Context:
National Culture Fund (NCF) Received Rs. 3.70 Crore from Non-Government Sources during Last Five Years (2018-19 to 2022-23).
National Culture Fund:
- Set up in 1996.
- A trust under the Charitable Endowment Act, 1890.
- Aim – To mobilize extra resources through Public-Private Partnership (PPP) towards promoting, protecting & preserving India’s Cultural Heritage (Tangible & Intangible).
- Managed by – a Council and an Executive Committee.
- Structure –
- Council: Maximum strength of 24 including the Chairman (Minister of Culture).
- Executive Committee: Chaired by the Secretary, Ministry of Culture.
- Project Implementation committee (PIC) – Representatives from the Donor, Implementer and NCF.
- Audited by – CAG of India (annually)
- Usage of Fund –
- To train a cadre of specialists and cultural administrators
- To document cultural expressions and forms
- To undertake research, innovations and experiments in arts
- To create of institutions such as galleries and museums
- To promote international cultural cooperation
- Donations – Eligible for tax benefit under the Income Tax Act.
- Beneficiaries –
- Any State Government or voluntary organisation registered under the Societies Registration Act 1860 or registered as a Public Trust at least for the last 2 years.
- Individuals – not entitled to financial assistance under this.
Source: PIB
Previous Year Question
With reference to ‘National Investment and Infrastructure Fund’, which of the following statements is/are correct?
1. It is an organ of NITI Aayog.
2. It has a corpus of Rs. 4, 00,000 crore at present.
Select the correct answer using the code given below:
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Answer: (d)
Explanation:
NIIF is a collaborative investment platform for international and Indian investors who are looking for investment opportunities in infrastructure and other high-growth sectors of the country. It was set up as Category II Alternate Investment Fund (AIF) under the Securities and Exchange Board of India (SEBI) Regulations. It was India’s first infrastructure specific investment fund and was set up by the Government of India in February 2015. The total corpus of the fund is ₹40000 Crore.
