3-MIN READ

PM CARES Relief Fund: Here is How You Can Contribute to Combat The COVID Pandemic

PM CARES Relief Fund: Here is How You Can Contribute to Combat The COVID Pandemic

PhonePe says they will contribute Rs 10 for every Indian who donates to the PMCARES Fund via the PhonePe App using UPI. Paytm has said that they are aiming to contribute Rs 500 Crore to the PM CARES Fund. These are just some examples.

  • News18.com
  • Last Updated: March 30, 2020, 11:15 AM IST
Share this:

As India is in the midst of a nationwide lockdown in an attempt to flatten the curve of the Coronavirus spread, Prime Minister Narendra Modi has announced the new PM's Citizen Assistance and Relief in Emergency Situations (PM-CARES) fund. The objective of this fund is to deal with any kind of emergency of distress situation because of Coronavirus, or COVID-19, which is classified as a global pandemic. You can contribute to this national fund too and there are many ways of doing so.

For starters, there is the pmindia.gov.in website that is accepting a variety of payment methods, including credit and debit cards, UPI payments as well as NEFT and RTGS transfers. The donations to this fund, irrespective of payment method or the platform you use to make the donation, will be exempted from income tax under section 80(G). The account number, IFSC Code and SWIFT Code details for the State Bank of India account are available on the website. The UPI ID for this is pmcares@sbi. But this isn’t the only way you can contribute. At the time of writing this, Amazon Pay, PhonePe, Paytm, Google Pay, Mobikwik and the BHIM app are just some of the mobile payment platforms that are also offering users a simple way of donating to the PM CARES fund.

(Image: ICICI Bank)
(Image: ICICI Bank)

Mobile payments app PhonePe has launched the #100CrorePledge on their app, available on Android phones and the Apple iPhone. On its part, PhonePe says they will contribute Rs 10 for every Indian who donates to the PMCARES Fund via the PhonePe App using UPI. “The #100CrorePledge is an attempt to lift the mood of the country in this period of crisis. We are asking every Indian to unite together and donate, even if it's just INR 1, to the PMCARES Fund. Our mission is to get 10 Crore people to donate to this cause and create a World Record for the highest ever number of donors for a cause in history,” says Sameer Nigam, Founder & CEO, PhonePe.

Paytm, a very popular mobile payments app in India, has also been actively promoting the PM CARES Fund with #IndiaFightsCorona on social media. The company has said that they are aiming to contribute Rs 500 Crore to the PM CARES Fund. “For every contribution, or any other payment done by you on Paytm, we will contribute an extra up to Rs 10,” they say. “We at @Paytm are aiming Rs 500 crore towards PM CARES Fund. Not just when you donate on Paytm, we will add up to Rs 10 for every payment done using Paytm Wallet/UPI/PaytmBank Debit Card,” says founder and CEO, Vijay Shekhar Sharma.

You can also contribute via Amazon Pay, PhonePe, Paytm, Google Pay, Mobikwik and the BHIM app

The Ministry of Corporate Affairs has already clarified that any corporate contributions to the PM CARES fund will qualify as corporate social responsibility (CSR) spending which companies have to mandatorily do. “Any contribution made to the PM CARES Fund shall qualify as CSR expenditure,” said Nirmala Sitharaman, Minister of Finance and Corporate Affairs, in a tweet. According to the Companies Act, corporates that have a net worth of at least Rs 500 crore, or revenue of Rs 1,000 crore or net profit of Rs 5 crore need to spend at least 2% of the net profit on CSR activities.



Share this:
Next Story
corona virus btn
corona virus btn
Loading