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HDFC Group pledges Rs. 150 crore to PM CARES Fund

Financial services conglomerate HDFC Group on Thursday committed Rs. 150 crore to the PM CARES Fund to support the Government of India for its relief and rehabilitation efforts towards the ongoing Covid-19 pandemic. 

“These are trying uncertain and trying times for all of us. The HDFC Group’s support to the PM CARES Fund is to commend the exemplary efforts of the Central & State governments, armed & paramilitary forces, local police, healthcare professionals and sanitation workers across the country,” Deepak Parekh, Chairman, HDFC Limited was quoted in a regulatory filing by the lender.

The HDFC Management and all employees across the Group appreciate the steadfast efforts of all and wish for India to emerge stronger and more resilient at the end of this crisis, HDFC’s release added. 

Prime Minister Narendra Modi on Saturday announced the setting up of Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES FUND) to garner donations for providing relief to the persons affected from the outbreak of Coronavirus. The PM CARES is set up as a public charitable trust with the Prime Minister as the chairman and Defence Minister, Home Minister and Finance Minister as its members.

The government also amended the provisions of the Income-tax Act to provide the tax treatment of the Prime Minister National Relief Fund (PMNRF) available to the PM CARES Fund. Accordingly, donations made to the PM CARES Fund shall also be eligible for 100% deduction under section 80G of the IT Act.

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