#IndiaFightsCorona: Paytm to donate Rs 500 crores; takes this amazing initiative - PM Narendra Modi lauds it

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

Paytm founder Vijay Shekhar Sharma confirmed, "We at @Paytm are aiming ₹500 crore towards PM CARES Fund. Not just when you donate on Paytm, we will add up to ₹10 for every payment done using Paytm Wallet/UPI/PaytmBank Debit Card. As #IndiaFightsCorona, your contributions for #PMCaresFund matters."

We at @Paytm are aiming ₹500 crore towards PM CARES Fund.

Not just when you donate on Paytm, we will add up to ₹10 for every payment done using Paytm Wallet/UPI/PaytmBank Debit Card.

As #IndiaFightsCorona, your contributions for #PMCaresFund matters. https://t.co/VLUZ0PNJ1b

— Stay Home, Stay Safe (@vijayshekhar) March 28, 2020

Lauding coronavirus donation by Paytm, PM Narendra Modi said, "Good initiative. Will empower many people to donate to PM-CARES Fund. Let us keep contributing to this cause. #IndiaFightsCorona."

Good initiative. Will empower many people to donate to PM-CARES Fund. Let us keep contributing to this cause. #IndiaFightsCorona https://t.co/qxtUav5bH9

— Narendra Modi (@narendramodi) March 29, 2020

PM Modi had earlier on Saturday announced the creation of the Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund (PM-CARES) where people can contribute and help the government in the fight against the COVID-19.

The PM-CARES Fund accepts micro-donations too. It will strengthen disaster management capacities and encourage research on protecting citizens.

Let us leave no stone unturned to make India healthier and more prosperous for our future generations. pic.twitter.com/BVm7q19R52

— Narendra Modi (@narendramodi) March 28, 2020

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.

The country is witnessing a 21-day lockdown, as announced by the PM, to contain the spread of the virus. According to the health ministry, the number of COVID-19 cases crossed 979 in India on Sunday with the death toll rising to 25.