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Central Government has set up PM-CARES Funds to combat COVID-19

Central Government has set up PM-CARES Funds to combat COVID-19

The PM-CARES fund was set up on 28 March 2020, to deal with the COVID19 crisis that is gripping the country. PM Shri Narendra Modi has appealed to the public to donate generously to the Prime Minister’s Citizen Assistance and Relief in Emergency Situations(PM-CARES) Fund.

Key Points:

  • The Funds collected under the PM-CARES fund will be exempted from tax under Section 80(G) of the Income Tax Act.
  • The account of the fund is held in the State Bank of India Branch of New Delhi.
  • The Chairman of the trust is Prime Minister, and other members of the trust are Defence Minister, Home Minister and Finance Minister.
  • The ‘Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund’ (PM CARES Fund)’ is a public charitable trust.
  • The trust has been set up with the primary objective of dealing with any distressing and emergency situation, which are posed by the Coronavirus pandemic. It will be used in providing relief to the affected.
  • Modes of Payment that are accepted in the fund include Debit Cards, Credit Cards, Internet Banking, UPI and RTGS/NEFT.

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