A recent press report said that the roles of valuers have become important in this age of globalisation and liberalization and that they have occupied an important role in stabilising the economy besides generating more revenues for the government.
Mr. P.K. Thiagarajan, national president, Institution of Valuers said that the RBI has made it mandatory for all banks to value their assets and securities every three years, thereby increasing the work of valuers.
M. Krishnasamy, Commissioner-II, Income Tax Department, Madurai, said that valuation of an asset was significant in the techno-legal process of the government. He also said that the advancement in technology has made the job of a valuer more complicated but has also reduced the margin for error.
N. Kamakodi, Managing Director and Chief Executive Officer of City Union Bank, said that bankers expected valuers to be their “eyes and ears” while valuing assets. He said that valuation has created a level playing field in the economy and that bankers have taken decisions worth crores of rupees based on the opinion of valuers
Recently banks have asked the RBI to take a break from its monetary tightening cycle which has made home loan and other loans very expensive.