Chandigarh

VALUERS ASSOCIATION WARNS RBI OF PEACEFUL PROTEST AT CHANDIGARH

December 05, 2018 05:54 PM

Chandigarh (Face2News)

Valuers Association (Regd.), a body of technical degree holders (Architects, Engineers & Town Planners), vide one email sent to the Hon’ble Governor, Reserve Bank of India as well as Regional Director, RBI, Chandigarh with request to give clarification on Qualification required for a person to become Approved Valuer for Secured Creditors (banks, financial institution & NBFCs). 

In the email sent by Er. Kapil Arora, General Secretary, it is submitted that it is mandatory for Secured Creditors to get valuation from Valuers approved u/s 34AB of Wealth Tax Act, 1957 and as per section 34AC of this Act, any company cannot act as Approved Valuer for them.

Valuers Association has already raised the issue with Ministry of Finance as well as Governor, RBI earlier too but the authorities have kept mum on this issue. Since the matter is related to Indian Economy and banks are facing serious issue of NPAs, Valuers Association has requested the Hon’ble Governor & Regional Director of RBI to clarify the issue by 13th December failure to which members of Valuers Association will hold peaceful protest (as per Fundamental Right of Protest) on 14th December in front of Regional office of RBI at Chandigarh.

Further, as per section 22(3) of UGC Act as well as Supreme Court directions, any course which is not approved under UGC Act, cannot be termed as valid in India. However, Secured Creditors are getting Valuation from Diploma Holders as well as Illegal Degree holders i.e. Master in Valuation degree holders which is illegal and such valuation are Null and void as per provisions of SARFAESI Act, 2002 as adopted by Parliament vide notification issued by Ministry of Finance on October 26, 2007. 

Further Secured Creditors are also getting valuations from various Companies which are again invalid, Null and Void for lending of loans by Secured Creditors. All such issues have arisen due to one private body, Indian Bank’s Association who has formulated the guidelines and such guidelines are blindly being adopted by banks as the topmost office bearers of such private body are Bankers themselves. Due to all such unconstitutional Acts by Banks, FIs & NBFCs, incompetent persons who are not even having knowledge of technical aspects of Land & Buildings as well as Plant & Machinery are issuing Technical Valuations for Banks. 

Valuers Association has already raised the issue with Ministry of Finance as well as Governor, RBI earlier too but the authorities have kept mum on this issue. Since the matter is related to Indian Economy and banks are facing serious issue of NPAs, Valuers Association has requested the Hon’ble Governor & Regional Director of RBI to clarify the issue by 13th December failure to which members of Valuers Association will hold peaceful protest (as per Fundamental Right of Protest) on 14th December in front of Regional office of RBI at Chandigarh.

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