From Our Special Correspondent
Daijiworld Media Network
Bengaluru, Oct 12: Federation of Karnataka Chamber of Commerce and Industry (FKCCI) has welcomed the steps announced by union finance minister Nirmala Sitharaman to boost consumer spending through Leave Travel Concessions (LTC) cash voucher and special festival advance schemes.
FKCCI President Perikal M Sundar said it is laudable that the Centre has taken steps to stimulate consumer spending. "The government employees can opt to receive cash amounting to leave encashment plus three time tickets fare to buy something of their choice under the LTC Cash Voucher Scheme. Only digital payment mode is accepted and employees should produce the GST invoice to get the benefit,’’ he said.
FKCCI President has also stated that the Special Festival Advance Scheme which was meant for non-gazetted government employees is being revived as a one-time measure, for gazetted employees too.
All Central government employees can now get interest-free advance of Rs.10,000 in the form of a prepaid RuPay Card, to be spent by March 31, 2021.
Perikal M Sundar said the one-time disbursement of Special Festival Advance Scheme is expected to amount to Rs 4,000 crore. "If similar reliefs are given by all state governments, another Rs 8,000 crore is expected to be disbursed. The Employees can spend this on any festival which will enhance the purchasing power of the consumer and invigorate the retail sector economy and thereby facilitate a surge in the government revenue through GST,’’ FKCCI said pointing out that it was a welcome move endorsed by the finance minister.