PM CARES Audit Report: Why is ₹8,452 Crore Still Lying in the Fund?

PM CARES Fund's latest audit report shows a balance of ₹8,452 crore, while only ₹87.85 lakh was spent during FY 2024–25. Here's what the audit reveals, the government's explanation, and the opposition's questions.

## PM CARES Audit Report: Why is ₹8,452 Crore Still Lying in the Fund?

The latest audit report of the **PM CARES Fund** has reignited a national debate over transparency, public money, and emergency preparedness. While the fund continues to hold **₹8,452.95 crore**, its expenditure during the financial year **2024–25** stood at just **₹87.85 lakh**.

The figures have triggered sharp political reactions. The opposition is demanding greater transparency, while the government maintains that PM CARES is an **Emergency Reserve Fund** designed for future national crises—not an annual spending scheme.

So, what exactly does the audit report say?

## Why was PM CARES created?

The **Prime Minister's Citizen Assistance and Relief in Emergency Situations (PM CARES) Fund** was established on **27 March 2020**, at the height of the COVID-19 pandemic.

Its primary objectives include:

* Providing relief during pandemics and public health emergencies * Strengthening hospitals and medical infrastructure * Procuring oxygen plants, ventilators, and essential equipment * Supporting relief during future natural or national disasters

The Prime Minister serves as the Chairperson of the trust, while the Defence, Home, and Finance Ministers are its ex-officio trustees.

During the pandemic, the fund received donations from millions of citizens as well as major corporate groups including Reliance, Tata, Adani, Infosys, and Wipro.

## The biggest revelation: ₹8,452 crore balance

According to the audited financial statements, the **closing balance as of 31 March 2025** was **₹8,452.95 crore**.

However, the total expenditure recorded during FY 2024–25 was only **₹87.85 lakh**.

To put that into perspective, for every **₹10,000 available in the fund, only about ₹1 was spent** during the year.

This unusually low expenditure has become the central point of the current political controversy.

## 93% of the fund is parked in Fixed Deposits

Another key finding of the audit is that nearly **93% of PM CARES' corpus** has been invested in bank Fixed Deposits.

Approximately **₹7,846 crore** remained in FDs, generating nearly **₹469 crore** in interest income during the financial year.

This means the fund is no longer growing only through donations—it is also expanding through investment returns.

## Where did the money come from?

The audit report lists the following major sources of income during FY 2024–25:

Source Amount

Domestic Donations

**₹479 crore**

Foreign Donations

**₹93 lakh**

Fixed Deposit Interest

**₹469 crore**

Savings Interest

**₹5.7 crore**

Refund from Implementing Agencies

**₹324.66 crore**

The **₹324.66 crore refund entry** has attracted particular attention.

While the report confirms that implementing agencies returned this amount, it does **not specify**:

* Which agencies returned the money * Which projects were involved * Why the funds were refunded

This lack of detail has become one of the biggest transparency concerns raised by critics.

## Where was the money spent?

The expenditure section of the audit records only two payments during the year:

Expenditure

Amount

PM CARES for Children Scheme

**₹87.84 lakh**

Bank & SMS Charges

**₹451**

The children's scheme supports those who lost their parents during the COVID-19 pandemic.

No major payments for new hospitals, oxygen infrastructure, or large-scale medical projects were recorded during FY 2024–25.

## Government vs Opposition: Two different narratives

### Opposition's Questions

Opposition parties have raised five major questions:

* Why was only ₹87 lakh spent despite ₹8,452 crore being available? * Which agencies returned ₹324.66 crore? * Why isn't the complete donor list publicly available? * Why is the fund not audited by the Comptroller and Auditor General (CAG)? * Why was the audit report released after a significant delay?

### Government's Response

The government argues that PM CARES is **not a yearly expenditure fund**, but an **Emergency Reserve Fund**.

According to its position, the objective is to maintain financial readiness for future pandemics, natural disasters, or national emergencies. Keeping the corpus in Fixed Deposits also allows the fund to earn interest, strengthening its long-term relief capacity.

## Has any scam been established?

Based on the audit report currently available, **there is no finding that confirms missing money or financial irregularities**.

However, the report has undoubtedly raised important questions regarding transparency, disclosure of refunded funds, and the pace at which such large public reserves are being utilized.

The political debate is likely to continue, but the audit itself presents a more nuanced picture than many viral claims circulating on social media.

## The 5 Questions That Still Remain

1. Why was expenditure limited to just ₹87.85 lakh? 2. Which implementing agencies returned ₹324.66 crore? 3. Why isn't the complete donor list fully public? 4. Should PM CARES undergo CAG audit? 5. Can greater transparency strengthen public trust in the fund?

**Doordarshi News** will continue tracking developments surrounding the PM CARES Fund and future official disclosures.