What is the PM Cares Fund? Where is Used?

The PM Cares Fund was created on 28th March 2020 as a public charitable trust. Read the following to know more about What is the PM Cares Fund & Where is it Used & other intricacies of PM Cares Fund.

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The onset of Covid-19 brought a lot of concerns about how such a pandemic can be dealt with in a densely populated country like India. To deal with Covid-19 and other distress emergencies, the then Prime Minister’s Citizen Assistance and Relief in Emergency Situation Fund was created on 28th March 2020 under the chairmanship of Prime Minister Narendra Modi. In the following article, we will discuss the importance, objectives and other important facts about the PM Cares Fund.

What is the PM Cares Fund?

The PM Cares Fund is a public charitable trust and the Prime Minister serves as the chairman of the trust. The ministers of finance, home affairs, and defence are additional members of the PM Cares Fund. The notable fact of the PM Cares Fund is that is designed to accept micro-donations which will enable people from all walks of life to make their donations even of the smallest amounts.

Objectives of the PM Cares Fund

The main objective of the PM Cares Fund is to provide financial and other forms of relief to the affected people in emergency situations like Covid-19 or any other natural disasters as well. People can make donations to the PM Cares Fund easily and the funds will be used to help out affected people.

Here are some of the objectives of PM Cares Find listed below.

The PM Cares Find is created to undertake or support relief and/or assistance to the affected people during any natural or manmade calamity, distress or public health emergency.
This includes the creation or upgradation of health care facilities or pharmaceutical set-up or infrastructure and any other form of support during emergency situations as mentioned above.
To provide financial assistance to affected people as may be deemed necessary by the Board of Trustees.

PM Cares Fund Trust

The Prime Minister of India is the ex-officio Chairman of the PM Cares Fund. The Minister of Defence, Minister of Home Affairs and Minister of Finance, Government of India are ex-officio Trustees of the Fund. The Prime Minister has nominated Shri Justice K.T.Thomas (Retd.), Shri Kariya Munda and Shri Ratan N. Tata as the other three trustees to the Board.

Spendings of PM Cares Fund (April 2020 to March 2021)

Here is a detailed list of spending made by the PM Cares Fund from April 2020 to March 2021. The information on the spending of the PM Cares Fund for the consecutive year is mentioned in detail on the official website of PM Cares Fund.

Disbursal	Expense
Procurement of 6.6 crore doses of COVID-19 vaccines	₹1,392 crore
50,000 Made-in-India ventilators provided to the state as well as central government-run hospitals	₹1,311 crore
Funds allotted to state and union territories for the welfare of the immigrants	₹1,000 crore
Adoption of medical oxygen plants inside public health facilities	₹201 crore
Establishment of two 500-bedded makeshift COVID-19 hospitals in Muzaffarpur and Patna, 16 RT-PCR testing labs in 9 states/UTs, installation and operationalisation of 162 pressure swings	₹50 crore
Funding of two of the autonomous institute laboratories under the department of biotechnology for upgradation as Central Drug Laboratory (CDL) for test and release of the batches of COVID-19 vaccines	₹20 crores
Bank Charges	₹1 lakh
Total Expenses	₹3,976 crore

Important Facts about PM Cares Fund

The PM Cares Fund consists of voluntary contributions and donations from organizations/individuals.
The Union Budget of India does not include any budgetary support to the PM Cares Fund.
Donations to PM CARES Fund would qualify for 80G benefits for 100% exemption under the Income Tax Act of 1961.
Donations to the PM CARES Fund will also qualify to be counted as Corporate Social Responsibility (CSR) expenditure under the Companies Act, 2013.

FAQs

When was PM Cares Fund was formed?

The PM Cares Fund was formed on 28th March 2020.

What is the PM CARES Fund?

PM CARES Fund is a public charitable trust. It was established with the primary goal of dealing with any type of emergency or distress scenario, such as posed by the COVID-19 epidemic, and to provide aid and other financial support to the affected, bearing in mind the need for having a dedicated fund.

What are the responsibilities of the board of members of the PM Cares Fund?

The board of members give support to the common people during emergency situations and disasters through financial support for healthcare facilities and the purchase of pharmaceutical products. The trustees or the members investigate the authentication of the payment or the bill before disbursing any fund.