Decoding PM CARES Fund audit report: Sitting on thousands of crores, yet only lakhs spent

After a two-year wait, the Government of India has finally released the audit report for the PM CARES Fund. The Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) currently holds a corpus of Rs 8,452.06 crore. 

Of this amount, Rs 7,846.6 crore is held in fixed deposits, while Rs 605.4 crore is in savings accounts. The fund was established to tackle emergency situations arising from the pandemic during the COVID-19 crisis. The fund is chaired by the Prime Minister of India, with several Union Ministers serving as members. Since the government does not classify it as a government fund, details regarding its transactions are not disclosed under the Right to Information (RTI) Act or in response to questions raised in Parliament.

Watch our explainer on the findings of this audit report. 

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