Nirmala Sitharaman announces 'Special Festival Advance', 'LTC cash voucher' for central govt employees

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. “The proposals being presented are designed in a way that they can stimulate demand by front-loading/advancing some of the expenditure with some offsetting changes. Others are directly linked to an increase in the GDP,” she said.

Under the LTC Cash Voucher scheme, government employees can opt to receive cash amount to leave encashment plus three times the ticket fare, to buy items which attract a GST of 12 per cent or more. Sitharaman went on to say that only digital transactions will be allowed and a GST invoice will have to be produced.

Watch this report to know all about it.