Given the ongoing health crisis that has grappled India due to the deadly 2nd Covid wave, where hospitals are struggling to provide beds, oxygen and medical supplies, TiE Singapore in collaboration with IITAAS (Indian Institute of Technology Alumni Association Singapore) is kickstarting a movement involving it's individual and corporate members to galvanize and mobilize them to come together to donate generously, support relief efforts on the ground and spread awareness about the ongoing healthcare challenge.
As part of this "Mission India" initiative, TiE Singapore together with IITAAS aims to:
- Raise USD 1 Million that would go towards procuring medical equipment like oxygen concentrators for short term relief and building medical infrastructure in the medium term
- Work with multiple, accredited, credible partners like Swasth, ACT Grants, Dehlivery, Singapore Red Cross , Mission Oxygen and the Indian Red Cross to have the capability and infrastructure to provide on-ground, last mile support.
We would request you to contribute wholeheartedly in your individual and corporate capacities and more importantly, help us spread the word within your networks so that we can support the people in need in India .
We thank you in advance,
President, TiE Singapore
President, IIT Alumni Association, Singapore
Frequently Asked Questions, addressed by Team Milaap
1) Are there any fees associated with the campaign?
No. Milaap is a free fundraising platform. We do not deduct any fees from your donation. You are however welcome to make a voluntary tip to cover for our expenses, while making the donation.
2) Why are the exchange rates lower than real-time values?
We assure you that exchange rate you see at the time of donation is purely notional - funds raised in all foreign currencies (we support around 12+ international currencies apart from INR) are held in our US custodian account and transferred as $ when the organizers request the same.
The exchange rate they receive in Rupees is based on that date of receipt of funds through their bank. For example, current (27-04-2021) notional FX rate on site is 52 INR / SGD whereas the equivalent FX rate at the time of transfer (on 27-04-2021) to recipient is around ~ 55.2 INR / SGD
The notional value of keeping a slightly lower exchange rate for display is to ensure that fundraisers don't suffer from a shortage should there be a fluctuation/volatility in currency movements. So we are conservative with our display. Please note that we make no money directly or indirectly in FX arbitrages or floats associated with it.
3) Are there bank transfer/wire options available for international donors?
Yes, there are 2 options.
1) For Donors outside India and USA:
You can make a transfer to the following bank account
Beneficiary Name / Milaap Social Ventures USA
Account Number / 9800991814
Type of Account / Checking
Beneficiary Address / 5335 Montrose Drive,
Dallas, TX 75209
Bank name / Evolve Bank & Trust
ABA Routing Number / 084106768
Bank Address / 6070 Poplar Ave, Suite 200
Memphis, TN 38119
Please send an email to email@example.com and firstname.lastname@example.org with the transfer details to receive acknowledgement.
2) For DAFs, Family Foundations, Corporations and HNIs in the US
Donations above $10,000 towards TiE Singapore’s initiative - MissionIndia can be made through Milaap’s 501c3 partner in the US and will receive tax-exemption for US tax-residents.
Name: Asset India Foundation
Account # 2602388791
Routing # 122105278
Bank name: Wells Fargo Bank
Swift code: WFBIUS6S
Please send an email to email@example.com and firstname.lastname@example.org with the transfer details to receive acknowledgement. Acknowledgement will be issued within 1-2 working days.