Bank of Maharashtra gets govt mandate to collect donations for PM CARES Fund; contributions to get I-T Act exemption

One can also remit contributions directly by electronic clearing system (ECS) to the designated savings bank account of Bank of Maharashtra.

Press Trust of India April 06, 2020 19:53:51 IST
Bank of Maharashtra gets govt mandate to collect donations for PM CARES Fund; contributions to get I-T Act exemption

Mumbai: State-owned Bank of Maharashtra (BoM) on Monday said the government has nominated it for collection of donations for the PM-CARES Fund to help fight COVID-19 pandemic.

The contributions can be made by cash, RTGS, NEFT, IMPS, cheques and demand drafts drawn in favour of the PM CARES Fund, the lender said in a release.

Bank of Maharashtra gets govt mandate to collect donations for PM CARES Fund contributions to get IT Act exemption

Representational image. Reuters.

"One can also remit contributions directly by electronic clearing system (ECS) to the designated savings bank account of Bank of Maharashtra," the release said.

The contribution made for the fund is 100 percent exempted under Section 80G of the Income Tax Act.

Last week, Indian Overseas Bank said it has been nominated for collection of donations for PM-Cares Fund.

The Prime Minister''s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) was set up on 28 March to raise money for combating the COVID-19 crisis and to provide relief to the affected.

Many corporates, defence personnel, employees of PSUs such as railways, sports persons and Bollywood personalities have announced their contribution to the PM-CARES Fund.

The pandemic has so far claimed 109 lives and the number of cases in the country climbed to 4,067 on Monday, according to the Union health ministry.

While the number of active COVID-19 cases stands at 3,666, as many as 291 people were cured and discharged, and one has migrated, the ministry stated. The total number of cases include 65 foreign nationals.

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