PM CARES Fund
GS PAPER II: Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment.
Context: PM CARES Fund approves procurement of 1.5 lakh units of SpO2 based oxygen supply system developed by DRDO.
Oxycare
- Oxycare’ system developed by Defence Research and Development Organisation (DRDO)
- It is a SpO2 based Oxygen Supply System, which regulates the oxygen being administered to patients based on the sensed SpO2 levels.
- This system was developed by Defence Bio-Engineering & Electro Medical Laboratory (DEBEL), Bengaluru of DRDO for soldiers posted at extreme high-altitude areas.
- The system is indigenously developed for operation in field conditions and is robust. It can be effectively used to treat COVID-19 patients.
- The SpO2 Based Oxygen Supply System optimises the consumption of oxygen based on the SpO2 reading of the patient and effectively increases the endurance of portable oxygen cylinder.
- These Oxycare systems can be used at Homes, Quarantine Centres, COVID Care Centres and Hospitals.
- The DRDO has transferred the technology to multiple industries in India, which will be producing the Oxycare systems.
What is PM CARES Fund?
- PM CARES Fund is a public charitable trust.
- It has been set up keeping in mind the need for having a dedicated 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.
Who are the Trustees of the PM CARES Fund?
- The Prime Minister is Chairperson (ex-officio) of the PM CARES Fund and Minister of Defence, Minister of Home Affairs and Minister of Finance, Government of India are ex-officio Trustees of the Fund.
- The Prime Ministers as the Chairperson of the Board of Trustees of PM CARES Fund has the power to nominate three trustees to the Board who shall be eminent persons in the field of research, health, science, social work, law, public administration and philanthropy.
- All the Trustees of the PM CARES Fund act in a pro bono capacity.
What are the Objectives of the PM CARES Fund Trust?
The primary objectives of the PM CARES Fund Trust are:-
- To undertake and support relief or assistance of any kind relating to a public health emergency or any other kind of emergency, calamity or distress, either man-made or natural, including the creation or upgradation of healthcare or pharmaceutical facilities, other necessary infrastructure, funding relevant research or any other type of support.
- To render financial assistance, provide grants of payments of money or take such other steps as may be deemed necessary by the Board of Trustees to assist the affected population.
- To undertake any other activity, which is not inconsistent with the above Objects.
What is the legal framework of PM CARES Fund?
- PM CARES Fund has been registered as a Public Charitable Trust. The trust deed of PM CARES Fund has been registered under the Registration Act, 1908.
Is PM CARES Fund exempted from paying Income Tax?
- Yes, the fund is exempted from paying Income Tax as per Section 10(23)(c) of Income Tax Act, 1961.
Does contribution towards PM CARES Fund qualify as CSR expenditure?
- Yes, any contribution made to the PM CARES Fund by any Company or a PSU shall qualify as Corporate Social Responsibility (CSR) expenditure as provided under the Companies Act, 2013.
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