PM CARES Fund: All You Need to Know

While PM CARES Fund was started with a noble intent to support the government in the wake of the Coronavirus pandemic, a few posts have been found to be misguiding citizens for personal benefits. Fake UPI IDs similar to the official ID of the PM CARES Fund have surfaced on the Internet.

“Beware of Fake UPI ID being circulating on the pretext of PM CARES Fund. PIBFactcheck: The correct UPI ID of #PMCaresFunds is pmcares@sbi,” tweeted PIB Fact Check. One such fake ID that has come to the fore is pmcare@sbi, which seems very similar to the original one.

What is the PM CARES Fund?

Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund), is a dedicated national fund with the primary objective of dealing with any kind of emergency or distress situation, like posed by the Coronavirus pandemic, and to provide relief to the affected.

“People from all walks of life expressed their desire to donate to India’s war against COVID-19. Respecting that spirit, the Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund has been constituted. This will go a long way in creating a healthier India,” said Prime Minister Narendra Modi.

“The PM CARES Fund accepts micro-donations too. It will strengthen disaster management capacities and encourage research on protecting citizens. Let us leave no stone unturned to make India healthier and more prosperous for our future generations,” he added.

Apart from individuals, a number of celebrities and organizations have come forward to donate large amounts of money to the PM CARES Fund.

Correct Details of the PM CARES Fund

While donating funds, citizens and organizations can doubly check the following details to make sure they are donating to the right account:

Name of the Account: PM CARES

Account Number: 2121PM20202

IFSC Code: SBIN0000691

SWIFT Code: SBININBB104

Name of Bank and Branch: State Bank of India, New Delhi Main Branch

UPI ID: pmcares@sbi

The modes of payment available on the website pmindia.gov.in are: debit and credit cards, Internet banking, UPI such as PayTM, PhonePe, Google Pay, Amazon Pay and so on, and RTGS and NEFT transfers.

Paytm is seeking contribution for PM CARES Fund on the Paytm app. The company is aiming to contribute Rs 500 crore to the PM CARES fund. For every contribution or any other payment made on Paytm using the wallet, UPI and Paytm Bank debit card, the company will contribute an extra up to Rs 10. Similar initiatives have been taken up by PhonePe and other e-wallet platforms as well.

The PM CARES Fund is exempt under the Income Tax Act, 1961 under Section 10 and 139 for return purposes. Contributions towards PM-CARES are notified for 100 percent deduction from taxable income under section 80(G) of the Income Tax Act, 1961.