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Thursday, September 17, 2015

LIC Payments


Reports are flowing from Chennai  and Vellore  Division areas so far  that Banks have informed the pensioners by SMS that certain amount have been credited to their pension a/cs .
It is not clear  whether LIC has separately intimated the pensioners concerned..In the absence of any advice from LIC, these amounts are unidentified credits in the Bank accounts of the concerned pensioners.

All of us are aware  through our experience in our working days in LIC that unidentified debits and credits are a great source of worry  for LIC and have attracted serious audit queries.
There may be many chartered accountants among the recipients of the latest amounts from LIC.It will be interesting to know what is their professional view in this regard in the absence of any calculations and not even an advice..

How are the recipients going to satisfy themselves that LIC has  complied with the directions of the Supreme Court dt 7/5/2015 in the absence of supporting calculations by LIC?

The Class I Federation has to  ponder seriously  over  whether mere depositing  of some amounts in the accounts of its members  without supporting basis and calculations can be deemed to be compliance with the Supreme Court order as there is no scope  for  verification  as to whether the amounts  credited  are correct or not.

Will  the Federation counsel  concede in the Supreme Court on 23rd September that LIC has complied with the latter's order?

he manner and speed with which LIC has acted between 7th September 2015 and now seems to be its anxiety to somehow ensure that the Competent Authority is not required to be present before the Apex Court to explain non-compliance.

It will be interesting to watch the developments in the Supreme Court on 23rd inst which is just six days away.

Greetings.
C H Mahadevan