Rs.10000 Advance in the form of Cash Payout to Central Government employees
In order to meet the increasing demand of cash the Union Finance Ministry has announced that the central government employees would be given an advance salary of Rs.10000 in cash by the 23rd of November. This amount is being given to the central government employees as an advance part salary for the month of November.
|Who announced these advanced cash payout?||Ministry of Finance|
|When did the advance cash payout announced?||17-November-2016|
|Advance cash payout limits||Rs.10,000|
|When will be advanced cash payout gets adjusted||From the 2016th November month salary amount|
The government is aware of the fact that people are running out of cash due to the demonization and there is liquid cash crisis among the people of the country. So help out people in this situation the Ministry has decided to pay certain part of the salary of the government employee in advance and in the form of cash. The payment is be done by November 23rd.
The President has already released the part of the salary that is to be paid in advance to the central government employees. Apart from the ones who have opted out of this will be given the money in cash so that they can utilize the money. The amount that will remain due after paying the advance will be credited to the bank accounts of the employee in the last working day of this month.
Reasons behind this decision
- The two reasons behind this decision taken by the Central government is to, one ease the pressure on the banks and another to provide cash to the people to reduce their inconvenience.
- It has been more than a week now that the demonization has taken place and still there is lack of liquid cash flow in the country. Due to this a lot of people are facing problem and not being able to buy and meet their expenses.
- Banks on the other hand are excessively crowded and are still running out of cash. So to ease the situation a little bit the central government employees are being given a part of their salary in cash and in advance.
Options for Employees
If a central government employee does not want his or her salary in advance then he or she has to inform their department heads and also submit a form for the same. The last date for refusing the advance salary as on the 18th of this month. For those who opt out of this option, their salary accounts will be credited as usual with their respective salary amount on the last working day of this month