Special Advance Scheme Registration| Advance 10000 Tax-Free Benefit| All Benefits & Detail.
Special Festival Advance Scheme 2020 launched by the Finance Minister Nirmala Sitharaman Ji on 12th October 2020, there is also another scheme launched with this scheme, LTC Cash Voucher Scheme. In these schemes the government wants to improve the economy of the country, which was affected by the world’s pandemic Covid-19, in this scheme, government provide 10000 thousand rupees to the beneficiary without taking any interest, readers are advised to read the full article to get all information about this scheme.
Special Festival Advance Scheme
In this scheme government aimed to improve the economy in this festive season by this scheme, the government gives 10,000 rupees without any interest to all central government employees. Through this scheme government boosts the demand in the market, it also helps to take the growth in GDP (Gross Domestic Production).
These cash vouchers will redeem by 31st march 2021.and all the central government employees will get the benefit of the scheme.
Objective of Cash Scheme
- The main objective of this scheme is to boost up the demand in the market by giving a tax-free or we can say the interest-free financial help to the employee.
- The government also released the LTC Cash voucher Scheme, these cash voucher will be used to buy any non-food GST rated items which come under 12% GST slabs.
- This scheme also expected the demand generation of 8,000 crore rupees.
- The advance will be given through a pre-loaded Rupay debit card.
- It will also help to improve the digital payment, result in tax revenue, and promote the domestic Rupay debit card.
Detail of SFAS
|Name of Scheme||Special Festival Advance Scheme|
|Launched By||Central Government & Ministry of Finance|
|Objective||Financial Help of Employee & Boost the Demand|
|Beneficiary||Central Government Employee|
|Date||12th October 2020|
Benefits of Special Advance Scheme
- The interest-free advance of 10,000 to be recoverable in a maximum of 10 installments
- 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.
There are no special criteria to avail of the benefit of this scheme, there is only two following condition for taking benefit of this scheme.
- The beneficiary must be a central government employee.
- State government employees will also take the scheme benefit.
There is no application procedure yet launched by the concerned authority, however, it will be updated by the concerned authority, we will share the detail in this article. Stay with us for more updates.