Indemnity Bond by Central Bank of India, Mumbai, 1 lakh FDR

[mohit_mehta1]

[quote="mohit_mehta1"]

Central Bank has refused to accept provisions of hand book. and asking for indemnity and 1 lac FD. On my non acceptance AGM has conveyed to me by wrtting letter that if you do not agree then we will cancel your empanlement.

Thanking You,

 /quote]

Dear Fellow Valuers,

There is a good news. After my continous efforts and lot's of discussion with council memebrs and other influential people, regarding writing letter to IBA and Central Bank to remove indemnity, and 1 Lac FD. Mr.Bhagat is convinced to wirte a letter and already written letter to cenral bank about various issues.

Hope now we will get some relif from Cenral Bank due to action by IOV. Please suggest if any one have connection in central bank for following the matter.

THanking You,

Yours Truly,

Mohit Mehta

[mohit_mehta1]

Dear Valuers,

It is very surprising to know that, there is no response by any valuer on such a serious matter of providing indemnity bond and fixed deposit to central bank.

I have few questions as under.

1) Does majority of valuer are reading such blogs ? or they are not aware or does not know how to open the website and search and read relevant articles ?

2) If valuers are reading this do they agree with the content of posting ? if they do not agree then they may not comment.

3) Even though they agree with what i have suggested in the blog they have no time and energy to react and take action.

4) Or they are afraid from central bank and like to oblige them by giving what ever they ask for irrespective of seeing its future issues

5) Or they are in greed to earn money from Central bank at what ever cost they can earn.

Please wake up and put your comments. and let's make the world worry free for valuers. Hope you all wil support for valuer's cause. Any other suggestion are most welcome.

Thanks,

Mohit Mehta

[sugatabiswas]

Dear Friend Mohitji

you have a correct observation --- have you noticed how many of us are participating in this common

forum for valuers --- pan india may be 15- 20 nos i guess-----.

Nothing new --- actually we all fears that our so called client  wil stop our 'Hukka Pani'  if we raise

a valid question.

Regarding Central Bank of India ----- many of our friends / seniors are working there  for long time by doing

what they want.----- this bankers knew very well   --- 'fut dalo raaj karo-'

but we must keep trying -- i am at least with you

 

sugata biswas

[tdsb]

Dear Mohit,

About six or seven years before we had taken up a specific assignment and  that time fees was not a problem and after the assignment is over nobody took any responsibilty for the same  and they said that they will give only deposit receipt for the 20% of the fee quoted.Ultimately we have received only 30% and they said good bye. On principle, we do not take any assignment from CBI till date.

Regarding the involvement of our fellow valuers, I  am sorry to state after my writing on this wall  I am subject to constant advice from  them not to write such facts and some affected persons are trying to rough me up at any first instance and I am being singled out and the slogan is people like me should retire from the profession.

No long time commitment to the profession and a part time past time approach have created unscruplus elements and musclemen to be at the helm of affairs .

Finally let me fight it alone though I am 57 years old. GOOD CHANGES CANNOT BE POSTPONED  FOR EVER. The younger generation wants to  eat the rippened  banana once we remove the skin and insert the fruit into their mouth.

[suchdevs]

i appreciate the good work being done by select few, and earnestly feel that the fraternity should come together for issues like this, and voice their opinion openly.

[mohit_mehta1]

Thanks for all feedbacks and msg. There is no response from Central Bank Yet. IOV Leadership does not have nay clue what supposed to be done next ? Please advice them how to convinice central bank for their such act.

Also write letters to IOV Local Branch, Delhi and Bank Head Office abour our issues. Hope you all will do the needful.

THanks,

Mohit Mehta

[kishoredhokale]

it is quite threathening to a student like me who is willing to do career in valuation,by securing masters from SP UNIVERSITY,

i am in last year of my graduationBE(CIVIL)

 

[mohit_mehta1]

[quote="mohit_mehta1"]

Central Bank has refused to accept provisions of hand book. and asking for indemnity and 1 lac FD. On my non acceptance AGM has conveyed to me by wrtting letter that if you do not agree then we will cancel your empanlement.

