Govt announces interest-free festival advance to employees

Government announces Rs 10,000 interest-free festival advance to employees

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The government on Monday announced 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 economy.

At a press conference, Finance Minister Nirmala Sitharaman said festival advance was discontinued from 6th Pay Commission for central government employees.

But as a one-time measure, an interest-free advance will be given to all officers and employees of the central government, she said.

This Rs 10,000 advance will come as a pre-paid rupay card, which can be availed and spent by March 31, 2021.

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The repayment will be in 10 installments, she said adding that Rs 4,000 crore is likely to be spent on this.

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