Special Festival Advance Scheme Apply Online | Rs 10,000 Special Festival Advance Scheme Benefits & All Details | Special Festival Interest-Free Advance
The Finance Minister Nirmala Sitharaman recently announced a new scheme which is known as the Special Festival Advance Scheme. If you are looking for the details of the special festival advance scheme then you are at the right place today. In this article, we will share with all of you the details regarding the eligibility criteria, educational criteria, documents required and all of the other details related to the special festival Rs 10,000 Interest-Free Loan Advance Yojana launched by the concerned authorities of the Finance Minister of India.
We will also share with all of you how you can avail the rupees 10000 interest-free loans and the step-by-step procedure through which you will be able to apply for the Special Festival Advance Yojana launched by the concerned authorities of the Government of India for the year 2020. Make sure to read the article till the last to get all of the answers to your very common queries about the scheme.
Special Festival Advance Scheme
Special festival advance scheme has launched to help all of the Central Government employees and to give them a one time measure so that they can have their festivals in a very right spirit. Advances on the festivals and also some other advances will be given. This was abolished on the recommendation of the 7th pay commission. But because now the employees are severely hit by the coronavirus pandemic the government have decided that they will be giving extra salaries to all of the Central Government employees to have them celebrate a very happy and cheerful Diwali and all of the other festivals coming in the way.
The advances have been restored till the date of 31st January 2021. This will be a very generous scheme for all of the employees of the government was finding it really difficult to live their life happily because of the economical impact of the coronavirus pandemic on their job.
Special Festival Advance Scheme is being revived as a one-time measure. All central govt. employees can now get interest-free advance of Rs. 10,000, recoverable in maximum 10 installments: Finance Minister @nsitharaman pic.twitter.com/a5GHZ8OJPA
— PIB India (@PIB_India) October 12, 2020
Objective Of Special Festival Advance Scheme
The main objective of the government by providing a special festival advance scheme is to create demand in the economy. The government will also be giving out cash vouchers to the employees this year. The cash vouchers can use to undertake to leave travel concession fare. This can only be used to buy items which are GST rated. The employees will have to buy all of the non-food items using these vouchers. The employees could buy items that attract 12% or more goods and services tax (GST).
These purchases will have to be made in digital mode from GST-registered outlets. In the time period of every four years, the employees are free to get LTC to any destination or even to their hometown to provide travel stimulus. Central government payout on cash-in-lieu-for-LTC will be ₹5,675 crores. Plus, another ₹1,900 crores will be payout by central PSUs and public sector banks.
Details Of Special Festival Advance Scheme
|Name||Special Festival Advance Scheme|
|Launched by||Finance minister Nirmala sitharaman|
|Objective||Providing festival advances|
|Beneficiary||Central Government employees|
Features Of Special Festival Advance Scheme
- From the 6th pay commission, the system of giving advance for the festival to the Central Government employees has been abolished
- Special festival advance scheme has come into effect for the year 2020 only in order to increase demand in the market
- Under the scheme, the employees will get advance on prepaid Rupay debit card
- The employees are required to pay the amount of advance in 10 instalment
- Budget for this scheme is Rs 4000 crore
- The monetary benefit received under this scheme will have to be spent before 31st March 2021
- There will be no interest on the special advance received by the employees.
- The central government have given Rs 12000 crore interest-free 50-year loan to the states for capital project
Benefits Of Special Festival Advance Scheme
The following benefits will provide to the Central Government employees by the festive advance scheme:-
- The interest-free advance of ₹10,000 to be recoverable in maximum 10 instalments
- ₹10,000 advances as a prepaid Rupay card
- The card can be availed and spent by March 31, 2021.
- The government will disburse ₹4000 crores under this advance scheme
- If given by state governments, another ₹8000 crore is likely to be disbursed.
- Assuming 50% adoption by states the estimate is ₹4000 crores.
- Additional consumer demand generated will be ₹8000 crores.
To be eligible for the scheme the applicant must be a working Officer of the Central Government.
Application Procedure For Special Festival Advance Scheme
- First of all, you have to go to the official website of the scheme
- The home page will open in front of you
- On the homepage, you are required to click on apply now
- Now a new page will open in front of you where you are required to fill all the important information
- Now you have to upload all the required documents
- After that you have to click on submit
- By following this procedure you can apply for a scheme