Nippon India Mutual Fund has urged mutual fund distributors to contribute to PM Cares Fund from their gross commission to support the government of India for fighting against the novel coronavirus.
The fund house will match your contribution to support this cause. For instance, if you make contribution of Rs.2500 from your next month’s gross commission, the fund house will contribute another Rs.2500 towards PM Cares Fund.
Since PM Cares Fund falls under section 80G i.e. you can claim tax deduction on up to 100% of your contribution; only your contribution will be eligible for tax benefits.
The fund house has budgeted Rs.50 lakh for this initiative. Last week, the fund house contributed a sum of Rs.5 crore – Rs.4 crore to PM Cares Fund and Rs.1 crore to Chief Minister Relief Fund Maharashtra.
Saugata Chatterjee, Co-Chief Business Officer, Nippon Life MF told Cafemutual that this initiative has been launched in response to the feedback from distributors. He said, “Many distributors have shown their interests to support the cause after they came to know about our contribution to the PM Cares Fund and CM Relief Fund Maharashtra. Hence, we have come out with this initiative to help our partners contribute to this cause. We have shortlisted 7000 distributors for this initiative. These distributors earn brokerage of at least Rs.5000 from Nippon Life MF.”
Chatterjee further said that the mutual fund industry should give back to the society. “It is our responsibility to save mankind from coronavirus pandemic. We urge all the distributors to come forward and support this noble cause.”
You can provide your consent latest by April 25, 2020. The fund house will make contribution on your behalf by May 15, 2020.
