Chandigarh

RESERVE BANK OF INDIA SUPPORTING FAKE VALUERS – ALLEGES VALUERS ASSOCIATION

March 05, 2019 05:57 PM

Chandigarh (Face2News)

The members of Valuers Association (R) once again held peaceful protest on Tuesday in front of RBI Regional Office at Chandigarh against silent behavior of Officials Reserve Bank of India on Qualification required by any person to become Approved Valuer for Banks, Financial Institutions & NBFCs (Secured Creditors).

Er. Kapil Arora, General Secretary &Er.Kulwant Singh Rai, President informed that it is primary duty of RBI to give directions to all secured creditors to follow the directions of law i.e. Act of Parliament (Gazette notification by MoF in 2007) vide which Valuers Approved u/s 34AB of Wealth Tax Act are eligible to do Valuation for Secured Creditors and no Company or Employee is permitted to act as Valuer for banks but the banks have empanelled incompetent persons as Valuers and despite our continuous representations, RBI by giving blind eye to the Act of Parliament as well as directions of Hon’bleSupreme Court, hasn’t acted till date which indicates that RBI is intentionally supporting the Fake Valuers. 

Brig. IJS Chugh & Ar. Arun Mittal informed that the silence of RBI on this issue is very serious and it smells fishy as despite knowing the directions of law, the concerned officials of RBI are hiding the real facts just to save incompetent persons. Such act has already done huge loss to the banks and Valuers Association will not remain silent unless until the matter is clarified in writing by RBI. 

Er. Shri Ram Bakshi& Ar. Ramandeep Singh Khanna informed thatRBI who is governing Statutory Body of all Secured Creditors is not able to define one simple thing, i.e. qualification of Valuers, we doubt the competency of concerned Officials working in such respectable Institution of India.The Authorities of RBI have given blind eye on this matter due to which lakhs of Crores of Rupees have been disbursed by banks based on Illegal Valuation Reports and RBI still want such acts to be continued under its very nose. 

Er. Sanjay Verma, Sr. Vice President &Er. SatyajitDhir, Vice President informed that we have been continuously intimating Reserve Bank of India at Mumbai regarding FAKE DEGREES as well as Companies doing Valuations for Banks, Financial Institutions & NBFCs. Despite our representations, meeting as well as One Peaceful Protest held on 9-1-2019, RBI has failed to respond to our one simple demand and since the matter is related to Larger Public Interest and Public Money is at high risk, RBI should have acted fast and clarified the qualification. 

Er. Mohit Jain, Sr. Vice President &Er. Sunil Puri, Vice President informed that we have provided some evidences vide which it is clear that SBI has empanelled fake degree holders as Approved Valuer but RBI has not acted lawfully to sort out the issue. Same Valuers are empanelled with many other banks like OBC, PNB, Allahabad Bank, UCO Bank and other private banks based on their fake degree which has been cancelled by Hon'ble Supreme Court of India. The Banks are accepting these valuations which is unlawful and against Act of Parliament and such Valuations are illegal, Null and Void.

Ar. Vivek Khanna, Ar. Jatinder Thakur, Er. Majoj Gupta & Er.HS Bhatia informed that 75% of NPA in India is due to loan disbursed based on such illegal Valuations issued by incompetent persons, which is matter of serious concern and authorities of RBI are silent on this issue despite our repeated requests.

Brig. IJS Chugh & Ar. Arun Mittal informed that the silence of RBI on this issue is very serious and it smells fishy as despite knowing the directions of law, the concerned officials of RBI are hiding the real facts just to save incompetent persons. Such act has already done huge loss to the banks and Valuers Association will not remain silent unless until the matter is clarified in writing by RBI. 

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