Special Festival Advance Scheme

This scheme aims at boosting the overall consumption demand in the economy

On October 12, 2020, Union Finance Minister Nirmala Sitharaman announced a one-time scheme named Special Festival Advance Scheme for central government employees. Under this scheme the employees will get an interest free advance of Rs. 10,000/-. Under the 7th pay commission festival advances are abolished but to boost the economy the finance ministry has decided to launch it as a one-time scheme. This advance is to be spent by the employees till March 31, 2021. This advance will be provided to the employees via prepaid RuPay card. It will be repayable in 10 monthly installments.

Scheme Overview:

Scheme name:Special Festival Advance Scheme
Scheme Under:Central Government
Launched By:Union Finance Minister, Nirmala Sitharaman
Launch Date:October 12, 2020
Implemented By:Ministry of Finance
Beneficiaries:Central government employees
Objective:To give a boost to the economy
Estimated Scheme Outlay:Rs. 4000/- crores

Scheme Objectives and Benefits:

  • The main objective of the scheme, to boost the economy
  • Due to the pandemic situations, the economy if the country is affected at a greater extent.
  • Thus, the ministry of finance has launched this scheme as a one-time measure
  • This advancement is available for all the central government employees
  • It will boost the consumer demand in the economy
  • Advancement under the scheme will be interest free, repayable in 10 easy monthly installments

More scheme lunched by Central Government

Scheme Details:

  • Special Festival Advance Scheme is launched by Union Finance Minister, Nirmala Sitharaman
  • This scheme is implemented by the government for its central government employees
  • Under the scheme, central government employees will get an interest free advancement of RS. 10,000/-
  • This advance will be repayable in 10 monthly installments
  • This advancement will be given via RuPay card
  • This amount is to be spent by the employees by March 31, 2020
  • Consumer demand of Rs. 8000 crores will be generated through this scheme
  • Demand is anticipated ahead of the upcoming Diwali festival
  • Employees will get the LTC tax benefit in cash for purchasing the goods with 12% or more GST
  • Due to the pandemic situations all over, the economy has been hit really hard especially in the first half
  • This scheme aims at boosting the overall consumption demand in the economy
  • Total outlay of the scheme is Rs. 4000 crores

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