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.

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Category : Corporate Law (3386)
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0 responses to “LIC issuing receipts without affixing revenue stamps”

  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”

    • NEERAJ SHARMA says:

      Infact, both the situations are different. Where ever rubber stamp was affixed on the receipt mentioning there in that the consolidated fee has been paid that was a official practice because of paucity of stamps (would some body blame Government of India for it!!!!!) Then LIC devised a way to have details at the end of the day that how many receipts were issued and a consolidated stamp fee after a stipulated period was used to be deposited with Government of India. So nothing wrong in it because that was a fool-proof mechanism.

      In the present situation, if the revenue receipt is not affixed on the receipt generated by LIC and no rubber stamp is also endorsed that is because of in-action of an individual and we all concerned citizens should demand for it over the counter itself and the cashier will have no option but to affix revenue stamp on that. If he/she does not do so one has the liberty to meet Branch Incharge

  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,

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