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A new scheme has been launched by our finance minister Nirmala Sivaraman on Monday for our Government employees. The scheme has been launched to stimulate the demand in a fiscally prudent way by front-loading some expenditure. The main focus has been given to use the savings of Government employees to boost our economy. The name of the scheme is the Special Festival Advance Scheme 2021. In this article today, we will share with you all the details of a special feature advance scheme such as the objective of the scheme, benefits of the schemes, and other relevant details related to the scheme.
Special Festival Advance Scheme
An interest-free advance of Rs. 10,000 in the form of Rupay Card (prepaid) can be assisted by all Central Government employees. The one-time payment anticipated a total of 4000 crore. Government employees under LTC Cash Voucher scheme, can choose to receive cash amounting to quit payment of an extra three times fare ticket to purchase item entice GST of 12 percent or more. As said by the Finance Minister, “Digital payments will be valid only and GST invoice to be produced”.
Special Festival Advance Scheme Objective
The main objective of this scheme is to bring upward changes to our economy as said by our finance minister that “Signs are that the savings of employees in government sector and organised sectors have escalated , we want to excite such people to magnify demand for the welfare of the less fortunate. The LTC Cash Voucher Scheme is predicted to create surplus consumer demand in the span of 28,000 crore, said Finance Minister Nirmala Sitharaman. “Cash-in-lieu-for-LTC will be spent around Rs. 5,675 Crore and Rs 1900 crore will be spent by Public Sector banks and PSU’s.
Details of The Scheme
|Name of the scheme||Special Festival Advance Scheme 2021|
|Launched by||Nirmala Sitharaman|
|Launched Date||12 October 2020|
Special festival advance scheme benefits
- Central government employees can avail an interest-free advance of Rs. 10,000. This gain will be in the form Of prepaid RuPay Card. Estimated amount to be disbursed is Rs. 4,000 crore. Another disbursement can be expected to amount Rs 8,000 Crore,if given by all state governments.
- “The interest free advance of Rs 10,000 to be pay out by March 31,2021 is to be restored back in 10 installments. The bank charges will be paid by the government in this regard.” As said by the Finance Minister.
- She also declared an interest-free 50-years loan to the state for spending on capital projects in order to recoup economic activities on its track. This loan amount is Rs. 12000 crore. The North-Eastern state will be given Rs.1600 crore and Rs. 900 crore will be given for Uttrakhand while Rs.7,500 crore will be given to the remaining state. The state which will fulfill the statement as earlier said by the finance minister will be given 2000crore from the remaining part.
- ” The loan will have to be consumed completely on new or ongoing capital projects. State can resolve bills of suppliers and contractors but the amount has to be paid by before march 31,2021.
- A surplus capital amount of Rs 25000 crore would be spent by the central government on road progress, in the supply of water, in the development of Urban and defence infrastructure. This amount is additional to Rs. 4.13 lakh crore (earlier) budget.
Indian Government– Official Website