New Delhi: Even before Dussehra-Diwali, the Modi govt. has given a big gift to millions of government employees. In a press conference held on Monday, Finance Minister Nirmala Sitharaman announced the festival advance for government employees.
The Finance Minister said that during the festive season of diwali, the Modi Govt. will give an advance of Rs.10,000 to its employees. For which employees will get prepaid RuPay card.
Also, the Finance Minister has announced LTC Cash Voucher. Today’s announcements have been made by the Finance Minister with the objective of increasing the demand
Let’s see what was the announcements Finance Minister has made in the press conference.
- The central government announced a 50-year interest-free loan for states with a capital expenditure of Rs.12,000 crore. A provision of Rs.1,600 crore has been made for North Eastern states and Rs.900 crore for Uttarakhand and Himachal Pradesh. A provision of Rs.7,500 crore has been made for other states under this scheme.
Only half of it will be given in the beginning. The rest will be given after the first installment is used. If some amount is not used, then it can be re-allocated.
- 2. The government has announced a festival advance of Rs.10,000 for all central government employees. The central government will give a prepaid RuPay card of Rs.10,000 to all rank and category employees under this scheme. It can be used for any festival till 31 March 2021.
There was no provision for advance in the Seventh Pay Commission. However, this time the government has announced to give this advance of 10,000 rupees during the festive season. Employees will be able to return it in 10 installments. It will be fully interest free advance. The government will bear the bank charge in this.
- At the press conference, the Finance Minister announced LTC Cash Voucher. Finance Minister Nirmala Sitharaman said that under LTC cash vouchers, government employees can claim cash instead of reimbursement for travel. LTC Cash can be used for purchase of goods before March 31, 2021, for SVCS equal to three times of travel tickets. At the same time, they can also take advantage of once an encashment. Proper payment will be tax free; At the same time, tax will be payable on the leave encashment at the earlier rate.
Finance Minister Nirmala Sitharaman said, “We hope that the LTC Cash Voucher Scheme ‘will generate additional consumer demand of Rs 28,000 crore.”