The central government can add colors of happiness for the employees before Holi. The government may announce a special festival advance plan ahead of Holi to boost consumer spending in the economy and fight slowdown due to the ongoing COVID-19 pandemic. Under this scheme, the government can give Rs 10,000 to the central employees before Holi. This means that before the festival of Holi, central employees can avail an advance amount of Rs 10,000.
Central government employees will not have to pay any interest on this amount. The interest free advance will allow the employees to spend the amount during the upcoming festive season. It will also result in boosting businesses and staving off slowdown in the economy.
The government had also announced this scheme for central employees last year. In such a situation, it is expected that the government can announce the same scheme again.
This advance being given for festivals will be pre-loaded. This money will already be recorded in the account of central employees. Central employees will have the facility that they can return an amount of Rs 10,000 from their salary in 10 installments. It can be paid in monthly installments of just Rs.1,000.
According to sources aware of the developments, an allocation of about Rs 4,000-5,000 crore can be announced under the Special Festival Advance Scheme. If announced, the employees will be provided with a pre-loaded RuPay card with an advance amount of Rs 10,000. Employees will be able to spend the advance amount in digital mode only.
The bank charges for the card will be borne by the government. With the special festival advance scheme, the government is aiming to ensure digital modes of payment in large numbers during festivals. This will also increase tax revenue and encourage honest businesses.
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