India valuers are by and large fair in their valuation, says Union Bank DGM.
“Valuers play a crucial role in protecting the interests of the banks. They can make or break by their actions. As someone who studied banking in the USA I can say that wrong valuations resulted in CitiBank in America losing trillions of dollars,” observed Union Bank deputy general manager D.V.Gupta.
Addressing the 19 annual seminar of the Institution of Valuers (IOV) here on Sunday, he said that banks in US were losing team due to the valuers frequently hiking property values of their clients and facilitating exploitation of banks by vested interests.
Mr Gupta said that in India valuers were by and large fair in their valuation. “The valuers should not function under pressure either from banks or customers. They should keep in mind their long-term reputation and not succumb to pressures. Criminal proceedings would be initiated against erring valuers if proved guilty in a court of law. They should not be carried away by artificial boom in real estate and should be conservative in their valuation without taking extreme positions”, he added.
Commissioner of Income Tax N. Rahul opined that acquisition of knowledge was the key to attaining success in any field. Updating one’s knowledge was essential and the Internet had come in handy in the process. After the advent of Internet, one was able to access relevant information relating to any field. In the context he said that valuers would do well if they attained legal knowledge relating to their functioning. Majority of valuers was doing a fair job except few who are going overboard. He advised against submitting of vitiated valuation report and in the event of a judicial scrutiny their reputation would be at stake.
IOV local chairman I.Rama Rao in his presidential address advised fellow valuers to update their knowledge in the profession.
He expressed happiness at the local branch receiving multiple awards for its performance and services.