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.
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.
"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.
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