Tuesday, January 19, 2021

Premiums on insurance bought during Oct-Mar eligible under LTC scheme

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Govt may raise FDI cap in insurance companies to 74%New Delhi, Nov 26 (IANS) Central government employees can claim reimbursement for premiums paid for insurance policies purchased between October 12, 2020 and March 31, 2021, under the leave travel concession (LTC) cash voucher scheme.

The Finance Ministry made the clarification in a set of frequently asked questions (FAQs).

It noted that the special package envisages purchase of goods and services with GST of 12 per cent and above made during the period of October 12, 2020 and March 31, 2021 and the payment of premium of existing insurance policies do not fall under this category.

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“However, payment of premium for insurance policies purchased during the period between 12.10.2020 and 31.03.2021 is eligible for reimbursement under the scheme,” it said.

The ministry said that the vouchers and bills in this case should be submitted and settled before the date of superannuation.

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On the question that whether the submission of original bills is required as the same may be required for claim of warranty in case of items such as electronics, vehicles, the ministry said that submission of original bill is not required.

“No, self-attested photocopy would suffice. However, the original bills may be produced on demand for information,” said the office memorandum by the Department of Expenditure.

Source: IANS

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