Dear Editor,
This refers to my mail under the caption ' MC Jain Case A retrospection'.
Thanks to your elucidation to the payment made by LIC to Shri MC Jain and the loss he has sustained due to the commutation factor which is an eye opener for those who are in the queue to get alerted..
If 10 % simple interest for the delayed payment ( for 22 years ) in consonance with the Jaipur SB court order is claimed and which cannot be denied the camouflaged loss could be averted.
The synopsis of the court order says :
Thanks to your elucidation to the payment made by LIC to Shri MC Jain and the loss he has sustained due to the commutation factor which is an eye opener for those who are in the queue to get alerted..
If 10 % simple interest for the delayed payment ( for 22 years ) in consonance with the Jaipur SB court order is claimed and which cannot be denied the camouflaged loss could be averted.
The synopsis of the court order says :
"The petitioner has now been declared entitled for the revised pay scales as per notification dated 18-7-1996 with consequential benefits. LIC has to pay arrears from 1-4-1993 till date with 10 % simple interest."
When once the commutation option was exercised at the time of retirement after undergoing medical examination does not the commutation becomes absolute ? Second time commutation is permissible and it is optional ?
Can some one please clarify?
Regards,
R.K.Viswanathan
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