Special festival advance is a new plan announced by India’s Finance Minister Nirmala Sitharaman in 2020. The other name for this scheme is Special Festival Advance Yojana. The Ministry of Finance has launched this scheme for employees working for the year of India for the year 2020.
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Special Festival Forward Scheme 2021
The ministry has provided a step-by-step procedure so that the beneficiaries can benefit from the benefits of the scheme. This is good news for Central Government employees. With the holiday season ahead, people will do more shopping and boost the economy. The scheme can be applied online before 31 March 2021. It is a one-off scheme that is available until March 2021.
More about special festival advances – Under the special festival advance scheme, employees working for the central government will receive a festival advance, as well as other advances. Progress at festivals was earlier removed, but on the recommendation of the 7th Paying Commission. In 2020, due to the pandemic, many employees suffered to get the ends together, and therefore the government decided to give special progress to the employees of the central government so that they can have a happy Diwali and other festivities can cherish.
Special Festival Projection Form Online
The coronavirus pandemic has had a huge economic impact on many employees. This generous plan was launched to restore the financial stability of the workers hard hit by the pandemic. In this scheme, the government has central employees Rs. 10,000 interest-free loan advances they spend during the festive season. The advance is a one-off measure that will be recovered by the Indian government in ten installments.
Central government workers receive an R10 000 advance, which is interest-free and can be spent on goods and services by employees. This amount of R10 000 is available via a pre-loaded Rupay card issued by SBI.
Special Pre-Schedule Application Form 2021
The government has stated that the civil servants who are central civil servants can process the special festival advance and that the beneficiaries must have prepaid cards from the State Bank of India. The card will be used as a payment method, as no other means of payment is applicable under this scheme.
The purpose of the scheme – The main purpose of the scheme is to increase the economic stability of the employees of the central government. Due to the pandemic, the financial condition of many employees was bad. This scheme will help create demand in the economy by increasing the spending of people.
Apart from the advance, the government will also give cash vouchers to employees. The cash voucher is available for all non-food items. Items must be GST-rated and must charge 12% or more tax. This cash voucher can also be used to cover travel expenses.
|Schedule||Special Festival Advance|
|Below||Ministry of Finance|
|Amount||Rs 10000 / –|
|Apply Online||Festival Advance Scheme Online Applies|
|Official Portal||doe.gov.in or finmin.nic.in|
Special Festival Progress Program 2021
The goods and services must be purchased in a digital mode, without cash, must be involved in the transaction. The goods must be purchased at GST-registered outlets. The beneficiary of this advance will be employees of the central government.
Prior to the issuance of the special festival advance scheme, net officials received the benefit of advance schemes.
Highlights of the scheme
- All central government employees can take advantage of the special festival advance, launched by Finance Minister Nirmala Sitharaman.
- After the abolition of advances in the 6 th payment commission. On the recommendation of the 7 de payment commission, the special festival scheme was launched in 2020.
- The main motive behind the launch of the Special Festival Advance scheme is to increase market demand and provide financial stability to central government employees.
- The budget of the scheme is Rs. 4000 crores.
- Under this scheme, the employees of the central government receive an advance of Rs. 10,000 via a prepaid Rupay card issued by SBI.
- The employees must repay the advance in a maximum of 10 (ten) installments.
Beneficiaries can benefit from the monetary benefit of the scheme by issuing the advance before 31 March 2021, as this scheme only applies to this financial year.
- No interest will be charged from the beneficiaries on this special festival advance.
- The advance can not be collected in cash at ATMs and goods purchased must be non-food items.
- The items must be purchased at GST-registered outlets.
Festival Advance Scheme in Hindi
Specific criteria for special festival advance –
To be eligible for the special festival advance scheme, an applicant must be a working official of the central government. No other officer class is included in this scheme.
The government has stated that applicants eligible for the advance under the special festival advance must spend the advance before 31 first March, 2021. Registration for the scheme has started and beneficiaries must spent before the given date, in order to benefit from the advance scheme.
There are several benefits of the Special Festival Advance scheme launched by the Ministry of Finance for central government employees.
- The employees of the central government will receive R10 000 festival advances that they can spend during the festival season.
- Due to the outbreak of the Coronavirus pandemic, there was a significant decrease in the spending of the people, therefore this special advice scheme was launched to create more demand in the market.
- With the help of the advance, the beneficiaries will spend more money in the market, which will strengthen the economic stability in the country.
- During the festive seasons, more people are encouraged to spend. Therefore, the scheme is aimed at providing benefits to the employees and the overall economy of the country.
- The scheme will help boost capital spending in the economy.
The beneficiaries must repay the advance to the government in ten installments.
- A prepaid Rupay card contains the advance that can be spent on goods and services.
- This scheme is interest free for the employees to encourage spending among the employees.
- The central government intends to raise Rs. 4000 crores under this scheme.
- The state government is likely to pay out Rs. 4000 crores for the advance.
- The scheme is likely to increase consumer demand by Rs. 8000 crores.
- This scheme is beneficial for the people to spend during festive seasons.
- As a result of the pandemic, consumer demand in the economy has declined as people are discouraged from buying new products or services. The advance scheme will increase demand as people will buy new products with the advance available.
Special Festival Advance Payments
Steps involved in using the advance scheme
- The procedure for applying for a special advance is easy and convenient.
- The beneficiary must go to the official website of the special advance scheme.
- After you visit the site, the homepage appears in front of the beneficiary.
- Click “Apply Now” on the home page.
- After clicking ‘Apply Now’, a new page will appear on the screen.
- On the new page, the beneficiary must fill in the required information.
- Once the information has been completed, the beneficiary must upload all the required documents.
- After uploading the documents, click “submit”.
- The scheme must be applied before 31 st March, 2021.
|Official Portal||doe.gov.in or finmin.nic.in|
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