IOB to collect donations for PM Cares Fund to combat coronavirus crisis

State-owned Indian Overseas Bank (IOB) on Saturday said the government has nominated it 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 March 28 to raise money for combating the Covid-19 crisis and to provide relief to the affected.

"Indian Overseas Bank (IOB), has been nominated by the government for collection of funds, which will be used to support the community during the Coronavirus outbreak. The funds will be assigned to PM-Cares Fund," the bank said in a statement.

The contributions can be made by RTGS, NEFT, IMPS, cheques and demand drafts drawn in favour of PM-Cares Fund.

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

All such contributions will be entitled to 100 per cent income tax exemption under Section 80G of the Income Tax Act.

Political leaders, corporates, defence personnel, employees of PSUs such as Railways and Bollywood personalities are among a cross-section of organisations and people who have announced their contribution to the PM-Cares Fund.

All officials of the external affairs ministry are also donating a day's salary, while some of them are voluntarily donating more.

The Army, Navy and Indian Air Force as well as employees of the defence ministry have decided to donate one day's salary totalling around Rs 500 crore.