To support the fight against COVID-19 pandemic, Paytm and PhonePe on Sunday said they are aiming to contribute Rs 500 crore and Rs 100 crore respectively to the PM-CARES Fund.
Urging users to do their bit in the fight against Covid-19, 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 amount up to 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.
The company also created a Rs 5 crore fund for innovators who are developing medical instruments or medicines to combat the virus.
Flipkart-owned PhonePe also announced a similar scheme on Sunday, and pledged Rs 100 crore. The maximum the company said that it would donate Rs 10 for every Indian who donates any amount to the PM CARES fund, even if it is Rs 1, through the PhonePe app until April 30.
Sameer Nigam, Founder and CEO of PhonePe said, “The #100CrorePledge is an attempt to lift the mood of the country in this period of crisis. We are asking every Indian to unite together and donate, even if it's just INR 1, to the PMCARES Fund. Our mission is to get 10 Crore people to donate to this cause and create a World Record for the highest ever number of donors for a cause in history.”
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% deduction from taxable income under section 80(G) of the Income Tax Act, 1961.
With IANS inputs