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Indian Overseas Bank (IOB) has been nominated by the Centre for the collection of funds for the Coronavirus outbreak. The funds will be assigned to the Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM Cares) Fund.
A statement from IOB said the contributions can be made by RTGS, NEFT, IMPS, Cheques and Demand Drafts drawn in favour of “PM CARES FUND”. Contributions can also be sent directly by Electronic Clearing System (ECS) to the designated Savings Bank Account of PM Cares Fund to Indian Overseas Bank.
All such contributions will be entitled to 100 per cent Income Tax exemption under Section 80G of the Income Tax Act and donors can download a formal contribution receipt from the PM Cares portal after 15 to 20 days of the donation.
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