Several branches of the country’s largest insurance company Life Insurance Corporation of India are allegedly causing huge loss to exchequer by issuing receipts without affixing revenue stamps.

The matter came to light during a hearing before the Central Information Commission which directed the LIC to make public details of all the revenue stamps purchased by the Corporation between 2006-10.

The case relates to an RTI applicant who sought to know from the LIC details of revenue stamps purchased by it during the last five years along with other queries but the request was denied saying compiling of information would divert the resources disproportionately.

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Telegram

taxguru on telegram GROUP LINK

Download our App


More Under Corporate Law


  1. ramana murthy says:

    this type of practice was followed by lic branches and also rubber stamped on receipt stating that “consolidated duty was paid hence no revenue stamp was affixed”

  2. Anil Mathews says:

    LIC was doing this – not affixing the revenue stamps on receipts – for a long time, they write/print at the place where stamps to be affixed “stamps would be affixed when available” or “stamps would be affixed later on presentation of receipts”

    I have many receipts like that with me,

Leave a Comment

Your email address will not be published. Required fields are marked *

Search Posts by Date

February 2024