Special Festive Advance Scheme: The Finance Minister has announced one-time interest-free festive advance for central employees before Diwali.
Special Festive Advance Scheme:
The Finance Minister has given another big gift to the Union employees before Dussehra and Diwali. The government has announced a one-time interest-free festive advance for central employees. Under this, employees will be able to take 10 thousand rupees in advance if needed. No interest will be charged on this. It can be availed through prepaid RuPay card. It is believed that this will help increase consumer spending. At the same time, apart from this, Finance Minister Nirmala Sitharaman has also announced a special LTC cash scheme. Central government employees will get the benefit of this.
Explain that due to COVID 19, the country’s economy has been affected. Due to this, consumer sentiment has not been completely improved so far. Some such surveys have also come, in which it has been said that due to the epidemic people are hesitant to spend now. This is affecting demand, which is directly impacting GDP. There is every kind of demand in it, from consumer goods to travel or everything else. In view of this, the government is taking all possible measures to improve consumer sentiment.
What is a special festive advance?
This is a one-time scheme, under which an employee of the central government will be able to take an advance of 10 thousand rupees. This advance can be taken through prepaid RuPay card. This advance has to be returned in 10 installments. The employee will not have to pay any interest on this advance. To promote Digital India, this advance will also have to be used in digital mode. The government will also pay the bank charge that comes on it.
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4000 crores will be spent
The government is expected to spend 4000 crores on this scheme. The Finance Minister said that all central employees can take advantage of this scheme. State government employees can also take advantage of this. But the state government will have to accept these proposals. Employees will get RuPay pre-paid card to take advantage of the scheme. It will be recharged beforehand. It will get 10 thousand rupees. To repay this, a monthly installment of 1000 rupees will be made.
What is LTC Scheme?
In special LTC cash scheme, employees will get cash Boucher in lieu of LTA. To take advantage of this facility, the government has some guidelines, which have to be followed. It is believed that this will increase travel demand. Under this, the cost of rent on goods and services will be three times more. The same amount will have to be spent for the leave encashment. However, it will have to be used before 31 March 2021.
Source: www.financialexpress.com
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