Punjab

VALUERS ASSOCIATION MEETS RBI OFFICIALS, CONVEYS TO DEFINE VALURE'S ELIGIBILITY WITHIN NEXT 20 DAYS

December 14, 2018 05:24 PM

Chandigarh (Face2News)

After invitation received from RBI Regional Office at Chandigarh on Fridaty, the Office bearers of Valuers Association (Regd.) met the General Manager, HRMD at Regional Office, RBI Chandigarh and submitted memorandum to act within 20 days to Clarify on issue of Qualification and Eligibility Criteria for any person to become Approved Valuers for Banks, Financial Institutions and NBFCs. 

Er. Kapil Arora, General Secretary informed that as per Gazette Notification issued by Ministry of Finance on October 26, 2007, it is mandatory to get valuation from Valuers Approved u/s 34AB of Wealth Tax Act 1957. However, banks are empanelling incompetent and illegal degree holders as per guidelines drafted by one private body, Indian Bank’s Association. Such Act by Secured Creditors is illegal and all the valuation done by persons other than Valuers Approved u/s 34AB are illegal, Null & Void. 

Er. Kapil Arora, General Secretary informed that as per Gazette Notification issued by Ministry of Finance on October 26, 2007, it is mandatory to get valuation from Valuers Approved u/s 34AB of Wealth Tax Act 1957. However, banks are empanelling incompetent and illegal degree holders as per guidelines drafted by one private body, Indian Bank’s Association. Such Act by Secured Creditors is illegal and all the valuation done by persons other than Valuers Approved u/s 34AB are illegal, Null & Void. 

Er. Kuwant Singh Rai, President and Col. S R Bakshi informed RBI that despite knowing the facts that any Company or Employee of any company or department cannot act as Valuer for Banks, still State Bank of India, Punjab National Bank, Kotak Mahindra Bank, ICICI Bank, OBC, Dena Bank, Allahabad bank and various other banks have given empanelment to such companies and employees, which is unconstitutional and against Act of Parliament. 

Er. Sanjay Verma & Er. Satyajit Dhir, Sr. Vice presidents informed that the matter is very serious and public money is being disbursed based on such illegal valuation reports. Even Non-technical persons are doing technical valuations based on illegal and unapproved degree i.e. Master in Valuation in Land & Building as well as Plant & Machinery. 

Er. Arora further conveyed RBI that Valuers Association had submitted representation on 5th of December and in case the RBI had not invited them to the meeting, VA would have held peaceful protest which was scheduled for today in front of RBI Regional Office. However, as the meeting has been held, Valuers Association has decided to give another time period of 20 days to RBI to Clarify on this serious matter. In case, no clarification is received within the given time, Valuers Association will hold peaceful protest in the first week of January 2019. 

Ar. Ramandeep Khanna, Er. Sunil Puri, Brig. Chugh, Ar. Arun Mittal, Er. Sushil Kumar, Er. Rakesh Anand, Er. Amarjit Singh, Er. H S Bhatia, Er. Gurmeet Singh, Er. K K Goel and many other valuers from Ludhiana, Jalandhar, Amritsar, Patiala, Mohali, Chandigarh, Panchkula etc. were present at RBI Regional Office.

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