Facts for Prelims (FFPs)
Source: IE
Context: The PM’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) received Rs 535.44 crore as foreign donations during the last three years.
About PM CARES Fund:
| Launched | It was created on 27 March 2020, following the COVID-19 pandemic, for the purpose of redressing the pandemic in India. |
| Nature | It is a private fund used at the discretion of the PM and the Fund’s trustees, and does not form a part of the Government of India’s accounts. |
| Chairman | The PM of India is the ex-officio chairman of the fund |
| Trustees | Ex-officio trustees include the Minister of Defence; the Minister of Home Affairs and the Minister of Finance.
The PM has nominated three trustees – Justice K T Thomas (retd), Kariya Munda and Ratan N Tata – to the Board. |
| Benefits | Donations to PM CARES Fund would qualify –
For 100% exemption under the Income Tax Act, 1961. To be counted as Corporate Social Responsibility (CSR) expenditure under the Companies Act, 2013. It has also got exemption under the FCRA and a separate account for receiving foreign donations has been opened. |