Thanking You,

 [/quote]

No reaction from members, please suggest, shall IOV intitate a legal case against CBI for doing such act ? If not what we

[tdsb]

Dear friends,

We  do not agree to these conditions and we do not wish to take up work under such conditions.As for as Central Bank Of India is concerned they treat the valuation report only as  a professional guarantee in addition to the personal guarantees they obtain.Many of the valuers have agreed to these conditions and proudly continue to do their assignments.Their house is already full and the show is on.Even now some " Chairman" is willing to provide black tickets for these shows in view of the onset of election times.

Regards,

T D Suresh Babu

 

 

  

[Value Add Consultant]

Dear Valuers,

What is the latest updates of Central Bank Indemnity Bond issue ? Does all the empaneled valuers finally agreed to give Indemnity Bond to Bank ?

If not than what action they have taken or planning to take ? or just surrender their empanelment ?

Or bank is not bothered about verifying whether you have given indemnity or not ? and based on the letter you can work in bank without even giving indemnity.

Regards,

Mohit

[suchdevs]

to the best of my knowledge they have not done anything in the matter - i have inquired repeatedly and they have only informed me that they are waiting for directions - till that time, the old panel continues...

hope that helps...

[Value Add Consultant]

Dear Valuers,

is it a good idea to raise following question in next all india seminar of PVAI & IOV.

1) what are you doing for Valuer's act ?

2) what are you doing for idemnity bond issue ?

3) what are doing for various organizations call for tenders for hiring valuers services ?

4) what are you doing for organizations call for tenders and ask for tender fee and earnest money deposits ?

5) Valuation Tenders are called upon and it takes years to decide it and refund earnest money deposits ?

6) what are you doing for govt organizations selects valuers who quote lowest fees irrespective of their competence of  work ?

7) what are you doing for valuers who are being questioned by CBI, De-paneled by Banks and report are found not proper ? is membership is still continued ?

[Value Add Consultant]

Posted: Wed Jul 17, 2013 8:41 pm Post subject: PVAI & Indemnity
Dear Valuers, is it a good idea to raise following question in next all india seminar of PVAI & IOV. 1) what are you doing for Valuer's act ? 2) what are you doing for indemnity bond issue ? 3) what are doing for various organizations call for tenders for hiring valuers services ? 4) what are you doing for organizations call for tenders and ask for tender fee and earnest money deposits ? 5) Valuation Tenders are called upon and it takes years to decide it and refund earnest money deposits ? 6) what are you doing for govt organizations selects valuers who quote lowest fees irrespective of their competence of work ? 7) what are you doing for valuers who are being questioned by CBI, De-paneled by Banks and report are found not proper ? is membership is still continued ?

[Value Add Consultant]

Dear Valuers,

It is good news that based on the our various level efforts and effective letter sent to Central Bank and later on my personal liaison with Central Bank Empanelement Department (Credit Department ) at Head Office. Finally Central Bank has removed the Indemnity Bond and 1 Lac FD Condition.

Cheers Valuers.

In their guidelines now they have decided to empanel diploma civil engineer to conduct retail loan valuation below 5 Cr.

I do not know what is the reaction among-st valuers.

This is due to the reason IBA hand book allowed Diploma Civil Engineers as well to carry out valuation.

However there is a correction which IOV and Other professional bodies should suggest to IBA.

As while framing IBA Handbook based on representation received from Architects that in five years course of architecture after 12th standards, a diploma in architecture degree is awarded which is equivalent to degree by some of the Institute of Architecture in India.

This may be true for Architecture Discipline, however it is no way true for Diploma Civil Engineers. Diploma Civil Engineering is a three year course after 10th Standard.

Having said that while framing the guidelines IBA team understood that both Diploma in Civil Engineering and Diploma in Architecture is equivalent to Degree Course. Hence they have kept above guidelines of empaneling valuers how got Diploma.

Please suggest your concerns to write authority and do needful. Also regarding Company Bill it is not yet finalised, we have still chance to amend it before it become legislation kindly activate your contacts and do needful.

Best Wishes,

Mohti Mehta

mohit_mehta1

valueadd

Value Add Consultant

[tdsb]

Dear Valuer friends,

Our friend Mr. Mohit Mehta has clearly analysed  and given his opinion. I once again request  for participation from as many of you possible.

Do you feel these are not relevant to you!?!?You perhaps have confidence that IOV Chairmen and IOV HO "Executor" members and the most efficient President will take care of all your problems as they were doing for you in the past!?!?

God Bless Thee!

Regards,

T D Suresh Babu