FM announces Rs 10,000 interest-free festival advance to employees
Union finance minister Nirmala Sitharaman on Monday announced a slew of measures for central government employees as part of its plan to increase consumer spending to spur demand in the economy. "There are indications are that savings of government and organized sector employees have increased, we want to incentivize such people to boost demand for the benefit of the less fortunate," Sitharaman said at a press conference in Delhi. The key announcements are made by Sitharaman to stimulate consumer demand. Interest-free festive advance, cash vouchers in lieu of LTC announced. That is Rs 10,000 interest-free festival advance to all its officers and employees. But as a one-time measure, an interest-free advance will be given to all officers and employees of the central government, the finance minister mentioned. This Rs 10,000 advance will come as a pre-paid Rupay card, which can be availed and spent by March 31, 2021.