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ValueAddConsultants



Joined: 27 Feb 2014
Posts: 97

PostPosted: Thu Feb 27, 2014 3:52 pm    Post subject: Reply with quote

[quote="tdsb"]

Dear friends,

SBI Chennai circle has sent letters of empanelment to the valuers at the rate of Rs.2500/-(Rupees two thousand five hundred only) per assignment with the conditions that the photograph of the valuer(a) alongwith the property and(b) another photogragh of the property  alongwith the owner  and a declaration by the valuer that the the approvals and the documents are genuine are to be attached by the valuer.

The members of IOV who have received such letters have signed agreeing these conditions after consulting the local chairman and his 40 advisors  and promptly sent them back.

The writer of this post  has NOT SIGNED ANY LETTER AGREEING SUCH CONDITIONS.

This is for the information of all.

Regards

 

[/quote]

Dear Mr.TD Sureshbabu,

It is very Shocking and Surprising. I really appericiate your concern and ethical act towards profession. I condem any wrong act by fellow valuers if any as well as silent act. of bodies by not writing anything to such institutions who bring new rules in the game.

Anyways I am sensing such things might happen in Mumbai as well as empanelement process in going on in Mumbai. Would you please upload latest empanelement letter of SBI which suggest such requirements and fees. So that we exactly understand what ever you are mentioning.

Overall any act which is not in line with prevaling laws should be condemnded at least by few.

Regards,

Mohit

 

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tdsb



Joined: 19 Dec 2009
Posts: 675

PostPosted: Fri Mar 14, 2014 9:57 am    Post subject: Reply with quote

Dear friends,

There is enough proof provided  that the root cause of all the trouble and tribulations faced by each of the valuers in India due to the foolish and the most selfish acts of one individual.

If friends continue to be afraid of him even God cannot save you!

 

Regards,

T D Suresh Babu

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ValueAddConsultants



Joined: 27 Feb 2014
Posts: 97

PostPosted: Sun Mar 23, 2014 10:52 am    Post subject: Wealth Tax Act amended up-to date & Chennai SBI Reply with quote

Dear Mr.TD Suresh Babu and all other readers,

Did you write to SBI Chennai why they have kept capping of fees i.e. Rs.10,000/- ( Rupees Ten Thousand Only) ?

Under, which law of Government of India they got power to do contempt of Act of Parliament by imposing such capping ?

By introducing Such capping in fees they like to earn some kickbacks in five manners ?

1) In such less fees valuer will not his make research properly and issue a conservative value report. Hence borrower will get less loan compared to his expectation or demand or like. This will give chance to banker to play with margin or interest rate or various deviation available in his power etc. which obviously has some consideration attached.

2) If, Valuer give lower valuation borrower approach him to increase through bank officials, by giving some cash consideration or in kind or just by requesting him to increase. In such circumstances valuer may increase value either by getting such consideration or without that. In both cases banker influence borrower that see i have get the work done for you. You please do some favor.

3) In any scenario valuer give higher valuation ( Inflated) bank give better loan and official get incentives for that, However after it become NPA again they get chance to manage the account till the time they can drag or do CDR etc. and make some favor out of the same.

4) Soon the account become NPA, and Bank's take possession again there is valuation game and bankers make money out of the same based on the different scenario. from borrower/buyers of assets etc.

5) Overall by empaneling , depaneling , by giving work and by not giving work bankers can ask/get some consideration from valuer.

Hence only solution of the problem is minimum Fees as per Wealth Tax Act,1957 amended up to date.

Better revenue to Valuer to run his profitable successful professional venture.

In that scenario entire fees amount get paid out in cheque, which result in higher service tax payment to Government of India where valuer does not loose as ST is always paid extra on fees. Client / Banks does not loss as ST can get offset/credit against other ST payments.

Higher income tax to Government of India

Better loan facility to valuer if he like to avail based on higher earnings.

He can participate in per qualification process where in it is ask to show some minimum turnover of the valuation fees.

Better recovery of fees as all the fees recoverable by the valuer are documented hence parties can not denied.

Overall better scenario for every one as no cash component involved.

If you all agrees to what i mentioned above please comment if disagree to entire concept of what ever particular issues please do comment accordingly. I will not be upset with adverse remark. However please put the remark after thinking interest of all the stake holders in long terms basis and not just initial reaction.

Thanks,

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tdsb



Joined: 19 Dec 2009
Posts: 675

PostPosted: Mon Mar 24, 2014 8:34 am    Post subject: Reply with quote

Dear ValueAddConsultants,

I agree with you totally.

SBI officials are keen on my advocating my individual case and they squarely say that I am not empowered to represent any organization without any any proper letter to the effect.

Unfortunately our elected persons are happy to have square deals for themselves. Not only those elected persons there is a big junk of people who are ready to work for just Rs.500/- per  assignment of any size and there is a set of persons who can produce reports of Assets worth Rs.500 crores within half an hour.There are many  instances that such reports are brought to me and want  my  report on such lines within 15 minutes with the name change.Such reports are totally meaningless and contains less than 5% of the information that are mandatory for a valid report and the payments to such  a report have been made at the rate of several lakhs and totally nobody accepting such reports.

You  friends pl. understand the practical scenario and which leads to the detrimental  to the interests of the valuers as a whole.

I find I AM LEADING A MEANINGLESS LIFE OF A VALUER IN INDIA IN THIS SITUATION.

Regards

 

 

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