PM-Care Fund

Figure 1: No Copyright Infringement Intended

Context:

According to an audit, only 1/3^rd of PM Care fund was spent.

Finding of audit:

The PM CARES Fund collected Rs. 10,990 crore since its inception in March 2020 until March 2021.
It spent Rs. 3,976 crore during the 2020-21 financial year.
In the financial year 2020-21, it received voluntary contributions from domestic donors to the tune of Rs. 7,184 crore and foreign contributions amounting to Rs. 494 crore.

Expenditure:

The largest disbursal of Rs. 1,393 crore went to purchase 6.6 crore doses of COVID-19 vaccines.
1,311 crore was used to buy 50,000 Made in India ventilators for use in Central and State government hospitals.
201 crore spent on installing 162 Pressure Swing Adsorption medical oxygen generation plants inside public health facilities.
50 crore to establish two makeshift COVID hospitals in Muzaffarnagar and Patna with 500 beds each.
20 crore was used to upgrade two autonomous institute laboratories under the Department of Biotechnology as Central Drug Laboratories to test and release batches of the COVID vaccine.

About PM-Cares:

Created	Established on 27^th March 2020
Objective	· To help people affected by the Covid 19 Pandemic · To render financial assistance, provide grants of payments of money · To undertake and support relief or assistance of any kind relating to a public health emergency or any other kind of emergency, calamity or distress, either man-made or natural, including the creation or upkeep of healthcare or pharmaceutical facilities
Board Structure	· Chairman: Prime Minister · Other Members: Home Minister , Defence Minister and Finance Minister · Prime Minister shall have the power to nominate 3 trustees to the Board of Trustees who shall be the eminent persons in the field of research, science, health, social work, public administration law, and philanthropy.
Financing	· It can’t receive funds through government budgetary support. · Consists entirely of voluntary contributions from individuals/organizations.
Administration	· on an honorary basis by a Joint Secretary (Administration) in the PMO as Secretary to the fund. · assistance on honorary basis by an Officer of the rank of Director/Deputy Secretary (Administration) in the PMO. · The Prime Minister’s Office provides such administrative and secretarial support to the Trustees for the management and administration of the Trust
Other Details	· Donations to PM CARES Fund qualifies for 80G benefits for 100% exemption under the Income Tax Act, 1961. · Donations to PM CARES Fund also qualifies to be counted as Corporate Social Responsibility (CSR) expenditure under the Companies Act, 2013
FCRA (Foreign Contribution Regulating Act) status	· Got exemption under the FCRA · A separate account for receiving foreign donations has been opened. · Can accept donations and contributions from individuals and organizations based in foreign countries.
Auditing	· Independent Auditor · no statutory period prescribed for audit of the PM CARES under Income Tax Act. However, audit will be conducted at the end of the Financial Year.