Festival Advance Scheme : Interest free Rs.10,000 to employees for festival
The central government today made a big announcement to boost the economy and alleviate economic hardships during the festive season. In this regard, Finance Minister Nirmala Sitaram announced the LTC Cash Voucher and Festival Advance Scheme.
- Finance Minister Nirmala Sitaram announces LTC Cash Voucher and Festival Advance Scheme.
- The scheme will also benefit employees of public sector banks.
- More than 1 crore central employees of the country will benefit.
Under this, government employees will get a cash voucher from which they can spend and this will also boost the economy. Employees of public sector banks will also benefit.
The cash payment in lieu of LTC which will be digital will be for 2018-21. Under this train or plane fare will be paid and it will be tax free. For this the employee’s rent and other expenses should be three times. Similarly goods or services have to be taken from the seller registered in GST and payment has to be made digitally.
Festival Advance Scheme
The Finance Minister informed that the Festival Advance scheme is being launched only once again this year. Under this, all types of employees will be given an advance of Rs 10,000, which they can deposit in 10 installments.
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