Modi govt gifts Rs 10,000 interest free festival advance to employees of autonomous bodies

By: |
Updated: Nov 24, 2020 9:14 PM

Festival advance For employees of Autonomous Bodies: Good news for employees working in Autonomous Bodies of the Central Government!

Festival advance For employees of Autonomous BodiesFestival advance For employees of Autonomous Bodies ammounced.

Festival advance For employees of Autonomous Bodies: Good news for employees working in Autonomous Bodies of the Central Government. The Union Government has decided to extend the Rs 10,000 interest-free festival advance to employees working in the Autonomous Bodies as well, according to an Office Memorandum of the Ministry of Finance issued today. This package was earlier announced only for the government employees.

In October 2020, the government had announced the grant of Rs 10,000 interest-free advance as a “Special Festival Package” to Central Government Employees.

“… with a view to enable Government employees to meet expenses relating to festivals and to encourage spending thereby giving a boost to economic activities, in pursuance of decision taken by the Government, this Department vide O.M. of even No. dated 12th October, 2020 (copy enclosed) has issued order for grant of interest-free advance amounting to Rs. 10,000/- as a Special Festival Package to be paid in advance to Government employees.

“In this regard it is clarified that Nodal Ministry/Department may consider adopting this Special Festival Package on similar terms as prescribed in this Department’s
O.M. of even No. dated 12th October, 2020 to employees working in Autonomous Bodies as well within the existing budgetary provision and no additional fund will be provided for this purpose,” said the O.M. dated 24th November 2020.

What is the festival advance for government employees?

The amount of the package is Rs. 10,000 and it is interest-free. It has to be paid as advance to the Government servant. This amount is interest-free. The government had said in its O.M. dated October 12,2020 that the amount of the festival package would be released through pre-loaded Rupay Card from SBI.

The amount paid under this package would be recovered by the government in not more than ten (10) instalments.

“DDOs, on receipt of application from Government servants for this package may process and acquire the prepaid cards from SBI for issue among the applicants. A detailed
SOP for DDOs for obtaining these cards would be separately issued,” the government had said.

Who can get festival advance

The festival package can be granted to a Government servant if he/she is on Government duty or on leave excluding leave preparatory to retirement, on the date on which the advance is disbursed.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Irdai asks insurers to offer standard annuity product Saral Pension from April 1
2Budget 2021 Expectations: Widen the scope for tax-saving investments
3ESIC scheme adds 9.33 lakh new members in November