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Special Festival Advance Scheme 2020: Rs 10,000 Interest-Free Loan Online Registration, Objectives, Eligibility & Benefits

Special Festival Advance Scheme 2020: Rs 10,000 Interest-Free Loan Online Registration, Objectives, Eligibility & Benefits

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Short Info: स्पेशल फेस्टिवल एडवांस योजना – [Apply Online] Special Festival Advance Scheme (SFAS) 2020 – Online Registration, Application Form PDF Download, Eligibility, Beneficiary List, Payment/ Amount Status, Features, Benefits and Check Online Application Status at Official Website Not Available.

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Short Scheme Details:
Name of Scheme Special Festival Advance Scheme
Application Status Active
Scheme Benefit A special package for Central government employees
Scheme Published On 10/13/2020
Scheme Updated on 10/13/2020

Table of Content

स्पेशल फेस्टिवल एडवांस योजना 2020 : Special Festival Advance Scheme List, Status News Update

Latest News Update:
  • Finance Minister Nirmala Sitharaman announced several measures to boost the ailing economy. Two of the schemes announced — LTC Cash Voucher and Special Festival Advance — come as big incentives for central government employees.
  • Modi government will give special festival advance to government employees, these benefits will be available with Rs 10,000

Special Festival Advance Scheme 2020 Apply Online

Summary: Finance Minister Nirmala Sitharaman introduced several schemes to growing demand in the economy. The central government hopes that there are many festivals ahead and by taking advantage of these schemes, people will shop fiercely, which will boost the economy. The government has brought cash voucher scheme for all government employees in lieu of special festival advance and LTC.

LTC Cash Voucher Scheme 2020

All Applicants who are willing to apply online application then download the official notification and read all eligibility criteria and application process carefully. We will provide short information about “Special Festival Advance Scheme 2020” like Scheme Benefit, Eligibility Criteria, Key Features of Scheme, Application Status, Application process and more.

Special Festival Advance Scheme 2020 – Overview
Name of Scheme Special Festival Advance Scheme (SFAS)
in Language स्पेशल फेस्टिवल एडवांस योजना
Launched by Finance minister Nirmala sitharaman
Beneficiaries Central Government employees
Major Benefit A special package for Central government employees
Scheme Objective Providing festival advances
Scheme under State Government
Name of State STATENAME
Post Category Scheme/ Yojana/ Yojna
Official Website Not Available
Important Dates
Event Dates
Starting Date to Apply Online —
Last Date to Apply Online —
Important Links
Event Links
Apply Online – Not Available Registration | Login
Notification – Not Available Click Here
Special Festival Advance Scheme 2020 Official Website

Special Festival Advance Scheme Online Registration Process

Finance Minister Nirmala Sitharaman said the employees could buy items that attract 12% or more goods and services tax (GST). These purchases will have to be made in digital mode from GST-registered outlets.

Every four years, central government employees get LTC to any destination to their choice plus one to their hometown.

All Eligible Applicants who want to apply this scheme then read all instructions carefully and follow the given below steps to apply online application form:

Procedure to Apply Online Special Festival Advance Scheme Application Form 2020

Step 1- Visit the Official Website of Special Festival Advance Scheme i.e. Not Available.

Step 2- On the Homepage, Click on the Option “Apply Online” button.

Step 3- Application Form page will be displayed on the screen.

Step 4- Now enter the required details and upload documents.

Step 5- Click on Submit Button for the final submission of the application.

Note: There is no additional information regarding LTC Cash Voucher Scheme Registration is available now.

Required Document for Special Festival Advance Scheme

Important Document to Apply Online
Not Available

Special Festival Advance Scheme Eligibility Criteria

Beneficiary Guidelines
  • To be eligible for the scheme the applicant must be a working Officer of the Central Government.
  • These festive advances will have to be spent by 31 March 2021.

Special Festival Advance Scheme 2020: Online Application Form

ABOUT SCHEME
Special Festival Advance Scheme 2020: Online Application Form PDF Download – The government has announced an advance of 10 thousand rupees to all government employees across the country just before the festival. The government feels that during the festive season, employees will buy from this money, which will increase the demand in the economy.

What is the special festival advance scheme?

The government has restored festival advance, which was abolished in line with recommendations of the 7th Pay Commission, for one time till March 31, 2021. Under this, all central government employees will get interest-free advance of Rs 10,000 that the government will recover in 10 instalments.

How long can you spend 10,000 rupees?
This advance of Rs 10,000 will be in the form of a pre-paid RuPay card. The Special Festival Advance Scheme is available for the next six months. It will have to be spent by 31 March 2021.

The Special Festival Advance Scheme was a part and parcel of government employees pay package up until the 6th Pay Commission. It’s introduction this year is a one-time come back to boost spending.

Impact of LTC Cash Voucher scheme:
Cost to central government ₹5,675 core
Cost to PSBs and PSUs ₹1,900 crore
Expected demand infusion by central government employees ₹19,000 crore
Expected demand infusion by state government employees ₹9,000 crore
Total expected addition consumer demand generation ₹28,000

Objectives of Special Festival Advance Scheme 2020

SCHEME OBJECTIVE
  • The main objective of the government by providing a special festival advance scheme is to create demand in the economy.

Major Benefits

BENEFICIARY BENEFITS
  • The government has decided to give an interest-free advance of Rs 10,000 to all officers and employees.
  • This advance of Rs 10,000 will be in the form of pre-paid RuPay card.
  • Employees will have to return this amount in 10 installments.
  • The government will disburse ₹4000 crores under this advance scheme
  • If given by state governments, another ₹8000 crore is likely to be disbursed.
  • Assuming 50% adoption by states the estimate is ₹4000 crores.
  • Additional consumer demand generated will be ₹8000 crores.

Key Features of Scheme

SCHEME FEATURES
  • The system of giving advance for the festival to the Central Government employees from the Sixth Pay Commission was abolished.
  • The employees will have to pay this advance in 10 installments. The government will spend Rs 4,000 crore on this.
  • These festive advances will have to be spent by 31 March 2021.
  • There will be no interest on the special advance of Rs 10 received by the employees.
  • Employees will get this advance on prepaid RuPay debit card.
  • According to the finance ministry, if all states provide similar advance, another Rs. 8,000 crores is likely to be disbursed. This is expected to generate consumption demand ahead of festivals like Diwali.
  • Govt to give Rs 12,000 cr interest-free 50-year loan to states for capital projects

Helpline Number 

HELPLINE NUMBER & CONTACT ADDRESS
Not Available

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