited accounts available in the public domain.
• Global Contributions: Enabled through the Foreign Contribution (Regulation) Act, 2010 exemption and separate foreign donations account.
• Tax and CSR Benefits: Encourages public and corporate participation.