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Valuation of Agricultural Land

1. Valuer of Agricultural Land ought to have knowledge of following principles of valuation:

(i) Cost, price, value and worth,

(ii) Value – types, elements, ingredients, characteristics

(iii) Annuities – capitalisation – rate of capitalisation – redemption of capital,

(iv)Three approaches to value viz., Income, Market and Cost,

(v) Laws applicable to agricultural land.

2. Presently, there is no Act to regulate the profession of valuation of agricultural land. Also, there are no study courses being offered in our country to qualify as valuer of agricultural land. Till the same are offered, the Bank shall empanel valuers as per criteria under rules of Wealth Tax Act 1957 as follows:

2.1 Other than Plantations [Under Wealth Tax Rule 8A(3)] (i) The applicant must be a graduate in agricultural science of a recognized university and must have worked as a farm valuer for a period of not less than FIVE years; AND (ii) The applicant must be a person formerly employed in a post under Government as Collector, Deputy Collector, Settlement Officer, Land Valuation Officer, Superintendent of Land Records, Agricultural Officer, Registrar under the Registration Act 1908 (16 of 1908), or any other officer of equivalent rank performing similar functions and must have retired or resigned from such employment after having rendered service in any one or more of the posts aforesaid for an aggregate period of not less than FIVE years.

2.2 Plantations [Under Wealth Tax Rule 8A(4)] (i) He must have, for a period of not less than FIVE years, Eligibility Criteria & Code of Conduct for Valuers Page 6 of 23 owned, or acted as manager of a coffee, tea, rubber or, cardamom plantation, as the case may be, having an area under plantation of not less than four hectares in the case of cardamom plantation or forty hectares in the case of any other plantation; OR (ii) He must be a person formerly employed in a post under Government as Collector, Deputy Collector, Settlement Officer, Land Valuation Officer, Superintendent of Land Records, Agricultural Officer, Registrar under the Registration Act 1908 (16 of 1908), or any other officer of equivalent rank performing similar functions and must have retired or resigned from such employment after having rendered service in any one or more of the posts aforesaid for an aggregate period of not less than FIVE years, out of which, not less than three years must have been in areas wherein coffee, tea, rubber or cardamom, as the case may be, is extensively grown.

Valuation of properties those require under Companies Act, 2013 1. The Ministry of Corporate Affairs (MCA) has notified the provisions governing valuation by registered valuers [ section 247 of the Companies Act, 2013 (the act)] and the Companies (Registered Valuers and Valuation ) Rules , 2017 (the Rules).In addition, to administer and perform functions under the said rules, the MCA by way of notification on 23 October, 2017, has specified the Insolvency and Bankruptcy Board of India (IBBI) as the responsible authority. 2. Section 247 of the Act requires that where a valuation is to be made of any property, stocks, shares, debentures, securities or goodwill or any assets or net worth of a company or its liabilities under the provisions of the Act, the same shall be valued by a person having the requisite qualifications, experience, registered as a valuer and member of a registered valuers organisation, in the manner prescribed in the Rules.