Rs. 904.80 Lakhs received as part of CSR under National Culture Fund

Ministry of Culture has announced that it has received Rs. 904.80 Lakhs for conservation and maintenance work of historical monuments as contributions part of Corporate Social Responsibility (CSR) under National Culture Fund (NCF). It also has revenue collected through various sources like ticketing, Parking, photography, filming, and from holding cultural events from selected centrally protected monument which has been deposited in Consolidated Fund of India.

National Culture Fund (NCF)

NCF was established as Trust under Charitable Endowment Act, 1890 as funding mechanism distinct from existing sources and patterns of funding for arts and culture in India. It aims at inviting individuals as well as private institutions in the task of promoting, protecting and preserving India’s cultural heritage.
It is managed and administered by council headed by Union Culture Minister and decides the policies. Its Executive Committee is headed by Secretary, Ministry of Culture which actualizes those policies. All projects undertaken by NCF are completed within specified period in accordance with MoU signed by it with concerned donor organization.
Union Government had granted one-time corpus fund to NCF, apart from this, there is no fund allocated by to. It receives contributions and voluntary donations as endowments from many other sources. Donations and contributions to NCF are eligible for 100% tax deduction under Income Tax Act, 1961 subject to limits and conditions prescribed.

Month: Current Affairs - July, 2018