Paytm aims to contribute Rs 500 crore to PM CARES Fund, seeks contribution from fellow citizens for the cause

Hyderabad: To support the fight against COVID-19 virus, India’s leading digital payments and financial services platform Paytm is seeking contribution for PM CARES (Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund) on the Paytm app. The company is aiming to contribute Rs 500 crore to the PM-CARES fund. For every contribution or any other payment made on Paytm using the wallet, UPI and Paytm Bank debit card, the company will contribute an extra upto Rs 10.

Madhur Deora, President – Paytm said, “We are honoured to do our duty to aid the government in all the relief measures being taken to fight the Corona pandemic. We hope our users wholeheartedly donate to PM CARES fund and help save lives. We will also contribute up to Rs 10 for every payment transaction using the Paytm app and instruments. This money would be directly sent to the PM-CARES fund. Paytm commits to doing everything in its power to support the efforts of our Government in coming out of this crisis.”

Over the last few weeks, Paytm has launched several initiatives to fight the spread of Coronavirus. It has started collecting contributions to buy personal hygiene products for people who might not have the means to buy it. Also, the company has created a Rs 5 crore fund for innovators who are developing medical instruments or medicines to combat the virus.

The PM CARES Fund is exempt under the Income Tax Act, 1961 under Section 10 and 139 for return purposes. Contributions towards PM-CARES are notified for 100 percent deduction from taxable income under section 80(G) of the Income Tax Act, 1961.