Modi govt’s big festive gift: LTC cash Voucher Scheme, Rs 10,000 advance for Central govt Employees

Modi government gift to government employee before the festival, states get a big gift

  • The central government will give 12 thousand crores to states
  • Central employees will get Rs 10,000 as a special festive advance

New Delhi (Frankly News). Emphasizing to give impetus to the economy badly affected due to Corona and to increase consumer demand in the festive season, the Central Government on Monday, Vacation Travel Discount (LTC) Cash Voucher Scheme, Special Utsav Advance Scheme and Additional 37 thousand Announcing the expenditure of Rs. Crore, he said that these measures will help in increasing the demand of about one lakh crore rupees. Finance Minister Nirmala Sitharaman and Minister of State for Finance Anurag Thakur made these announcements in a discussion with reporters.

The Finance Minister said that the Seventh Pay Commission has abolished the provision of festive advance. Under this, each employee will get an advance of Rs 10,000, which will have to be paid interest-free in a maximum of 10 months. This advance amount will be given through RuPay card and cash cannot be withdrawn from the card. Only purchases can be made from it. At the same time, Finance Minister Sitharaman said that the central government has given an interest-free loan of Rs 12,000 crore to the capital expenditure (capital expenditure).

1900 Crore Rupees

The Finance Minister said that the Central Government will spend Rs 5,675 crore on this scheme. Public sector banks and public sector undertakings also expect to spend Rs 1,900 crore. The benefit of tax exemption given under the LTC Cash Voucher Scheme will also be available to employees of state governments and private sector employees. The Central Government will issue guidelines in this regard.

Help under Self-Reliant India Package

Sitharaman said that Corona has had a very bad effect on the economy. The poor and weaker sections have assisted under the Self-Reliant India Package and the emphasis has been on ending supply constraints. Despite this, consumer demand still remains low. Keeping this in mind, such packages have prepared which will not only help in increasing the GDP but also will not have any effect on inflation.

Will be valid till 31 March 2021

She says that the LTC Cash Voucher Scheme is been start for central employees, which will remain valid until 31 March 2021. Under this, one can avail of visiting the hometown twice in the four-year block of the year 2018-21 or once in the hometown and any other place in the country. For this, air or rail fare will give according to eligibility and grade. Along with this, 10 days holiday encashment will be available. He said that due to Corona, employees who have not been able to use LTC of the 2018-21 block and if they now use the LTC Cash Vouchers scheme, they will get full leave encashment.

Payment of fare is divide into three slabs as per eligibility and tax-free travel allowance will be given accordingly. Employees who use this scheme will have to spend three times the rental amount and one time of leave encashment. This expenditure will have to be incurred on products with 12 percent or more GST tax and GST receipt of this expenditure will also have to be submitted. Employees will be able to use this amount as per their wish and no GST receipt will be required for this. For this scheme, the center will have to spend four thousand crore rupees. There is an estimate to be an additional expenditure of about four thousand crores on the adoption of this scheme by the states. In this way, the total demand for eight thousand crores is expected.

Leave a Reply

Your email address will not be published. Required fields are marked *