New Delhi: The government on Monday announced a one-time Rs 10,000 interest-free festival advance to all its central government employees as part of plans to increase consumer spending to spur demand in the economy.
Special Festival Advance Scheme is being revived as a one-time measure. All central govt employees can now get interest-free advance of Rs. 10,000, recoverable in maximum 10 installments, said Finance Minister Nirmala Sitharaman.
She said festival advance was discontinued from 6th Pay Commission for central government employees.
This Rs 10,000 advance will come as a pre-paid rupay card, which can be availed and spent by March 31, 2021.
The repayment will be in 10 installments, she said adding that Rs 4,000 crore is likely to be spent on this.