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PM CARES Fund: Audited Statements Not Public Since FY 2022-23, RTI Scrutiny Bypassed

Target:UPSC GS-IIMPSCTeachingSSC GAPrelims HighMains HighStatic GK Link
30 Jul 2026
~2 min
Source: The Hindu
Key Data:₹6,283.68 crore closing balance₹7,900 crore total spendFY 2022-23 last auditSection 80G IT ActRegistration Act, 1908FCRA exemption
Bodies:PM CARES FundCAGRTI ActIncome Tax DepartmentMinistry of Corporate Affairs
Practice MCQs from today's news ▸
What This Article Covers

1.PM CARES Fund has not published audited financial statements since FY 2022-23, with the last available accounts showing a closing balance of ₹6,283.68 crore.

2.The fund is chaired by the PM, has Union Ministers as trustees, and donations qualify for 100% tax deduction under Section 80G of IT Act and CSR under Companies Act, yet it is exempt from RTI, CAG audit, and parliamentary oversight.

3.RTI activists warn the lack of transparency could enable quid pro quo, similar to concerns raised in the electoral bonds case.

The Big Picture
Prelims · HighMains · High

The PM CARES Fund, a public charitable trust chaired by the PM, has not released audited financial statements since FY 2022-23, raising serious transparency concerns. Despite receiving CSR funds from PSUs and tax-exempt donations, it remains outside RTI, CAG audit, and parliamentary scrutiny, a key issue for governance and accountability in exams.

Exam Lens

Quick Exam Facts From News

EstablishedMarch 27, 2020 (trust deed registered)
Legal StatusPublic Charitable Trust under Registration Act, 1908
ChairpersonPrime Minister (ex officio)
TrusteesUnion Ministers of Defence, Home Affairs, Finance (ex officio)
Tax Deduction100% under Section 80G of Income Tax Act, 1961
CSR EligibilityDonations count as CSR expenditure under Companies Act, 2013
FCRA StatusExempted under Foreign Contribution (Regulation) Act
AuditorM/s SARC & Associates, Chartered Accountants (private)
Total Spend (approx)₹7,900 crore
Last Public AuditFY 2022-23
Closing Balance (FY23)₹6,283.68 crore

1-Minute Revision

  • ›Established: March 27, 2020 (trust deed registered)
  • ›Legal Status: Public Charitable Trust under Registration Act, 1908
  • ›Target this Data: PM CARES Fund established on March 27, 2020; last audited statement for FY 2022-23; closing balance ₹6,283.68 crore; total spend ~₹7,900 crore.
  • ›Target this Nodal Body: PM CARES Fund is a public charitable trust under the Registration Act, 1908, not a public authority under RTI Act.
  • ›Target this Legal Point: Section 80G of IT Act, 1961 (100% deduction); CSR eligibility under Companies Act, 2013; FCRA exemption; outside RTI Act and CAG audit.

Mastered this topic? Test your knowledge with a full MCQ quiz.

Practice exam-style questions, track your score, and strengthen your recall.

Q1Static LinkageMedium

Under which legal framework is the PM CARES Fund registered?

Q2Statement-basedHard

Consider the following statements regarding the PM CARES Fund:

1. It is chaired by the Prime Minister and its trustees include the Union Ministers of Defence, Home Affairs, and Finance.

2. Donations to the PM CARES Fund qualify for 100% deduction under Section 80G of the Income Tax Act and are also eligible to be counted as CSR expenditure.

3. The accounts of the PM CARES Fund are audited by the Comptroller and Auditor General of India.

Which of the statements given above is/are correct?

Q3Data-centricMedium

What was the closing balance of the PM CARES Fund as per its last publicly available audited financial statement (FY 2022-23)?

Q4Application/ImpactMedium

What is the primary governance concern raised by RTI activists regarding the PM CARES Fund?

All 20 MCQs ▸
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