NEW DELHI: To support the fight against COVID-19 pandemic, India's leading digital payments and financial services platform Paytm on Sunday said it's getting to contribute Rs 500 crore to the PM CARES Fund.
Urging users to try and do their bit in the fight against Covid-19, the corporate said that for each contribution or any other payment made on Paytm using the wallet, UPI and Paytm Bank debit card, the corporate will contribute an extra amount up to Rs 10.
"We are grateful to do our duty to assist the govt. in all the relief measures being taken to fight the Corona pandemic. We hope our users donate to PM CARES fund wholeheartedly and help save lives," Madhur Deora, President - Paytm, said in one statement.
"We also will contribute up to Rs 10 for each 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 at the beginning of this crisis," Deora said.
Over a previous couple of weeks, Paytm has launched several initiatives to fight the spread of the novel coronavirus. it's started collecting contributions to purchase personal hygiene products for people that won't have the means to shop for it.
Also, the organisation 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.