Audited Financial Statements for PM CARES Fund Not Made Public Since FY 2022–23, Renewing Transparency Debate
The PM CARES Fund has come under renewed public scrutiny after it emerged that no audited financial statements have been placed in the public domain since the financial year 2022–23. The absence of updated disclosures has reignited discussions over transparency, financial accountability, and the disclosure standards expected of institutions that receive large-scale public donations.
Established in March 2020 to support relief efforts during national emergencies, the PM CARES Fund operates as a public charitable trust chaired by the Prime Minister, with the Defence Minister, Home Minister, and Finance Minister serving as ex-officio trustees. The fund is financed through voluntary contributions from individuals, corporations, institutions, and overseas donors rather than direct budgetary allocations from the Government of India.
The latest concern centers on the fact that while audited statements up to FY 2022–23 were previously made available, no subsequent audited financial statements have been publicly released. Transparency advocates argue that the continued absence of updated financial disclosures makes it difficult for citizens and donors to assess the fund’s receipts, expenditures, and remaining corpus.
The PM CARES Fund’s official position remains that its accounts are audited annually by an independent chartered accountant appointed by the trustees. According to the fund’s Frequently Asked Questions, there is no statutory deadline under the Income Tax Act requiring public release of audited accounts, although the audit is conducted after the close of each financial year.
The issue has also revived the broader debate surrounding the legal status of the fund. The Union Government has consistently maintained that PM CARES is not a “public authority” under the Right to Information Act, 2005, and therefore is not subject to mandatory disclosure requirements under that law. The fund is also not audited by the Comptroller and Auditor General (CAG), with the government stating that it consists of voluntary private donations rather than public funds.
Supporters of the existing framework contend that PM CARES complies with applicable legal requirements as an independent charitable trust and that private audits provide adequate financial oversight. They argue that since the fund is not financed from the Consolidated Fund of India, its governance structure differs from that of government departments and statutory bodies.
Critics, however, maintain that the fund’s close association with constitutional offices, use of official government infrastructure, and significant public contributions justify greater transparency. They argue that voluntarily publishing annual audited financial statements would strengthen public confidence, improve institutional credibility, and reduce recurring controversies over accountability.
Legal experts note that the debate is less about whether the fund is legally obligated to publish its accounts and more about evolving standards of public governance. Around the world, charitable institutions handling substantial public donations often disclose audited financial reports as a best practice, even where not expressly mandated by law. Such disclosures are generally viewed as enhancing donor confidence and reinforcing institutional trust.
As public attention returns to the issue, any future publication of audited financial statements for FY 2023–24 and subsequent years could help address transparency concerns and clarify the fund’s financial position. Until then, the absence of updated public disclosures is likely to remain a focal point in discussions on accountability, governance, and financial openness in India’s emergency relief framework.
