In order to stimulate client demand within the financial system the federal government on Monday introduced Special Festival Advance scheme whereby all of the central authorities workers shall be eligible for an curiosity free mortgage of Rs 10,000 which they must make the most of on pageant associated spending as much as March 31, 2021.
The mortgage shall be given to central authorities workers by the best way of a pay as you go RuPay card which might be used at level of sale machine and cash can’t be withdrawn from ATMs. The mortgage shall be repaid to the federal government in 10 month-to-month instalments, the federal government stated.
Finance Minister Nirmala Sitharaman stated that the pay as you go RuPay card will stay lively until March 31, 2021.
Special Festival Advance scheme is a one-time advance scheme for central authorities workers and was revived after it was discontinued after the suggestions of Sixth Pay Commission had been accepted, Ms Sithraman stated.
Under the earlier Special Festival Advance scheme solely non-gazetted officers had been eligible to avail advantages of the scheme however this time all central authorities workers shall be eligible for the scheme, Ms Sitharaman added.
The authorities additionally allowed its workers to spend journey allowances which might be an income-tax-exempt a part of their salaries on items and companies, Ms Sitharaman advised a information briefing.
“This is expected to create a consumer demand of about Rs 28,000 crore,” she stated.