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PM CARES Fund trust allocates Rs 3,100 crore: COVID-19

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PM CARES Fund Trust Allocates Rs 3100 CroreOn May 13, 2020 PM CARES (Prime Minister’s Citizen Assistance and Relief in Emergency Situations) Fund Trust has allocated  Rs 3100 crores to fight against COVID-19 pandemic. Out of the total amount around Rs 2000 crores will be allocated for the purchase of ventilators, Rs 1000 crores to care migrant labourers and Rs 100 crores to support vaccine development.

Rs 2000 crores for purchase of ventilators

i.50,000 Made-in-India ventilators are to be purchased at Rs 2000 crores to boost the infrastructure so as to tackle COVID-19 cases across the country.

ii.These ventilators will be provided to government-run COVID hospitals in all States/Union Territories(UTs), for better treatment of the critical COVID-19 cases.

Rs 1000 crores for relief measures of migrants

i.The States/UTs to be given Rs 1000 crores to strengthen the existing measures like- providing accommodation facilities, making food arrangements, providing medical treatment and making transportation arrangements for the welfare of the migrants and poor.

ii.State/UT-wise funds will be released on the weightage of Population as per 2011 Census- 50%; Number of positive COVID-19 cases as on date- 40%; Equal share (10%) to ensure basic minimum sum for all states.

iii.The funds will be released to the District Collector/District Magistrate/Municipal Commissioner through the State Disaster Relief Commissioner of the States/UTs concerned.

Rs 100 crores to support vaccine development

To support the COVID-19 vaccine designers & developers(like Indian academia, start-ups, industry) Rs 100 crores will be given to help catalyze vaccine development, which will be used under the supervision of the Principal Scientific Advisor,  VijayRaghavan.

About PM CARES:
It was established on 27th March 2020 & is headed by Prime Minister (ex-Officio) and other ex-officio Members of the trust are Defence Minister, Home Minister and Finance Minister.

Highlights

By donating to the fund they will qualify 100% tax exemption under 80G of  the Income Tax Act, 1961 & counted as Corporate Social Responsibility (CSR) expenditure under the Companies Act, 2013

The PM CARES Fund has been exempted under the FCRA (Foreign Contribution (Regulation) Act), 2010  and a separate account for receiving foreign donations has been opened, which enables the fund to accept donations and contributions from individuals and organizations based in foreign countries.