In News:

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.

Key Highlights:

Contributions Received:

• Total contributions in 2022-23: Rs 912 crore.
  • Voluntary contributions: Rs 909.64 crore.
  • Foreign contributions: Rs 2.57 crore.

Interest Income:

• Total interest income for 2022-23: Rs 170.38 crore.
  • From regular accounts: Rs 154 crore.
  • From foreign contributions account: Rs 16.07 crore.

Refunds and Additional Inflows:

• Rs 225 crore in refunds, including:
  • Rs 202 crore refund from procurement of 50,000 ventilators for government hospitals.

Disbursements:

• Total disbursed in 2022-23: Rs 439 crore:
  • Rs 346 crore for PM CARES for Children.
  • Rs 91.87 crore for procurement of 99,986 oxygen concentrators.
  • Rs 1.51 crore for refunds.
  • Rs 24,000 for legal charges, and Rs 278 for bank and SMS charges.

Cumulative Contributions (2019-23):

• Rs 13,605 crore received from 2019-20 to 2022-23.
  • Voluntary contributions: Rs 13,067 crore.
  • Foreign contributions: Rs 538 crore.
• Interest income over these years: Rs 565 crore.

About PM CARES Fund:

Formation and Purpose:

• Established: March 27, 2020, as a Public Charitable Trust under the Registration Act, 1908.
• Purpose: To address emergencies like COVID-19, natural disasters, and man-made calamities. It also supports healthcare infrastructure and essential facilities.

Governance and Structure:

• Chairperson: The Prime Minister (ex-officio).
• Trustees: Defence, Home, and Finance Ministers (ex-officio).
• Additional Trustees: Appointed by the PM, serving on a non-profit basis (e.g., Justice K T Thomas (retd.) and Kariya Munda).

Tax Exemptions:

• Donations are eligible for 100% tax exemption under Section 80G of the Income Tax Act, 1961.
• Donations qualify as Corporate Social Responsibility (CSR) expenditure under the Companies Act, 2013.
• The fund is exempt under the Foreign Contribution Regulation Act (FCRA), allowing it to receive foreign donations.