In a good news for all Govt employees, a special Rs 10,000 festival bonus has been announced, which will be provided via Rupay cards, and repaid in 10 installments.
Besides, a special LTC cash voucher scheme too has been announce
More details right here!
Interest Free Rs 10,000 Advance For All Govt Employees
In order to give a push to the economy, Govt has announced a hueg festive offer for all Govt employees and officers.
Festive bonus of Rs 10,000 will be provided to all Govt employees, via RuPay cards, using which Govt employees can buy anything till March 31, 2021.
Govt will repay this festive bonus via 10 installments, directly into the RyPay card.
Rs 4000 crore will be spent by the Govt for this festive bonus.
This RuPay card will be a pre-paid one, and there will be no interest charged on this.
As per the experts, this festive bonus has been announced to spur the economy, which is facing a slowdown due to the lockdown, and to encourage more spending, and to reward all Govt employees during the festive season.
This festive bonus was announced by Finance Minister.
Special LTC Cash Voucher For All Govt Employees
Besides, a special LTC cash voucher gift has been announced for all Govt employees.
Under LTC Cash Voucher Scheme, government employees can opt to receive cash amounting to leave encashment plus 3 times ticket fare, to buy items which attract GST of 12% or more. Only digital transactions allowed, GST invoice to be produced: FM Nirmala Sitharaman https://t.co/Fn24PBb8KQ pic.twitter.com/8G33LwVzGU
— ANI (@ANI) October 12, 2020
Instead of availing leave travel concession (LTC), Govt employees can now use the cash voucher instead, and buy anything they want.
However, this spending using the LTC cash voucher is applicable only for the non-food GST rated items.
The purchase has to be done online from GST-registered establishments.
Finance Minster said, “Under LTC Cash Voucher Scheme, government employees can opt to receive cash amounting to leave encashment plus 3 times ticket fare, to buy items which attract GST of 12% or more. Only digital transactions allowed, GST invoice to be produced,”
Total of Rs 5675 crore will be spent on the LTC Cash Voucher scheme.
We will keep you updated, as more details come in.
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