FinMin officials, banks, FIs contribute Rs 430 Cr to PM CARES Fund

FinMin officials, banks, FIs contribute Rs 430 Cr to PM CARES Fund – Around Rs 430.13 crore to the Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM CARES) Fund along with the officers and staff of the ministry of finance, including public sector banks, financial institutions under the ministry, have contributed and which include one day’s salary of employees and funds donated as a part of the company social responsibility (CSR) obligations of a number of these institutions, said a release by the ministry on Sunday.

The employees of the life assurance Corporation (LIC) topped the list with a contribution of Rs 105 crore followed by Rs 100 crore from the depository financial institution of India employees.

Along with this, the India Infrastructure nondepository financial institution Limited employees contributed Rs 25 crore while the workers of the Central Board of Indirect Taxes and Customs and therefore the Central Board of Direct Taxes together put in Rs 23 crore.

Employees of the overall Insurance Corporation donated Rs 22.81 crore and Bank of Baroda employees gave Rs 20 crore. Punjab commercial bank and Canara Bank employees contributed Rs 15 crore each.

The employees of the department of expenditure donated Rs 2 crore while those from the department of economic affairs and department of revenue put in Rs 15 lakh and Rs 90 lakh respectively.

Donations to the fund are made eligible for 100% tax write-off under section 80G of the tax Act. Later, the govt allowed companies to satisfy their CSR obligations by donating to the fund.

The government has nominated the Indian Overseas Bank to gather donations to the fund, which accepts micro-donations as low as Rs 10.

The PM CARES Fund was created on March 28 by Prime Minister Narendra Modi with the first objective of handling any quite emergency or distress situation as posed by the COVID-19 pandemic, and to supply relief to the affected people including Rs 1,500 crore by the Tata Group, Rs 1,000 crore by the Azim Premji Foundation, Rs 500 crore collectively by the military of April 4, the fund had received Rs 6,500 crore from a cross-section of citizens and institutions, Navy and Air Force, defence PSUs and employees of the defence ministry.

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