The government of India on Monday announced a one-time Rs 10,000 interest-free festival advance to all its officers and employees as part of plans to increase consumer spending to spur demand in the economy.
At a press conference, Finance Minister of India Nirmala Sitharaman said the festival advance was discontinued from the 6th Pay Commission for central government employees.
But as a one-time measure, an interest-free advance will be given to all officers and employees of the central government, she said.
This Rs 10,000 advance will come as a pre-paid rupay card, which can be availed and spent by March 31, 2021.
The repayment will be in 10 installments, she said adding that Rs 4,000 crore is likely to be spent on this.
(Inputs from PTI)