Valuers threaten protest

Tribune News Service

Ludhiana, July 1

Valuers’ Association (R) held a seminar in Ludhiana to upgrade the valuation standards as well as various aspects to be taken care while taking up the valuation assignments in illegal colonies being regularised by the Punjab Government.

The authorities concerned must upload the building plans of approved colonies for convenience of the public while purchasing the plot as well as for banks to check the authenticity and location of plots in illegal colonies approved by them, experts said during the seminar.

Er Kapil Arora, general secretary, said Indian Banks’ Association (IBA) has been falsely claiming that they have formalised a standard procedure to be followed by banks for the empanelment of valuers on reference from the Reserve Bank of India.

“However, as per information received under the RTI Act, RBI has clearly mentioned that they have no information on document vide which IBA has been authorised by RBI to draft qualification to become approved valuer for any secured creditor. Further, despite our meetings, representations and three time peaceful protest in front of the regional office in Chandigarh, RBI has not provided information on mandatory qualification required to become a valuer for banks and continued to give tacit support to the false claim of IBA,” he alleged.

Kulwant Singh Rai, president, and Mohit Jain said 10 years of experience is required to become a valuer under WT Act and all such registration is done by the Income Tax Department. “The banks blindly started following the qualification criteria drafted by private body IBA and have empanelled many incompetent and fake degree holders in large numbers just because of false and misleading claim of having authorisation from RBI,” Rai said.

Kapil Arora said in case “fake” degree holders were not removed from the list of approved valuers in the next 15 days, valuers would hold peaceful protest in front of the office of Chief Commissioner Income Tax (where about a dozen valuers are working on fake degrees, claim association) in the third week of July.