Wednesday 2 November 2022

A Complete Overview of the PM CARES Fund

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Government funds in India are established by central ministries on behalf of the Government of India for the country's economic and social well-being. The primary goal of these government schemes is to address many socioeconomic issues confronting Indian society. For example, Following the 2012 Nirbhaya Gang rape case, a dedicated fund called the Nirbhaya fund scheme was established in 2013 with the goal of implementing initiatives aimed at improving women's security and safety in India.

pm care fund

These government fund schemes are one of the most important areas of preparation for the UPSC Civil Services Exam. Therefore, let’s discuss one most recent and important government funds (PM CARES Fund) set up by the Government of India during the pandemic. The PM Schemes, a crucial static GK topic with regard to the UPSC or any other competitive examination, cover the PM CARES fund.

About PM CARES Fund

The Fund is a public charitable trust that is chaired by the Prime Minister.

Additional members include the ministers of defence, home affairs, and finance.

Because of the Fund's ability to accept micro-donations, many people will be able to make even the smallest donations.

The Fund will advance citizen protection research and strengthen disaster management capabilities.

What is a Public Trust?

The definition of a trust is the transfer of property from a settlor to a trustee, who manages the property for the benefit of another (section 3 of the Indian Trust Act of 1882).

In India, there are two different kinds of trusts: private trusts and public trusts.

The Indian Trusts Act of 1882 regulates private trusts.

The Charitable and Religious Trust Act of 1920, the Religious Endowments Act of 1863, the Charitable Endowments Act of 1890, and the Bombay Public Trust Act of 1950 all regulate public trusts as well as charitable and religious trusts.

According to Section 2(15) of the Income Tax Act, a "charitable purpose" is defined as providing assistance to the poor through any means, including education, medical care, or other objects of public value.

PM CARES Fund Objectives

A public charitable trust known as the PM CARES Fund has been established with the goal of helping those affected by Coronavirus COVID-19 emergent situations. A special national fund called PM CARES was established to fight terrible emergencies like the COVID-19 pandemic in India. This fund's main goal is to handle upcoming emergencies or difficult circumstances.

Objectives of the PM CARES Fund include:

A public health emergency or any other emergency, calamity, or distress of any kind, whether caused by a natural disaster or by human action, should be addressed and supported in any way possible. This includes building or maintaining healthcare or pharmaceutical facilities or other necessary infrastructure, providing funding for pertinent research, or providing any other form of assistance.

To provide the impacted population with financial assistance, grants or payments of money, or to take any other actions that the Board of Trustees may deem necessary.

To engage in any activity that is not in conflict with the aforementioned objects.

Constitution of the PM CARES Trust

The ex-officio Chairman of the PM CARES Fund is the Prime Minister of India. Ex-officio Trustees of the PM CARES Fund include the Indian government, the ministers of defence, home affairs, and finance.

The Prime Minister, who serves as the Chairperson of the Board of Trustees, has the authority to propose three nominees for the Board of Trustees who should be distinguished figures in the fields of scholarship, science, medicine, social work, public administration, law, and philanthropy. Any person chosen to serve as a Trustee must do so without compensation.

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