Welcome, lie forgotten (7)

I believe the answer is:

history

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'welcome lie forgotten' is the definition.
I can't tell whether this defines the answer.

'welcome lie' is the wordplay.
'welcome' becomes 'hi' (both are greetings).
'lie' becomes 'story' (story is a kind of lie).
'hi'+'story'='HISTORY'

Can you help me to learn more?

(Other definitions for history that I've seen before include "Study of past events" , "Life story" , "eventful past" , "Time passed" , "Chronicle" .)

I've seen this clue in The Telegraph.

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