Tiruchirapalli: A Bill on valuation of real estate, agriculture, industries and machinery and plants, works of art and life interest, marine properties, textiles, electronic and telecommunication engineering and products is under the consideration of Parliament.
Initiated by the Ministry of Company Affairs, the draft bill to recognise, regulate and frame rules and regulations is under examination by different agencies and very soon will be tabled in Parliament, according to S S K Bhagat, Vice-President, Institution of Valuers-IIV (India).
He told PTI that the ministry had elicited views from various institutes and submitted its recommendations.
The rationalisation of valuation techniques is also under the purview of Institute of Chartered Accountants, Institute of Company Secretary, Institute of Cost and Works Accountants of India, Institute of Insurance Surveyors, The Indian Council of Arbitrator’s.
The Department of Company Affairs, Government of India, had convened different rounds of meetings among various bodies and the draft bill is also under circulation with the ministry of finance, company law, he said.
The IIV has also submitted its ‘Green Book´ to the committee headed by Dr Amit Mitra, Secretary General, FICCI (Federation of Indian Chamber of Commerce and Industry)’, who has been nominated to finalize the draft bill.
Bhagat hoped that the bill will take shape soon, thereby envisaging a professional framework for valuers and achieving the due recognition among the general public and industrial groups.