Thursday, March 28, 2024
Advertisement
  1. You Are At:
  2. News
  3. Business
  4. Coronavirus Crisis: Paytm aims to contribute Rs 500 crore for PM CARES Fund

Coronavirus Crisis: Paytm aims to contribute Rs 500 crore for PM CARES Fund

To support the fight against COVID-19 pandemic, India's leading digital payments and financial services platform Paytm on Sunday said it is aiming to contribute Rs 500 crore to the PM CARES Fund.

India TV Business Desk Edited by: India TV Business Desk New Delhi Updated on: March 29, 2020 12:33 IST
Coronavirus Crisis: Paytm aims to contribute Rs 500 crore

Coronavirus Crisis: Paytm aims to contribute Rs 500 crore for PM CARES Fund

India's leading digital payments and financial services platform Paytm on Sunday said it is aiming to contribute Rs 500 crore to the PM CARES Fund, to support the fight against COVID-19 pandemic, 

Urging users to do their bit in the fight against Covid-19, the Paytm said that 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.

"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," Madhur Deora, President - Paytm, said in a statement.

"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," Deora said.

Over the last few weeks, Paytm has launched several initiatives to fight the spread of the novel 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 per cent deduction from taxable income under section 80(G) of the Income Tax Act, 1961.

Also Read: FPIs pull out over Rs 1 lakh crore in March amid coronavirus crisis

Advertisement

Read all the Breaking News Live on indiatvnews.com and Get Latest English News & Updates from Business

Advertisement
Advertisement
Advertisement
Advertisement