Insta
Centre Revives Interest Free Special Festival Advance Scheme; Both Gazetted, Non-Gazetted Officials Eligible
Finance Minister Nirmala Sitharaman and MoS Finance Anurag Thakur
Finance Minister Nirmala Sitharaman in her press-conference on Monday (12 October) announced a one-time revival of the special festival advance scheme. This scheme was earlier abolished under the 7th pay commission.
This advance scheme will be interest free and both gazetted and non-gazetted officials will be able to draw an advance of Rs 10,000 which needs to be paid back in ten instalments. The scheme is valid till 31 January 2021.
Those opting for this advance will be given a pre-loaded Rupay card and the funds need to be spent either digitally or via a POS machine. The bank charges arising out of these transactions will be borne by the government. The Finance Ministry expects to disburse Rs 4,000 crore under this scheme.
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