Special Festival Advance Scheme has been re-launched by the Government of India. The lockdown period in the covid19 pandemic has lead to a sharp downfall in the economy of the country. So, keeping an eye on the contraction of the country’s economy, Finance Minister Nirmala Sitharaman took the initiative to re-launch the Festival Advance Scheme on Monday 12th October 2020 that will help in boosting the economy of the country. Readers are advised to read the article till last to get more information about the Special Festival Advance Scheme Benefits, Duration of the Special Festival Advance Scheme Amount, and how to use the amount of the scheme.
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Special Festival Advance Scheme 2020
Finance Minister Nirmala Sitharaman re-launched the Scheme that was abolished earlier due to the 7th Pay Commission. The scheme aims to boost the economy of the country by giving an Interest-Free amount of Rs 10,000 to the workers of the central government as the scheme is a central government scheme. A Rupay Card of the preloaded value of Rs 10,000 will be given to all the central government employees through which they can shop for different market items. There will be No Interest charged from the candidates if the candidate is using the limit of the card but they have to pay a certain amount of Interest if the card balance remains un-used for a given period of time. More details of the scheme have been given below, readers are advised to go through completely.
Highlights of Special Festival Advance Scheme
|Scheme Name||Special Festival Advance Scheme|
|Launched by||Central Government|
|Objective||Boost up Economy|
|Beneficiary||Central government workers|
|Scheme Category||Central government Scheme|
Corona pandemic has lead to a sharp shrinkage in the country’s economy. So, the scheme has been launched with the objective to boost up the economy of the country. The scheme will excite the citizen of the country to shop more as an interest-free amount of Rs 10,000 will be given by the central government. The government expects to disburse Rs 4,000 crores under the scheme. According to the finance ministry, if all states provide similar advance, another Rs. 8,000 crores is likely to be disbursed. This scheme will increase market demands during special festivals like Diwali.
Special Festival Advance Scheme Benefits
- A large section of the society will be benefitted from this scheme and ultimately the country will be benefitted from the scheme. Some of the major benefits of the scheme are given below.
- Citizens will be given an amount of Rs 10,000 to spend during the crucial festival time.
- The amount provided will be interest-free.
- Employees of central and state governments as well as public sector companies will be able to use these schemes to spend money on festivals of their choice.
- The scheme will help in boosting the economy of the country.
Key features of Special Festival Advance Scheme
- An interest-free amount of Rs 10,000 will be given to all the employees and officers of the central government.
- The amount will be given for a period of 6 months i.e. 31st march 2021.
- The amount will be given in the form of a pre-loaded Rupay card.
- Only items with GST 12% or more will be bought through this Rupay card.
- Shopping will be done at places of Digital transactions only.
- The return of the amount will be done in the form of 10 installments.
- Estimated expenditure of Rs 4,000 crores will be done on this scheme according to the government. If all states provide similar advance, another Rs. 8,000 crores are likely to be disbursed.
All the information related to the Festival Advance Scheme has been provided here. Kindly stay connected to get more of the scheme as soon as any information will be released by the concerned authority.