Central Government announces LTC Cash Voucher Scheme and Special Festival Advance Scheme for public servants. Nirmala Sitharaman who serves as the Union Minister for Finance announced LTC Cash Voucher Scheme and Special Festival Advance Scheme public servants with an objective to raise consumer spending.
LTC Cash Voucher Scheme:
- Using this Leave travel concession (LTC) Cash Voucher Scheme, government employees can opt for receiving cash amounting to leave encashment + 3 times ticket fare, to buy something of their choice.
- The items bought should be have Minimum GST of 12%.
- Only digital transactions are allowed, GST Invoice to be produced.
- Estimated cost of LTC Cash Voucher Scheme: For Central govt is Rs. 5,675 crore; for Public Sector Banks and Public Sector Units are Rs. 1,900 crore.
Special Festival Advance Scheme:
- This Special Festival Advance Scheme is announced for non-gazetted government employees.
- Under this scheme All central govt. employees able to get interest-free advance of Rs. 10,000, in the form of a prepaid RuPay Card.
- The one-time disbursement of Special Festival Advance Scheme is likely to amount to Rs. 4,000 crore.
- If given by all state governments, another Rs. 8,000 crore is expected to be disbursed.
- Employees can spend this on any festival.
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