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sugatabiswas



Joined: 23 Sep 2011
Posts: 42

PostPosted: Sat Mar 17, 2012 6:33 pm    Post subject: Valuation Fees for Bank of India Reply with quote

Dear Friends

Valuers locating in different part of india -please give input about valuation fees paid by Bank of India

in general.

 

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mohit_mehta1



Joined: 17 Apr 2009
Posts: 80

PostPosted: Sun Mar 18, 2012 11:35 pm    Post subject: Re: Valuation Fees for Bank of India Reply with quote

[quote="sugatabiswas"]

Dear Friends

Valuers locating in different part of india -please give input about valuation fees paid by Bank of India

in general.

 

[/quote]

Valaution fee for Bank of India Mumbai and Rajsthan Region are as per wealth tax act,1957. i.e. latest ammendement in fee applicable from 1 April,2009. Hope this helps. Thanks Mohit Mehta

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suchdevs



Joined: 30 Aug 2008
Posts: 348

PostPosted: Sun Mar 25, 2012 1:30 am    Post subject: Reply with quote

in gujarat their fees is as follows:

upto 5 lacs - max Rs. 500

Above 5 lacs - Rs. 75 per lac with max. amt not being more than 4000

above fees is much below the IT norms...

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Value Add Consultant



Joined: 17 Jun 2013
Posts: 94

PostPosted: Sun Feb 09, 2014 12:54 pm    Post subject: BOI Fees Reply with quote

Dear Mr.Suchdev, BOI Mumbai pays fees as per Wealth Tax Act,1957 Rule 8 C amended revised fees. I have done number of cases based on the above fee structure. There are many valuers on BOI panel and they are doing cases at fees less than Wealth Tax Act,1957 Rule 8 C fee structure adopted by BOI. Even though I have not changed my may of working. I need to ask you and other valuers and various professional institutes Gujarat Branch, what have you done for such different fee structure of BOI in Maharashtra & Gujarat ? Can some one advice me reason for such different fees structure in different states ? Similarly in SBI. Does any one has written any letter to bank, authorities or council members of head of professional institutes ? If no than what is the reason ? If yes than what is the response ? Is this topic is not important to address ? Why there are approximately 10 individual comment there are no other member who has registered with website. ? Mumbai based valuer face lot of problem due to some bank officer join Mumbai Branch by getting transfer from some other state where valuers charge fees as per prescribed fee by BOI which is generally capped at certain thousand like 10,000 etc. Hence when they come to know the fees are in lacs they are shocked and do not pay and get in dispute with valuer. Hence even though BOI / SBI and other banks fees is not capped @ 10000 fees in Mumbai valuer is in trouble. So please do something and tell every one to work on this problem. Thanking You, Yours Truly,
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suchdevs



Joined: 30 Aug 2008
Posts: 348

PostPosted: Mon Feb 10, 2014 2:17 am    Post subject: Reply with quote

Dear Mohit,

While it is obvious you mean good for the fraternity, i am forced to remind you that your repeated posts shout too much of I am Me. Actions, for maximum benefit, are teamwork, and you need to give the due credit to others involved in the process. But that is my opinion, and while you will object to it, i am entitled to my opinion. Please understand that i none the less greatly appreciate the work done.

Talking of what has been done by the undersigned, I would like to re-iterate that actions are essentially groupwork, and our group VASK has taken several constructive steps in all the areas questioned by you, with limited success in SBI and other banks.

