PLI/RPLI Cheque Payment Guidelines: India Post Clarifies Uniform Accounting Procedure | 2019 Directive

Issuing Authority:

Department: PLI Directorate, India Post

Reference No.: 25-1/2011-LI (Part)

Date: 04/02/2019

Addressed To:

• All Head of Circles (HOCs)
• Additional Director General (APS), Sena Dak Bhawan
• Director RAKNPA, PTCs, and PLI Kolkata

Key Summary

Subject:Clarification on accepting cheque payments for PLI/RPLI premiums and uniform accounting procedures.

Background:

CAG Audit (2017) found inconsistencies in cheque payment handling:

• Some Circles recorded the date of cheque presentation as the payment date.
• Others recorded the date of cheque clearance.
• Correct Practice: As per existing guidelines, the date of presentation must be treated as the payment date.

Directive:

McCamish Insurance Software will:

• Record cheque value against the policy upon presentation at the counter.
• Include cheque details in the daily HO/SO balance.

Dishonoured Cheques:

• Marked as a minus entry in PLI/RPLI receipts upon bank notification.

Action Required:

• All Circles must implement uniform procedures and issue necessary instructions.

Keywords:

• PLI RPLI cheque payment rules
• India Post premium payment by cheque
• CAG audit PLI accounting discrepancies
• McCamish Insurance software PLI
• Date of presentation vs clearance PLI
• PLI Directorate circular 2019
• Postal Life Insurance dishonoured cheque policy