Festival bonanza for central govt employees: Rs 10,000 advance to all, LTC cash voucher
4 years, 2 months ago

Festival bonanza for central govt employees: Rs 10,000 advance to all, LTC cash voucher

India Today  

Finance Minister Nirmala Sitharaman on Monday announced two schemes to incentivise consumer spending and boost the country’s GDP as part of the Centre’s fresh economic revival push. As part of increasing consumer spending, Sitharaman announced two schemes -- LTC Cash Voucher Scheme and Special Festival Advance Scheme -- to primarily benefit central government employees. Special Festival Advance scheme Sitharaman also announced the Special Festival Advance scheme to boost spending among central government employees. Sitharaman went on to say that the one-time disbursement of Special Festival Advance scheme is expected to amount to Rs 4,000 crore. "The interest-free advance of Rs 10,000 under the Special Festival Advance Scheme to be paid back in 10 instalments."

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History of this topic

Diwali gift for 30 lakh central govt employees: Who will get the bonus and by when
4 years, 2 months ago

Diwali gift for 30 lakh central govt employees: Who will get the bonus and by when

India Today  

Ahead of the Diwali festivities, PM Narendra Modi-led NDA government on Wednesday announced the second “stimulus” to central government employees to encourage spending during the season and add to demand in the economy. In a move that will benefit over 30 lakh non-gazetted employees of government commercial establishments, the Union Cabinet approved productivity and non-productivity-linked bonus for 2019-2020. The government …

Nirmala Sitharaman's LTC, festival schemes for Central employees cue for states to fix their finances
4 years, 2 months ago

Nirmala Sitharaman's LTC, festival schemes for Central employees cue for states to fix their finances

Firstpost  

With many of the states already facing a fund crunch, they are going to be in more difficulty to match the Centre’s largesse. On Monday as Finance Minister Nirmala Sitharaman began speaking, the expectations of a cut in long term capital gains tax by the markets got mixed up in an alphabetic mix up with the announcement of a change …

Retail to get a fillip from govt schemes
4 years, 2 months ago

Retail to get a fillip from govt schemes

Live Mint  

Finance minister Nirmala Sitharaman on Monday announced measures that could generate an additional ₹36,000 crore in consumer demand and drive sales of products such as mobile phones, household appliances, furniture and apparel. The LTC cash voucher scheme and the special festival advance scheme for all central government employees, will encourage them to spend on high-value items, stoking demand for such …

India Inc welcomes Nirmala Sitharaman’s announcement to boost demand
4 years, 2 months ago

India Inc welcomes Nirmala Sitharaman’s announcement to boost demand

Live Mint  

India Inc on Monday cheered Finance Minister Nirmala Sitharaman's announcement of payment of cash in lieu of LTC and ₹10,000 festival advance to government employees, saying these measures will boost demand while instilling a "feel good" factor in the people and energize growth. Gaurav Taneja, Partner and Leader, Government and Public Sector, EY India, said, "The finance minister's announcement today …

New LTC cash voucher scheme: What private sector employees should know
4 years, 2 months ago

New LTC cash voucher scheme: What private sector employees should know

Live Mint  

To boost consumer demand in the coronavirus-hit economy, Finance Minister Nirmala Sitharaman on Monday announced two proposals -- Leave Travel Concession Cash Voucher Scheme and Special Festival Advance Scheme. We are presenting two proposals -- the Leave Travel Concession Cash Voucher Scheme and Special Festival Advance Scheme -- to stimulate consumer spending." "We expect that private sector would be happy …

Centre to give Rs 10,000 special festival advance to all govt employees; LTC cash voucher scheme announced
4 years, 2 months ago

Centre to give Rs 10,000 special festival advance to all govt employees; LTC cash voucher scheme announced

India TV News  

In a bid to stimulate demand in the economy, the government on Monday announced giving out cash vouchers to central government employees this year in lieu of leave travel concession fare which could be spent only on buying non-food GST-rated items. Finance minister said that the government will give Rs 10,000 special festival advance all its employees as one-time measure …

Special festival advance scheme announced for government employees: 5 points
4 years, 2 months ago

Special festival advance scheme announced for government employees: 5 points

Live Mint  

Finance Minister Nirmala Sitharaman today announced a special Festival Advance Scheme for central government employees revived as a one-time measure. 3) The government expects to disburse ₹4000 crore under this advance scheme 4) If given by state governments, another ₹8000 crore is likely to be disbursed. To stimulate demand in the economy, the government also announced giving out cash vouchers …

Govt to give cash vouchers to staff in lieu of LTC this year, says Finance Minister Nirmala Sitharaman
4 years, 2 months ago

Govt to give cash vouchers to staff in lieu of LTC this year, says Finance Minister Nirmala Sitharaman

The Hindu  

Finance Minister Nirmala Sitharaman unveiled new proposals to stimulate demand in the economy in the wake of the coronavirus pandemic. Addressing a press conference, Ms. Sitharaman said that she has broadly classified the proposals into two different compartments — consumer spending and capital expenditure. Consumer spending proposals The Finance Minister said that the consumer spending proposals include a LTC cash …

Interest-free 50-year loans to states for capital expenditure for ₹12,000 crore: Nirmala Sitharaman
4 years, 2 months ago

Interest-free 50-year loans to states for capital expenditure for ₹12,000 crore: Nirmala Sitharaman

Live Mint  

Finance Minister Nirmala Sitharaman today announced steps to stimulate consumer demand including advance payment of a part of the wages of central government employees for spending during the festival season, part of efforts to bolster the economy hit by the coronavirus pandemic. Here's are highlights of Finance Minister Nirmala Sitharaman's press conference: -We estimate that the measures announced today, for …

LTC Cash Voucher, Festival Advance Transfer: How central govt employees benefit
4 years, 2 months ago

LTC Cash Voucher, Festival Advance Transfer: How central govt employees benefit

India Today  

The government on Monday announced two measures aimed at increasing consumer spending — the LTC Cash Voucher scheme and Special Festival Advance Transfer scheme. The schemes primarily focus on offering cash benefits to central government employees as the government believes that it will lead to higher consumer spending during the festive season. Here is all you need to know about …

Finance Minister announces govt schemes to boost consumer demand
4 years, 2 months ago

Finance Minister announces govt schemes to boost consumer demand

Op India  

Finance Minister Nirmala Sitharaman has announced a slew of measures to stimulate the slowing economy in the wake of coronavirus-induced lockdown. 2nd part of the Modi Govt's plan to boost consumer demand is a one-time restoration of the festival advance for central govt employees through the Special Festival Advance Scheme. LTC cash voucher scheme announced for government employees To spur …

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