Hot Deal Govt employees will receive interest-free RuPay Prepaid card of Rs 10,000

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Govt employees will receive interest-free RuPay Prepaid card of Rs 10,000:

Coming festive season government employees will receive interest-free advance of Rs 10,000 each that will help generate demand worth Rs 8,000 crore in the Covid affected economy. Employees will get pre-loaded RuPay Card of the advance value, which they would have to spend by March 31, 2021

The amount spent would be recoverable in 10 instalments. The bank charges for the issue of card will be borne by the government.

With a view to boost consumer demand and revive the economy which has been subdued amid the pandemic, Finance Minister Nirmala Sitharaman on Monday announced a slew of measures to stimulate expenditure by the public.

As per the minister, the scheme would ensure digital mode of payment, resulting in tax revenue and encouraging honest businesses. But unlike the LTC scheme, consumers would be free to spend the amount on items of their choice irrespective of GST applicability.

Festival advance along with other similar advances were abolished on the recommendations of 7th Pay Commission. Prior to this, non-gazetted central government employees used to get Rs 4,500 as festival advance.

With the latest proposal, the festival advance to government employees (both gazetted and non-gazetted) will be for festivals up to March 31, 2021.

The Centre, is likely to disburse Rs 4,000 crore towards the advances.

If implemented by all state governments too, another Rs 8,000 crore is likely to be disbursed, with the current assumption that 50 per cent states would adopt the scheme and the states’ expenditure estimate would be at Rs 4,000 crore.

This scheme would not result in any permanent increase in government expenditure and as it advances will be recovered.

The move is likely to generate additional consumer demand of Rs 8,000 crore.

64 Comments  |  
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Tech Guru
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How to become govt employee

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Deal Cadet
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Why waste money – 300 to 500₹ minimum for providing this rupay card? Just deposit the money directly into their account as part of their salaries. Let the decide to save it or spend it. Let tayi not decide what they shd do with their money.
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This scheme stinks – looks like another opportunity for someone to make a ton of money by handling the issuing of this rupay card!!

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santosh_blr wrote:

Why waste money – 300 to 500₹ minimum for providing this rupay card? Just deposit the money directly into their account as part of their salaries. Let the decide to save it or spend it. Let tayi not decide what they shd do with their money.
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This scheme stinks – looks like another opportunity for someone to make a ton of money by handling the issuing of this rupay card!!

The money is given to spend it not save it.

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Good initiative. Wallet reloads should be blocked in this card. But how many small merchant have instruments to accept these payments? Hope these money won’t go to big companies.

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Simbha3 wrote:

The money is given to spend it on save it.

This is not some free money given out to the employees for the govt to decide what shd I do with it!!

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santosh_blr wrote:

This is not some free money given out to the employees for the govt to decide what shd I do with it!!

school/college me economics sahi se padhe hote toh aisi baate nhi bolte. smile

Rs 10,000 each that will help generate demand worth Rs 8,000 crore in the Covid affected economy.

If implemented by all state governments too, another Rs 8,000 crore is likely to be disbursed, with the current assumption that 50 per cent states would adopt the scheme and the states’ expenditure estimate would be at Rs 4,000 crore.

The move is likely to generate consumer demand of Rs 8,000 crore.

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1) Tayee is testing RuPay network on a trusted customer base.
2) Sarkaari babus paisaa dabaa ke rakhte hai. They will be forced to spend these 8k crores as the cards will have expiry date.
3) binaa kharchey ka ek aur ‘event’ ho gayaa.
4) my vague idea; its related to credit-generation (not money-circulation), but i can’t figure out exactly how.

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abhishek012 wrote:

school/college me economics sahi se padhe hote toh aisi baate nhi bolte. smile

Rs 10,000 each that will help generate demand worth Rs 8,000 crore in the Covid affected economy.

If implemented by all state governments too, another Rs 8,000 crore is likely to be disbursed, with the current assumption that 50 per cent states would adopt the scheme and the states’ expenditure estimate would be at Rs 4,000 crore.

The move is likely to generate consumer demand of Rs 8,000 crore.

Bro this benefit is also given to them

LTC Cash Voucher scheme: Central 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% or more.

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abhishek012 wrote:

school/college me economics sahi se padhe hote toh aisi baate nhi bolte. smile

Rs 10,000 each that will help generate demand worth Rs 8,000 crore in the Covid affected economy.

