CURRENT AFFAIRS

Detailed explanation-1: -The PM CARES Fund, set up to deal with emergencies such as the Covid pandemic, saw its corpus grow nearly three-fold to Rs 10,990 crore in the 2020-21 fiscal, while the disbursal rose to Rs 3,976 crore, according to the latest audited statement.

Detailed explanation-2: -The PM CARES Fund collected ₹10,990 crore since its inception in March 2020 until March 2021. It spent ₹3,976 crore during the 2020-21 financial year, according to the audited financial statement posted on its website. As on March 31, 2021, the Fund had an unspent balance of ₹7,044 crore.

Detailed explanation-3: -All the donations made to the PM CARES Fund will be eligible for 100% tax exemption under Section 80G of the Income Tax Act, 1961. It should be noted that no upper limit will be applicable for tax deduction u/s 80G with respect to the donations made towards this Fund.

Detailed explanation-4: -PMO categorically mentions that it is a fully voluntary fund where individuals and companies make their contributions willingly. The fund does not accept contributions flowing out of budgetary sources of Government or from the balance sheets of the PSUs.

Detailed explanation-5: -“That the PM CARES Fund is a public charitable trust comprising of voluntary donations made by individuals and institutions and is not a business of the Central Government. Besides, the PM CARES Fund does not receive funds or finances by the Government,” the response adds.