What will PM CARES Fund be used for?

1 What is PM CARES Fund? PM CARES Fund is a public charitable trust. It has been set up keeping in mind the need for having a dedicated fund with the primary objective of dealing with any kind of emergency or distress situation, like posed by the COVID-19 pandemic, and to provide relief to the affected.

Is Pmnrf under CSR?

In this respect, it is to be noted that contribution or donation to the Prime Minister National Relief Fund (PMNRF) is already covered as spending for CSR activities in the Schedule VII. Therefore, any contribution to PMNRF by a corporate house will be counted towards its CSR expenditure.

Which bank has been selected to collect funds donated to the PM CARES Fund?

ICICI Bank has been authorised, as a contribution collection banking partner for PM CARES Fund.

Who is owner of PM Cares fund?

Although the documentation for the constitution of the fund has not been made public, the Government of India has stated that the Prime Minister of India, Narendra Modi, is the chairman of the fund, and that trustees include the Minister of Defence, Rajnath Singh; Minister of Home Affairs, Amit Shah, and Minister of …

Is PM CARES Fund a private fund?

In April 2020, the Prime Minister’s Office stated that PM CARES would not be audited by the Comptroller and Auditor General of India, since the PM CARES fund consisted of private donations and not public funds.

Can government receive offshore donations?

India will not accept financial assistance from the governments of the other nations to the “PM-Cares Fund” to deal with the COVID-19 crisis, but it will remain open to receiving donations from the overseas citizens of the country, foreign individuals and non-government entities to the trust.

How much donation is tax free?

Mode of Payment: Donations can be made in the form of a cheque or by a draft, or in cash; however, cash donations over Rs 2,000 are not allowed as deductions. 100\% of the amount donated or contributed is eligible for deductions.

Why was PM Cares started?

The government’s reluctance to reveal any information about the Fund under the RTI Act has been called into question, as the Fund, created on March 28, 2020 for the purpose of extending assistance during the Covid-19 pandemic, has been promoted by the Government of India and received huge donations.

Is pm cares fund a CSR expenditure?

A circular issued on Sunday morning by the Ministry of Corporate Affairs clarifies that under Schedule VII of the Companies Act, 2013, any contribution made by companies to any fund set up by the Central government qualifies under as a CSR expenditure and that any contribution made to the PM CARES fund also qualifies for the same.

Is pm cares fund eligible for 80G benefits?

Interesting to take note that any contributions made to PM CARES Fund shall also qualify for 80G benefits for 100\% exemption under the Income Tax Act, 1961. a. Contribution made to ‘PM CARES Fund’ shall qualify as CSR expenditure

What qualifies as a CSR expenditure?

March 28, 2020, the MCA issued an Office Memorandum, in relation to expenditure towards CSR whereby the MCA issued a clarification under item (viii) of Schedule VII of the Companies Act, 2013 which enumerates that contribution made to any fund set up by the Central Government for socio-economic development and relief qualifies as a CSR expenditure.

Does pm cares Fund Meet the requirements of Schedule VII?

(b) PM CARES Fund does not qualify the requirements of clause (viii) of the Schedule VII of the Companies Act, 2013, although Central Government has power to amend Schedule VII to include contribution to PM CARES as eligible CSR spent