PM CARES Fund corpus reached ₹8,452.06 crore by March 2025, while just ₹87.85 lakh was spent in 2024-25, renewing debate over transparency.
The latest financial figures for the PM CARES Fund have renewed discussion around the fund’s corpus, expenditure and transparency. According to the 2024-25 audit statement cited in reports, the fund had a closing balance of ₹8,452.06 crore as of March 31, 2025. During the entire financial year, however, expenditure was recorded at only ₹87.85 lakh.
The figures are drawing attention because the fund was created in 2020 during the COVID-19 pandemic to support relief and emergency response efforts. The latest numbers show that a substantial portion of the corpus continues to remain invested in bank deposits.
Around 93% of the Corpus Kept in Fixed Deposits
According to the reported audit figures, around 93% of the total corpus, amounting to approximately ₹7,846.65 crore, was held in fixed deposits with banks.
The remaining funds were reportedly maintained in cash and savings accounts with scheduled banks. The arrangement generated significant interest income during the year, adding considerably to the fund’s overall financial position.
Nearly ₹480 Crore Received as Donations
During 2024-25, the PM CARES Fund reportedly received ₹479.04 crore from domestic sources. Foreign contributions during the year stood at around ₹92.83 lakh.
Together, the fresh contributions amounted to roughly ₹480 crore.
At the same time, bank deposits generated around ₹475 crore in interest income. Of this amount, approximately ₹469.37 crore came from fixed deposits, while ₹5.77 crore was earned through savings accounts.
This means the interest earned during the year was broadly comparable with the fresh donations received by the fund.
Where Was the Money Spent?
The audit statement records total expenditure of ₹87.85 lakh during the financial year.
A significant majority of this amount—₹87.84 lakh—was spent under the PM CARES for Children Scheme. The remaining ₹451 was reportedly recorded as bank and SMS charges.
With such limited expenditure during the year, the fund ended March 2025 with a closing balance of ₹8,452.06 crore.
₹324.66 Crore Refunded by Implementing Agencies
Another figure highlighted in the audit statement is the refund of ₹324.66 crore by implementing agencies, including organisations such as DRDO and NHAI.
The amount was substantially higher than the ₹84.31 crore returned during the previous financial year. However, the one-page statement cited in reports does not provide detailed information about why the money was returned, which agency returned specific amounts or what projects the funds had originally been allocated for.
This lack of detail has become another point of discussion around the financial disclosure of the PM CARES Fund.
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Questions Raised Over Transparency
The latest figures have prompted transparency activists and financial professionals to question whether more detailed information about the fund’s operations should be made publicly available.
Transparency activist Anjali Bhardwaj has reportedly raised questions on social media about the large amount remaining in the fund and the availability of detailed notes accompanying the audit statement.
Chartered accountant Atul Modani has also reportedly highlighted the timing of the audit statement and questioned the absence of a Unique Document Identification Number (UDIN) on the version available online.
CA Ruchira Waghani has similarly drawn attention to the difference between the substantial funds held by the trust and the relatively small expenditure recorded during the year.
Government’s Position on PM CARES Fund
The Centre has maintained that the PM CARES Fund is a public charitable trust established through voluntary contributions and does not receive regular allocations from the government budget.
The fund’s legal status and disclosure requirements have been subjects of debate since its creation. The government has maintained that it does not fall under the Right to Information (RTI) framework as a public authority and is not subject to a regular audit by the Comptroller and Auditor General of India (CAG).
In August 2020, the Supreme Court rejected a plea seeking the transfer of PM CARES money to the National Disaster Response Fund (NDRF).
Why the Latest Figures Matter
The latest audit numbers have brought renewed focus on how emergency funds are managed several years after the COVID-19 pandemic.
With ₹8,452.06 crore remaining at the end of March 2025, around ₹7,846.65 crore reportedly parked in fixed deposits and only ₹87.85 lakh recorded as expenditure during the year, questions about utilisation and disclosure are likely to continue.
The figures themselves do not establish any wrongdoing. However, they have intensified the public debate over how much information should be disclosed about the PM CARES Fund, particularly regarding its investments, expenditure and refunds received from implementing agencies.
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