STOCK MARKET BSE NSE

COVID-19: Paytm looks to contribute Rs 500 cr to PM CARES Fund

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 up to Rs 10, Paytm said in a statement.

Published: 28th March 2020 11:45 PM  |   Last Updated: 29th March 2020 12:20 AM   |  A+A-

Paytm

Paytm (File Photo | EPS)

By PTI

NEW DELHI: Digital payments company Paytm on Saturday said it aims to contribute Rs 500 crore to Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund (PM CARES).

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 up to Rs 10, Paytm said in a statement.

"We are honored 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," Paytm President Madhur Deora said.

He added that the company will make a contribution for every payment transaction using the Paytm app and instruments, and this money would be directly sent to the PM-CARES fund.

Previously, Paytm had 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.

Stay up to date on all the latest Nation news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp