National Cultural Fund (NCF)

Why in News?

Recently, Union Minister for Culture and Tourism mentioned about the use of National Cultural Fund in promoting private participation in conservation of cultural heritage.

• Setup in – 28^th November 1996 under the Charitable endowment act,1890.
• Nodal Ministry – Ministry of Culture.
• Objectives – To leverage Public Private Partnerships (PPP) to mobilize resources for the promotion, protection, and preservation of India's rich cultural heritage, both tangible and intangible.
• To administer funds for the conservation, maintenance, protection, preservation, and enhancement of monuments.

Adopt A Heritage program 2.0 was launched by Ministry of Culture to improve the visitor’s experience and make monuments visitor friendly.

• Managed by – Council and Executive committee
  • Council – It has a maximum strength of 25 members, with 19 eminent members representing the corporate and public sector, private foundations and nonprofit organizations.
  • Executive Committee – It is led by secretary of culture with up to 11 members executes these policies.
• Partnership – It collaborates with donors, NGOs, corporates, government bodies and reputed agencies.
• ASI collaborates with public-private sector companies for conservation projects through Corporate social responsibility (CSR) funding.
• Project implementation – It carried out through a tripartite Memorandum of Understanding (MoU) between NCF, the donor, and the implementing agency.
• A Project Implementation Committee (PIC) oversees the progress, and a joint account is used to ensure transparent fund management.
• Tax Benefits - Donations to the NCF are eligible for 100% tax exemption under the Income Tax Act, 1961.
• Auditing - Annual accounts of the NCF are audited by the Comptroller and Auditor General of India.
• Importance – NCF and ASI promotes public-private partnerships to protect and conserve India’s cultural heritage following the national conservation policy.
• Improving facilities at monuments, and making heritage sites more visitor friendly and accessible.

References

1. PIB| Private Partnership in Conservation Heritage Site
2. Ministry of Culture| NCF