So as to stimulate client demand within the economic system the federal government on Monday introduced Particular Pageant Advance scheme whereby all of the central authorities workers shall be eligible for an curiosity free mortgage of Rs 10,000 which they should make the most of on competition associated spending as much as March 31, 2021.
The mortgage shall be given to central authorities workers by the best way of a pay as you go RuPay card which might be used at level of sale machine and cash can’t be withdrawn from ATMs. The mortgage shall be repaid to the federal government in 10 month-to-month instalments, the federal government mentioned.
Finance Minister Nirmala Sitharaman mentioned that the pay as you go RuPay card will stay energetic until March 31, 2021.
Particular Pageant Advance scheme is a one-time advance scheme for central authorities workers and was revived after it was discontinued after the suggestions of Sixth Pay Fee have been accepted, Ms Sithraman mentioned.
Beneath the earlier Particular Pageant Advance scheme solely non-gazetted officers have been eligible to avail advantages of the scheme however this time all central authorities workers shall be eligible for the scheme, Ms Sitharaman added.
The federal government additionally allowed its workers to spend journey allowances which might be an income-tax-exempt a part of their salaries on items and companies, Ms Sitharaman advised a information briefing.
“That is anticipated to create a client demand of about Rs 28,000 crore,” she mentioned.
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