If implemented by all state governments too, another Rs 8,000 crore is likely to be disbursed, with the current assumption that 50 per cent states would adopt the scheme and the states’ expenditure estimate would be at Rs 4,000 crore.

The move is likely to generate consumer demand of Rs 8,000 crore.

1. What is the benefit to the employee?
2. How can the govt decide what the employee wants to do with his money? (This is not something which is given extra – it is employee’s own money)

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santosh_blr wrote:

1. What is the benefit to the employee?
2. How can the govt decide what the employee wants to do with his money? (This is not something which is given extra – it is employee’s own money)

Read again, it is not employee’s own money because it is not given as part of salary. see below post by @panchabhut This money(amount spend from 10k) is to be returned in 10 installments. It is basically a pre-approved absolutely zero cost 10k emi card.

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santosh_blr wrote:

1. What is the benefit to the employee?
2. How can the govt decide what the employee wants to do with his money? (This is not something which is given extra – it is employee’s own money)

search on youtube “how to create demand to boost economy” and watch some videos. you will understand.

Employee benefit – receive Rs10,000 interest-free loan and the amount spent would be recoverable in 10 instalments.

Pay your electricity, gas, water bills, Insurance payment, school/college fees or use for online/offline shopping.

other countries like US, European, Russian, Chinese govt and few other countries govt already give interest-free Prepaid cards, payroll cards or gift vouchers to govt employees, small business etc

Giving free money to your bank account is not a solution to revive the economy. Peoples need to spend money and purchase something. This is the one and only solution to boost consumer demand and revive the economy.

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Simbha3 wrote:

Good initiative. Wallet reloads should be blocked in this card. But how many small merchant have instruments to accept these payments? Hope these money won’t go to big companies.

uske liye blockchain technology chahiye.

so, customer will use this card only for online/offline shopping.

NPCI’s Blockchain-Based “Vajra Platform” currently in under development.

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tag me if there is any one reselling these at discounted price laughing
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few things which I feel good about this is IF IF IF
equal amount give to all, no discrimination based on designation
might be an exempted income
after card expiry it will be interesting to research on spending analysis on essentials, comforts and on luxurious needs.

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guest_999 wrote:

Read again, it is not employee’s own money because it is not given as part of salary. This money(amount spend from 10k) is to be returned in 10 installments. It is basically a pre-approved absolutely zero cost 10k emi card.

It is definitely employees own money as it will be recovered from salary in 10 equal installments. It is nothing but advance salary and definitely not a single rupee extra. Festival advance was available earlier as part of pay package till it was discontinued in the last central govt pay revision. So it is also nothing new. What is new is that now, there is a mandatory requirement to spend it in defined time and only through Rupay platform.

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santosh_blr wrote:

This is not some free money given out to the employees for the govt to decide what shd I do with it!!

Salary pay out to employee for himself to manage his/her budget
Pension and PF are forced savings
LTA is to encourage spending – which most of them will not avail, so there needs to be something to boost spending.

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employee has to pay it back….wats d big fuss abt it by govt…dey r just forcing employee to spend their own money

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baadshah wrote:

tag me if there is any one reselling these at discounted price laughing
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few things which I feel good about this is IF IF IF
equal amount give to all, no discrimination based on designation
might be an exempted income
after card expiry it will be interesting to research on spending analysis on essentials, comforts and on luxurious needs.

It is in the nature of advance salary and recoverable from salary. So it is not exempt income.
As per finance ministry circular, F No.12(2)/2020-EII dated 12th Oct, there no restriction and it is applicable to “all govt servants”.

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drupal wrote:

How to become govt employee

Kya kroge… 3-4 saal mai aa jakar automatically private employee ban jaaoge stuck_out_tongue

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The LTC cash scheme is actually better. As per the example cited, an employee drawing a basic pay of Rs.1.38 Lakhs and having a family of four, will need to spend Rs.2.94 Lakhs on items having GST of 12% or more, and take 10 days leave encashment (mandatory) to get back Rs.1.34 Lakhs, out of which Rs.80K will be non-taxable.
So they can buy a small car for Rs.3 Lakhs by paying just Rs.1.65 Lakhs. There will be many takers of that scheme.

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panchabhut wrote:

It is definitely employees own money as it will be recovered from salary in 10 equal installments. It is nothing but advance salary and definitely not a single rupee extra. Festival advance was available earlier as part of pay package till it was discontinued in the last central govt pay revision. So it is also nothing new. What is new is that now, there is a mandatory requirement to spend it in defined time and only through Rupay platform.

