FM Nirmala Sitharaman Announces LTC Cash Voucher Scheme And Special Festival Advance
Union Finance Minister Nirmala Sitharaman said that government employees can avail cash vochure for LTC if they cannot travel due to the ongoing pandemic. Employees can make use of this money to buy items with 12% or more GST. Employees can spend these vouchers only through digital mode and only at places registered under GST before 31st March 2021.
Finance Minister Nirmala Sitharaman also mentioned that the consumer demand will get a boost of Rs 5,675 crore by central government employees availing the LTC cash voucher scheme and the same for PSUs will be Rs 1,900 crore.
Consumer demand of nearly Rs 28,000 crore will be generated from the LTC cash voucher scheme.
Sitharaman also announced a one-time festive advance of Rs 10,000 for all central government employees, irrespective of designation.Employees will get interest-free festival advance as a prepaid credit in RuPay cards, not in cash that can be withdrawn from ATMs.
The consumer demand is likely to get a boost of Rs 8,000 crore due to festive advance to government employees.