Finance Minister has announced the Rs 10,000 special Festival Loan to its employees which they will have to utilize on festival related spending up to March 31, 2021.
The loan will be given to central government employees through a prepaid RuPay card which would be used only electronically or at point of sale machine and cash money cannot be withdrawn from ATMs.
The loan will be repaid to the government in 10 monthly instalments.
Special Festival Advance scheme is a one-time advance scheme for central government employees and was revived after it was discontinued after the recommendations of Sixth Pay Commission were accepted.
Under the previous Special Festival Advance scheme only non-gazetted officers were eligible to avail benefits of the scheme but this time all central government employees will be eligible for the scheme.
The government also allowed its employees to spend travel allowances that are an income-tax-exempt part of their salaries on goods and services.
Also Read - Partial Arrears May be Paid By End of October
Hopefully, the bank management would learn from it and do something for their own employees during this festive season.
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