What I have often requested, is the proof of this anomaly, where fees is capped by a certain bank in a certain region, which is not part of the banks central policy, to which i have not got any supporting documents till date. so i take this opportunity to ask you to please give me the empanelment letters issued by BOI & SBI, so that we can take the matters further. you can mail them to me on nilesh@suchdevs.com or designers@suchdevs.com. (you can add letters from other banks as well, which have no cap specified, so that we can follow up with more FIs for maximum benefit)

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Value Add Consultant



Joined: 17 Jun 2013
Posts: 94

PostPosted: Mon Feb 10, 2014 1:00 pm    Post subject: Valuation Fees Reply with quote

Dear Mr.Suchdev, I will transfer entire credit to person you will name, it may be Mr.Nilesh Suchdev or any one or your group you will tell. This credit is not only words it will be real money credit. So please do not worry about my claim of credit or any one. I am worried about my daily fees loss and National Loss. That is the reason in spite of my no interest in Joining Community Movement, Politics or Any other voluntary works due to my busy schedule in my professional, social and family front, I have to spend time in this activity. You are getting response particularly because you are responding and active others are not. However, I did not mean to tell you anything, By reply your post I am telling to everyone in directly. My language , I and me will not like by many just like you, however that liking or disliking will not change the fact of the matter. Fact is the fees are not in line with work, we do and professional hazard and risk valuers faces. So it is a right time to do some work in this area. I have no idea what should be the correct fees / reasonable fee / Fair Fee, hence in absence of my clear understanding about fees level, I have based my reasoning on National Act formulated under due process of Law and amended time to time based on changed requirements. By using fee base as prescribed under Wealth Tax Act,1957, I am under impression that it will be undisputed as supported by many large group of people, as before passing any act it will go through process of suggestions and objections. It is also adopted by large Banks like SBI & BOI in very large financial market i.e. Financial Capital of India, Mumbai, where cores of rupees credit disburse by the Bank every day. Now, being a senior expert you or any one else like to reduce fees less than 0.05% I am very surprised. If under current fees level valuation fees are capped at Rs.5,000 or Rs.10,000 or Rs.25,000 or Rs.50,000/- than don't you think under reduce fees level valuation fees will be capped even lower. If there is no capping like what we do in Mumbai, and if we get fees as per Wealth Tax Act,1957 why any one has problem and like to reduce it by challenging act of parliament. If any one want to do it it should be done at the time of Suggestions and Objections where such feedbacks are heard by Government or by bring amendment in act. Please do all the posting in the interest of Nation, Government of India, Community at Large, Banks at whole, All the Valuers and Then State Valuers, and City Valuers and lastly your own company & your self. If you do posting against interest of every one I am here to raise my concern. Thanking You, Yours Truly, Mohit Mehta
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suchdevs



Joined: 30 Aug 2008
Posts: 348

PostPosted: Mon Feb 10, 2014 4:21 pm    Post subject: Reply with quote

Dear Mohit, I am waiting for the copies of the empanelment letters... in the meantime,

 

I have no idea what should be the correct fees / reasonable fee / Fair Fee, hence in absence of my clear understanding about fees level, I have based my reasoning on National Act formulated under due process of Law and amended time to time based on changed requirements.

The charges prescribed under latest notification of Govt of India Ministry of Finance Dtd 30-01-2010, Section 8C. (1) reads as follows: Subject to the provisions of sub-rules (2) and (3), the fees to be charged by a registered valuer for valuation of any asset shall not exceed the amount calculated at the following rates...

as against that, you claim they are the minimum charges payable, which is erraneous, and conflicting with your own statement that you

Also, the idea is to generate the maximum fees for the valuers, for which removal of cap on maximum fees is essential. for this to be done effectively, in line with the norms of the CDC and international consultancy trend, consultancy charges marginally reduce with increased quantum of work. please note that they do not affect the lower range even marginally. in fact, if you look closely at the new amendment, you will realize that the fees in the higher strata has already been rationalized slightly, which was essential.

this is my last post on this topic, for we both have better things to do. if you can understand, it is fine. if you cannot, you can still continue with your ranting... (like arnab goswami... where i genuinely wonder why do people agree to appear, considering his unpreparedness to hear what the other person has to say - i earnestly hope that does not apply to you)

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ValueAddConsultants



Joined: 27 Feb 2014
Posts: 97

PostPosted: Thu Feb 27, 2014 4:20 pm    Post subject: Reply with quote

[quote="suchdevs"]

Dear Mohit, I am waiting for the copies of the empanelment letters... in the meantime,

 

I have no idea what should be the correct fees / reasonable fee / Fair Fee, hence in absence of my clear understanding about fees level, I have based my reasoning on National Act formulated under due process of Law and amended time to time based on changed requirements.

