PM CARES Funds

GS3 – ECONOMICS 

The PM CARES (Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund) received Rs 912 crore in 2022-23, according to the latest audited accounts.

About PM CARES Fund:

• It is a public charitable trust registered under the Registration Act, 1908.
• The fund does not receive any government budget allocations.
• Purpose: To provide relief and assistance during emergencies or calamities.
• Chairperson and Members: The Prime Minister serves as the ex-officio Chairperson, with the Defence Minister, Home Minister, and Finance Minister as members.
• Tax Benefits: Donations to the fund are eligible for 100% tax exemption under Section 80G of the Income Tax Act. Contributions will also count as CSR expenditure under the Companies Act, 2013.
• The fund is not subject to scrutiny under the Right to Information (RTI) Act.