With reference to the Prime Minister 39 s National Relief Fund PMNRF consider the following statemen...........

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With reference to the Prime Minister's National Relief Fund (PMNRF) consider the following statements.

PMNRF was constituted by the Parliament.
It was established to assist displaced persons from Pakistan.
The fund gets budgetary support.
The corpus of the fund cannot be invested or appropriated for any other purpose than relief operations.

Select the correct answer using the codes below.

1 and 3 only

2 only

3 and 4 only

None of the above

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Explanation:

Statement 1 and 2: In pursuance of an appeal by the then Prime Minister, Pt. Jawaharlal Nehru in January, 1948, the Prime Minister's National Relief Fund (PMNRF) was established with public contributions to assist displaced persons from Pakistan. The resources of the PMNRF are now utilized primarily to render immediate relief to families of those killed in natural calamities like floods, cyclones and earthquakes, etc. and to the victims of the major accidents and riots.

Statement 3: The fund consists entirely of public contributions and does not get any budgetary support. It accepts voluntary contributions from Individuals, Organizations, Trusts, Companies and Institutions etc. All contributions towards PMNRF are exempt from Income Tax under section 80(G).

Statement 4: The corpus of the fund is invested with scheduled commercial banks in various forms. Disbursements are made with the approval of the Prime Minister. PMNRF has not been constituted by the Parliament. The fund is recognized as a Trust under the Income Tax Act and the same is managed by Prime Minister or multiple delegates for national causes