Finance Minister Nirmala Sitharaman announced on monday a one-time Rs 10,000 interest-free festival advance to all its officers and employees as part of plans to increase consumer spending to spur demand in the market. At a press conference, She said festival advance was discontinued from 6th Pay Commission for central government employees.
But as a one-time measure in view of increasing liquidity in economy, an interest-free advance will be given to all officers and employees of the central government.
This amount will be given in the form of a Pre-Paid Rupay Card which can be spent before 31 march 2021. Also this interest-free amount will have to be paid in 10 installments by the employees.