Section 219 in The Navy (Pension) Regulations, 1964
219. Payment of commuted value.
(1)(i)If the board reports that the pensioner has an average expectation of life, the commuted value already notified to the officer shall be paid in the manner indicated by him on his form of application.(ii)in cases where an addition to his age is recommended, the pensioner shall be informed by the Controller of Defence Accounts (Pensions) by registered post and with acknowledgment due of the board's recommendation and of the commuted value payable in view thereof.(iii)That applicant may withdraw his application by written notice to the Controller of Defence Accounts (Pensions) despatched within two weeks from the date on which he receives intimation of the revised sum payable on commutation. If the applicant does not withdraw in writing his application within the said period, he shall be presumed to have accepted the sum offered.(2)[ The capitalised value shall be paid as under :] [Substitued by S.R.O. 95, dated 15th February, 1975](i)Pensioners residing in India as well as those residing outside India who have not been permitted to draw their pension outside India-The capitalised value shall be payable in India but pensioners residing outside India shall have to make their own arrangements for its transfer to the foreign country concerned.(ii)Pensioners residing outside India, who have been permitted to draw their pension in a foreign country-Payment of capitalised value shall be made through the Indian Mission.(3)Payment of commuted value shall be made as expeditiously as possible but in the case of an impaired life, no payment shall be made until either the period within which the application for commutation may be withdrawn has expired, or a written acceptance of commutation is received.(4)If any commuted portion of pension has been drawn after the date on which the commutation became absolute, the amount drawn shall be deducted from the amount payable on commutation.(5)If the pensioner dies on or after the day on which commutation became absolute, but before receiving the commuted value, the value shall be paid to his legal heirs.
