1 week ago
PM CARES Donations Fall as Balance Reaches Record High
PM CARES is a fund created during the COVID-19 emergency to help people during disasters and other crises.
People and organizations can donate to it, but it does not receive money from the government budget.
The Prime Minister is its chairman, and three Union ministers are trustees.
In 2024-25, the fund received about Rs 480 crore in contributions.
It also earned money from interest and refunds.
It spent only about Rs 88 lakh during that year.
Because spending was low, the fund’s balance grew to a record Rs 8,452.06 crore.
The government says questions about PM CARES cannot be asked in the Lok Sabha under certain business rules.
The Supreme Court has previously treated PM CARES and the National Disaster Response Fund as separate funds.
PM CARES Fund contributions fell to Rs 479.96 crore in 2024-25, while its closing balance reached Rs 8,452.06 crore.
The fund spent Rs 87.85 lakh in 2024-25, its lowest spending in five years.
Established on March 27, 2020, PM CARES is a public charitable trust funded entirely by voluntary contributions.
The Prime Minister chairs the fund, with the Defence, Home and Finance Ministers serving as ex-officio trustees.
The Prime Minister’s Office told the Lok Sabha Secretariat that questions on PM CARES and two other funds are inadmissible under specified rules.
- Who
- The PM CARES Fund, managed by the Prime Minister as chairman and the Defence, Home and Finance Ministers as ex-officio trustees.
- What
- Its 2024-25 accounts showed lower contributions and spending, a record closing balance, and restrictions on related questions in the Lok Sabha.
- Where
- India; parliamentary admissibility was considered by the Lok Sabha Secretariat.
- When
- The fund was established on March 27, 2020; the latest reported accounts cover financial year 2024-25.
- Why
- It was created to respond to emergencies or distress situations and provide relief to affected people.
Key facts
- 2024-25 contributions
- Rs 479.96 crore, including Rs 479.04 crore in domestic donations and about Rs 92 lakh in foreign donations.
- 2024-25 spending
- Rs 87.85 lakh, including Rs 87.84 lakh for the PM CARES for Children Scheme.
- Closing balance
- Rs 8,452.06 crore at the end of 2024-25, up 17.83% from Rs 7,173.03 crore in 2023-24.
- Legal structure
- A public charitable trust registered under the Registration Act, 1908.
- Funding
- Entirely voluntary contributions, with no budgetary support.
- Tax and foreign donations
- Donations qualify for 100% income-tax exemption under Section 80G and CSR treatment; an FCRA exemption allows foreign contributions.
- Audit
- Audited annually by an independent auditor; the article says no statutory audit period is prescribed under the Income Tax Act.
Quotes
PM CARES Fund website
Official website of the PM CARES Fund
“PMNRF accepts only voluntary donations by individuals and institutions. Contributions flowing out of budgetary sources of Government or from the balance sheets of the public sector undertakings are not accepted. Conditional contributions, where the donor specifically mentions that the amount is meant for a particular purpose, are not accepted in the Fund.”
indianexpress.com
“Donations to PM CARES Fund would qualify for 80G benefits for 100% exemption under the Income Tax Act, 1961. Donations to the PM CARES Fund will also qualify to be counted as Corporate Social Responsibility (CSR) expenditure under the Companies Act, 2013.”
indianexpress.com
Sources
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