This thread is resolved. Here is a description of the problem and solution.
Problem: WPML is not updating properly on the site
Solution: WPML has updated partially on the site and not showing the latest version for upgrade. It worked after the following steps.
1) Click on Plugins>>Add New menu link 2) Click on *Commercial* tab of *Add New* page 3) On Commercial page click on *Check for updates* button 4) It will help you to refresh the WPML installer caches
Relevant Documentation: https://wpml.org/forums/topic/wpml-is-not-updating-properly-on-my-site/#post-4509565
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