PM CARES Fund received Rs 10990 cr during FY 2020-21

PM CARES Fund received Rs 10,990 cr during FY 2020-21. It spent Rs 3,976 crore. 

New Delhi: The PM CARES Fund, set to handle crises such as the Covid pandemic, the fund’s assets grew three-fold to reach the tune of Rs 10,990 crore during the 2020-21 fiscal year. 

Meanwhile, the distributions grew to Rs 3,976 crore, as per the most recent audited statements.

The payment included more than Rs 1,000 crore for migrants’ welfare and more than Rs 1,392 crore for the purchase of Covid dosages of the vaccine.

The fund received close to 494.99 crores in foreign contributions and over 494.91 crores in foreign donations, and more than 7,183 crores in voluntary contributions throughout the fiscal.

The total contributions to the fund 2019-2020 were 3,076.62 crores. This was accumulated in only five days following its establishment on the 27th of March in 2020. It had an initial amount of 2.25 lakh.

According to details posted on the ‘Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund)’ website, it consists “entirely of voluntary contributions from individuals/organizations and does not get any budgetary support.”

The government has utilized some of the money to purchase medical equipment such as ventilators, help fight against COVID-19 and provide aid to immigrants.

However, opposition parties have expressed displeasure with the PM CARES fund, saying that its expenses and contributions cannot be viewed as transparent. 

In the most recent audited statements, it paid the sum of Rs 1,311 crore to purchase ventilators made in India for 50,000 for government hospitals and Rs 50 crore to fund the construction of two 500-bed Covid hospitals located in Muzaffarpur and Patna and 16 RTPCR testing labs across nine states.

Furthermore, 201.58 crores were spent on oxygen plants at health centers for the public. Rs 20.4 crore was allocated to upgrade laboratories working in Covid vaccines.

While an amount of Rs. 1,000 crore was given to the states and Union territories to help the welfare of migrants, 1,392.82 dollars were spent for the acquisition of 6.6 million doses of Covid vaccines.

The fund also paid an additional Rs 1.01 lakh for bank charges.

As a result, the fund’s final balance, on the 31st of March, 2021, was 7.013.99 crore. 7,013.99 crore, which is more than twice the 3,076.62 crore in the previous year.

A total of 10,990.17 crores was collected during 2020-21’s fiscal, including interest income and a refund of balances not spent by NDMA and NDMA. 

The sum of Rs 3,976.17 crore was distributed during the time, as per the audited report that Chartered Accountants SARC and associates prepared.

The fund was established as a trust for public charity, “keeping in mind the need for having a dedicated national fund with the primary objective of dealing with any kind of emergency or distress situation, like posed by the COVID-19 pandemic, and to provide relief to the affected”.

PM CARES FUND has generated an interest in the first few days following the announcement of Prime Minister Narendra Modi announced its formation following the outbreak of COVID-19. 

Hence, the PM CARES FUND demanded donations. This prompted numerous private companies or government entities as well as celebrities, too, to contribute money.

The objectives of the fund include providing and providing relief or assistance in connection with an emergency in public health or any other distress, crisis, or emergency, whether natural or man-made, such as the establishment or enhancement of healthcare facilities as well as pharmaceutical establishments, or any other essential infrastructure and funding pertinent research or any other kind of support, as stated on its website.

The PM is the ex-officio chairman of the PM CARES Fund. The ministers of home affairs, defense, and Finance are the trustees ex-officio of the PM CARES Fund.

Chairpersons of funds are given the ability to choose 3 trustees for the board of trustees, which could be prominent individuals in research and sciences, health and law, social work, public administration, and charitable giving. Additionally, anyone named a trustee is expected to act in a pro volunteer capacity.