Ok forgot about advance salary part as some of my friends usually avail much larger amount than this for salary advance availing.

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Now in some years govt will start giving different voucher

5k voucher of hotel : tourism help
10k voucher of flights : aviatation sector help
…….
And ofcourse these all will be deducted from salary only.

Aise karenge ab ye revive.

Aam janta ko lagega ye sarkari nikamme ko lagega extra paise diya ja raha, and employee ko lagega paisa badhana to dur ulte kam ho gaya. (Pahle da increment roka, ab ye bawasir)

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Hope it is rupay platinum debit card stuck_out_tongue_winking_eye

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titamazon wrote:

Now in some years govt will start giving different voucher

5k voucher of hotel : tourism help
10k voucher of flights : aviatation sector help
…….
And ofcourse these all will be deducted from salary only.

Aise karenge ab ye revive.

Aam janta ko lagega ye sarkari nikamme ko lagega extra paise diya ja raha, and employee ko lagega paisa badhana to dur ulte kam ho gaya. (Pahle da increment roka, ab ye bawasir)

Bro, it’s optional, if you want then you have to apply, and then only you will get. PM will not visit personally to deliver this card. The government trying to revive the economy and then also peoples are complaining. I am working in a private job, I can use this money for buying something and I can return it back in 10 months. As simple as that. No one is forcing anyone to take this. Why always act as a cry baby.

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bhakt be like: modiji ne kiya hai to acha hi kya hoga stuck_out_tongue

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rockylucifer wrote:

Bro, it’s optional, if you want then you have to apply, and then only you will get. PM will not visit personally to deliver this card. The government trying to revive the economy and then also peoples are complaining. I am working in a private job, I can use this money for buying something and I can return it back in 10 months. As simple as that. No one is forcing anyone to take this. Why always act as a cry baby.

Bro on paper its optional, lekin relaity me ye sab mandatory hota hai.

Govt esop bhi optional lati hai lekin paisa na rahne me loan dekar usko kharidwaya jata hai.

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baadshah wrote:

Salary pay out to employee for himself to manage his/her budget
Pension and PF are forced savings
LTA is to encourage spending – which most of them will not avail, so there needs to be something to boost spending.

First, govt cannot force you to spend your money with such diktats.. if your boss says, you shd compulsorily spend 50k for this diwali out of your salary/savings, would you agree?

Second, there are two parts. LTA money for other spends & Cash advance in a Rupay card.

I am against this Rupay card concept! Why? I have already mentioned it.

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titamazon wrote:

Now in some years govt will start giving different voucher

5k voucher of hotel : tourism help
10k voucher of flights : aviatation sector help
…….
And ofcourse these all will be deducted from salary only.

Aise karenge ab ye revive.

Aam janta ko lagega ye sarkari nikamme ko lagega extra paise diya ja raha, and employee ko lagega paisa badhana to dur ulte kam ho gaya. (Pahle da increment roka, ab ye bawasir)

waha border pe hamare sainik din bhar khade rehte hai, aur aap ye 10k kharch nhi kar sakte
u anti-national wink

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abhishek012 wrote:

search on youtube “how to create demand to boost economy” and watch some videos. you will understand.

Employee benefit – receive Rs10,000 interest-free loan and the amount spent would be recoverable in 10 instalments.

Pay your electricity, gas, water bills, Insurance payment, school/college fees or use for online/offline shopping.

other countries like US, European, Russian, Chinese govt and few other countries govt already give interest-free Prepaid cards, payroll cards or gift vouchers to govt employees, small business etc

Giving free money to your bank account is not a solution to revive the economy. Peoples need to spend money and purchase something. This is the one and only solution to boost consumer demand and revive the economy.

So force people to spend money?

PS: I know the basics of how spending will boost the economy! Problem is with the approach followed by this govt!  It shd be only for people who want it. And why this Rupay card drama? Expiry date for my money?

What is the advantage in this cash advance scheme? People who need it can get it on an interest free basis.

Make it optional! Don’t force it!!

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hj83622185 wrote:

waha border pe hamare sainik din bhar khade rehte hai, aur aap ye 10k kharch nhi kar sakte
u anti-national wink

Ham kaha government employee hai.

Waise mera saving kafi week hai, salary se jyada to cc ka bill aa jata hai but thankfully pata nahi kaise pay ho jara.

Ha 1 chij me antinational hu, alcohal consumption na karke desh ke economy ke hath na bata raha.

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