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LATEST NEWS UPDATES | One-third of Rs.10,990 crore in PM CARES fund spent: ‘20-’21 audit -Priscilla Jebaraj

One-third of Rs.10,990 crore in PM CARES fund spent: ‘20-’21 audit -Priscilla Jebaraj

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published Published on Feb 7, 2022   modified Modified on Feb 8, 2022

-The Hindu

3,976 crore spent during 2020-21; 100 cr promised for vaccine development not allotted

The PM CARES Fund collected 10,990 crore since its inception in March 2020 until March 2021. It spent 3,976 crore during the 2020-21 financial year, according to the audited financial statement posted on its website. As on March 31, 2021, the Fund had an unspent balance of 7,044 crore.

The Fund was set up to deal with “any kind of emergency or distress situation, like posed by the COVID-19 pandemic, and to provide relief to the affected.” During the year, funds were disbursed for COVID vaccine purchase and testing, ventilators, hospitals, testing labs, oxygen generation plants and migrant welfare. Despite an earlier announcement that 100 crore would be spent on supporting vaccine development, no such disbursal seems to have been done.

The Fund was established on March 27, 2020 and collected 3,076 crore — including an initial corpus, foreign and domestic contributions, and interest — within the first five days of its existence, before the end of the 2019-20 financial year. In the financial year 2020-21, it received voluntary contributions from domestic donors to the tune of 7,184 crore and foreign contributions amounting to 494 crore. Along with interest, and a 25 lakh refund of unspent balance from the National Disaster Management Authority, the Fund’s total receipts for the year amounted to 7,193 crore.

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The Hindu, 7 February, 2022, https://www.thehindu.com/news/national/pm-cares-collects-10990-crore-only-spends-36/article38394144.ece?homepage=true


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