PM Modi hires Delhi based firm SARC & Associates to audit the PM CARES Fund. Narendra Modi has created multiple fund systems and investment schemes. The Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund is also known as PM CARES fund. Moreover, it was established on 28 March 2020. Following, the COVID-19 pandemic in India. Although, the fund is recently created it has reached out to hundreds of Indian influencers and the general public. Since, then they’re donations have made it an effective tool in crisis. Also, the fund will be used for combating, and containment and relief efforts. Against the Corona Virus outbreak and similar pandemic like situations in the future.
PM CARES Fund Audit Committee Contract Details
Recently, the Indian Government personally hired Delhi-based chartered accountancy firm SARC & Associates. Their assistance has been required PM CARES Fund, according to information given by the fund’s administrators. The auditors are appointed for a period of 3 years. However, the audit will be conducted at the end of a financial year. The employment of the company is very important. Because, critics have questioned the foundation of the fund. The Prime Minister’s National Relief Fund which is for relief work has only been granted credibility. Also, governments wishes to sought more transparency about the usage of money from the Fund.
The FAQs posted on the website of the Fund stated. Firstly, two officials in the Prime Minister’s Office administer the investment. Secondly, charitable trusts get income tax exemption. Therefore they need to get audited by a chartered accountant and report to the tax department. Over the last few years, the department has tightened the rules. For Governing charitable trusts in order to ensure. Intended objectives and boosting of compliance is achieved using Funds . Lest, the department has also stepped up disclosure requirement of trusts in the audit reports.
Lastly, contributions made to the PM CARES Fund are exempted from income tax. Also, contributions by profit making firms are counted. Since, they are practicing corporate social responsibility. Moreover, it refers to spending, that they are mandated to undertake under the Companies Act.
Administrators issued an exclusive statement saying. PM Modi hires Delhi based firm SARC & Associates to audit the PM CARES Fund. They will look at the social out reach and mange the auditing committee in general.
