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LIC issuing receipts without adequate stamps

Several branches of  Life Insurance Corporation of India, the country’s largest insurance company, 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.

Tag: LIC

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