Govt to give Rs 10,000 special festival advance to all its employees to stimulate demand in the economy

New Delhi Oct 12 (PTK):in a statement given to Press Trust of Kashmir the  Finance minister said that the pandemic has affected economy and she said that If Central govt employees opt for it, this will cost around Rs 5,675cr. The employees of PSBs & PSUs allowed to avail this facility, and for PSBs & PSUs the cost will be Rs 1,900 crores. The demand infusion in the economy by central govt & PSUs will be approx Rs 19,000 cr.

She added that Govt to give Rs 10,000 special festival advance to all its employees as one-time measure to stimulate demand in the economy and Central govt payout on cash-in-lieu-for-LTC will be Rs 5,675 cr and Rs 1,900 cr for PSUs and banks

Moreover uder LTC Cash Voucher Scheme, government employees can opt to receive cash amounting to leave encashment plus 3 times ticket fare, to buy items which attract GST of 12% or more and Only digital transactions allowed, GST invoice to be produced

Moreover Consumer spending related proposal has two components- LTC Cash Voucher scheme and Special Festival Advance Scheme, she added(PTK)