Valuers demand legislation to regulate their profession

A delegation of professional valuers led by Mr Mahendra S Kakule met Mr Shantaram Naik, MP and chairman of Parliament Standing Committee on Personnel, Public Grievances, Law and Justice at his residence in Margao and demanded that Government of India should enact an appropriate legislation to regulate the profession of valuers.

Other members of the delegation included Mr Earnesto Muniz, Mr Lyod Macedo, Mr RP Varde, Mr Chandrashekhar Prabu Desai, Mr Vincent Gracias, Mr Sravan Dubhashi and Mr PC Gupta.

The delegation informed Mr Naik that at present the only statutory provision that is made for the valuers is the one under section 34 of the Wealth Tax Act and the rules made that thereunder by which valuers are registered by the Chief Commissioner or Direction General of Income Tax.

The delegation told Mr Naik that a draft bill prepared by the government on the subject for which an expert committee was appointed to study has not considered the profession of valuers in totality and the same is defective in many respects.

They also informed Mr Naik that the profession of valuers which involves valuation of immoveable properties and buildings, agricultural lands, plantations, forests, mines and quarries, stocks/shares, machine and plants, jewellery, etc, has to be addressed properly in the proposed bill. [NT]