The charges prescribed under latest notification of Govt of India Ministry of Finance Dtd 30-01-2010, Section 8C. (1) reads as follows: Subject to the provisions of sub-rules (2) and (3), the fees to be charged by a registered valuer for valuation of any asset shall not exceed the amount calculated at the following rates...

as against that, you claim they are the minimum charges payable, which is erraneous, and conflicting with your own statement that you

I am doing valutation since many years and read above said notification so do understand that it says fee shall not exceed the amount calulated at the following rates__

i.e. for amount above Rs.55,00,000/- @ 0.05% .

Having said that it is my suggestion and demand / claim to replace word shall not exceed with shall be minimum. and that is the reason i am regulary posting my concern on this web site as well as write letters to various departments and present papers in seminar about code of conduct.

Also, the idea is to generate the maximum fees for the valuers, for which removal of cap on maximum fees is essential. for this to be done effectively, in line with the norms of the CDC and international consultancy trend, consultancy charges marginally reduce with increased quantum of work. please note that they do not affect the lower range even marginally. in fact, if you look closely at the new amendment, you will realize that the fees in the higher strata has already been rationalized slightly, which was essential.

You have suggested that it is in line the CDC ( I do not know full form of CDC) and international consultancy trend,consultancy charges marginally reduce with increased quantum of work

Can you suggest me please how do you know what is internationaly consultancy trend ?

How international consultancy trend applicable in India ? Does entire world has same living conditions, taxes, cost of living, security, heath and education  funded by goverment, pension, socieal security, professional hazard etc. etc.

I live in Inda categorically in Mumbai, so my fees will be based on Mumbai conditions and not what some one do in Caneda or Australia. I have to run my company and pay all the liabilities in relation to my firm, so even if it very goof education and meanigful to learn good points of such tends in valuation fees, however may not be exactly applicable to our situations.

That is the reason not to stress too much of brain i have suggested that words fee shall not exceed should be replaced with word fee shall be minimum that might solve major issues like negotiations of fees on lower side.

Now you want to suggest that  for increased quontum of work fees even below 0.05% by following some international consultancy trends, I am sure no one will stop you to do that  You may pass on such rebates to your client after raising full amount Invoice.

However,I am not very happy to know from your posting, that you are suggesting to reduce the fee structure, even what is already agreed by Goverment of India in act of parliament. What i felt is also much less compared to today's cost of living in metros of India.

Because it is your last post this my last post as well in response to this link.

 

this is my last post on this topic, for we both have better things to do. if you can understand, it is fine. if you cannot, you can still continue with your ranting... (like arnab goswami... where i genuinely wonder why do people agree to appear, considering his unpreparedness to hear what the other person has to say - i earnestly hope that does not apply to you)

[/quote]

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ValueAddConsultants



Joined: 27 Feb 2014
Posts: 97

PostPosted: Sun Jan 18, 2015 10:40 pm    Post subject: Reply with quote

Dear Valuers,

One good news for you all, IOV has amended it recommended fee structure charged by valuers to client as under in the recent AGM. It is published in this month magazine of IOV.

It is mentioned that instead of minimum fee structure Rs.500/- valuer may charge Rs.3000/- as minimum fees. This will give good boost to retail home loan players who generally offer their service at fee range of Rs.500/- to Rs.1500/- per assignment irrespective of value.

Now if they start charging Rs.3,000/- it will be almost double than their existing fee of Rs.1,500/-. Even though this decision came to late however now IOV members can take benefit of such amended fee structure by becoming united and having uniform practice thought India irrespective of no of assignments they get or relation with client etc.

Hope you all agree with my point of view which was reflected in AGM and IOV decision to amend rule is due to popular demand.

Best Regards,

Mohit Mehta

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