Section 247 — Qualification of registered valuer for the purposes of section 514

(1) For the purposes of section 514(2), the qualifications for registration as valuers, for different classes of assets shall be as specified in sub-rules (2) to(9).
(2) The qualifications for registration as valuers, for classes of assets mentioned in column B of the following Table shall be as specified in column C of thesaid Table:
TABLE
S.No. Class of Asset Qualification
A B C
1. Immovable property (other thanagricultural lands, plantations,forests, mines and quarries)
The applicant shall—(a) (i) be a graduate in civil engineering, architecture or town planning from a recognised University; or (ii) be a post-graduate in valuation of real estate from a recognised University; or (iii) possess a qualification recognised by the Central Government for recruitment to superior services orposts under the Central Government in the field of civil engineering, architecture or town planning; and(b) (i) be a person formerly employed—(A) in a post under Government as a Gazetted officer; or(B) in a post under any other employer carrying a remuneration of not less than Rs. 50000 per month, and, in either case, shall have retired or resigned from such employment after having rendered service fornot less than ten years (or three years, if he possesses a post-graduate degree in valuation of real estate froma recognised University) as a valuer, architect or town planner, or in the field of construction of buildings,designing of structures, or development of land; or (ii) as a professor, reader or lecturer in a university, college or any other institution preparing students for adegree in civil engineering, architecture or town planning, or for any qualification referred to in clause (a),and must have retired or resigned from such employment after having taught for not less than ten years (orthree years, if he possesses a post-graduate degree in valuation of real estate from a recognised University)any of the subjects of valuation, quantity surveying, building construction, architecture, or town planning;ORThe applicant shall have been in practice as a consulting engineer, valuer of real estate, surveyor or architect for aperiod of not less than ten years (or three years, if he possesses a post-graduate degree in valuation of real estatefrom a recognised University) and must have acquired experience in any of the following fields:(a) valuation of buildings and urban lands; or(b) quantity surveying in building construction; or(c) architectural or structural designing of buildings or town planning; or(d) construction of buildings or development of land;and his gross receipts from such practice shall not be less than Rs. 100000 in any three of the five preceding years(or in any two of the three preceding years, if he possesses a post-graduate degree in valuation of real estate from arecognised University), immediately preceding the year in which the application for registration as a valuer is madeby him.
2 Agricultural lands (other thanplantations mentioned at serialnumber 3)
The applicant shall be a—
(a) graduate in agricultural science of a recognised University and shall have worked as a farm valuer for aperiod of not less than five years; or(b) person formerly employed in a post under the Government as a Collector, Deputy Collector, SettlementOfficer, Land Valuation Officer, Superintendent of Land Records, Agricultural Officer, Registrar under theRegistration Act, 1908 (16 of 1908), or any other officer of equivalent rank performing similar functionsand shall have to be retired or resigned from such employment after having rendered service in any one ormore of said the posts for an aggregate period of not less than five years.
3 Coffee plantation, tea plantation,rubber plantation or, cardamomplantation
The applicant shall—(a) have, for a period of not less than five years, owned, or acted as manager of a coffee, tea, rubber or, as thecase may be, cardamom plantation having an area under plantation of not less than four hectares in the caseof a cardamom plantation or forty hectares in the case of any other plantation; or(b) be a person formerly employed in a post under the Government as a Collector, Deputy Collector, SettlementOfficer, Land Valuation Officer, Superintendent of Land Records, Agricultural Officer, Registrar under theRegistration Act, 1908 (16 of 1908), or any other officer of equivalent rank performing similar functionsand shall have retired or resigned from such employment after having rendered service in any one or moreof the said posts for an aggregate period of not less than five years, out of which, not less than three yearsshall be in areas, wherein coffee, tea, rubber or, as the case may be, cardamom is extensively grown.
4 Forest The applicant shall be a person formerly employed in a post under the Government and shall have to be retired orresigned from such employment after having rendered service for not less than five years in a Gazetted post requiringspecialised knowledge in forestry.
5 Mines and quarriesThe applicant shall be a—(a) graduate in mining of a recognised university, or must possess a qualification recognised by the CentralGovernment for recruitment to superior services or posts under the Central Government in the field ofmining; and(b) person formerly employed in a —(A) post under Government as a Gazetted officer; or(B) post under any other employer carrying a remuneration of not less than Rs. 50000 per month,and, in either case, shall have to be retired or resigned from such employment after having rendered service as amining engineer for not less than ten years.
6 Stocks, shares, debentures,securities, shares in partnershipfirms and of business assets,including goodwill but excludingthose mentioned at serialnumbers 1 to 5 and 7 to 10
The applicant shall—(a) be a member of the Institute of Chartered Accountants of India, or the Institute of Cost Accountants of India,or the Institute of Company Secretaries of India; or(b) possess a Master of Business Administration or Post Graduate Diploma in Business Management withspecialisation in Finance; or(c) be a post graduate in Finance; and(i) have been in practice in a discipline, which is relevant for valuation of stocks, shares, debentures,securities, shares in partnership firms and of business assets, including goodwill, etc., for a periodof not less than ten years and his gross receipts from such practice should not be less than Rs.100000 in any three of the five preceding years, immediately preceding the year in which theapplication for registration as a valuer is made by him; or(ii) be a person formerly employed—(A) in a post under Government as a Gazetted officer, or(B) in a post under any other employer carrying a remuneration of not less than Rs. 50000 permonth, and, in either case, shall have to be retired or resigned from such employment after having rendered servicefor a period of not less than ten years in the field of audit and accounts or taxation work, or(d) in a discipline which is relevant for valuation of stocks, shares, debentures, securities, shares in partnershipfirms and of business assets, including goodwill, etc., carrying a remuneration of not less than Rs. 100000per month and must have retired or resigned from such employment after having rendered service for aperiod of not less than ten years.
7 Machinery and plantThe applicant shall—(a) (i) be a graduate or post-graduate in Mechanical, Electrical, Electronic and Communication, Electronic andInstrumentation, Production, Chemical, Textiles, Leather, Metallurgy, Aeronautical Engineering, orValuation of Plant and Machinery from a recognised University; or (ii) possess a qualification recognised by the Central Government for recruitment to superior services orposts under the Central Government in the field of mechanical or electrical engineering;(b) be a person formerly employed—(i) in a post under Government as a Gazetted officer; or(ii) in a post under any other employer carrying a remuneration of not less than Rs. 50000 per month, and, in either case, shall have to be retired or resigned from such employment after having rendered serviceas a mechanical or electrical or electronic and communication or electronic and instrumentation orproduction or chemical or textiles or leather or metallurgy or aeronautical engineer or valuer of machineryand plant for a period of not less than ten years (or three years, if he possesses a post-graduate degree invaluation of machinery and plant from a recognised University); or(iii) as a professor, reader or lecturer in a University, college or institution preparing students for a degree inmechanical or electrical or electronic and communication or electronic and instrumentation or production orchemical or textiles or leather or metallurgy or aeronautical engineering or for any qualification referred toin clause (a), and shall have to be retired or resigned from such employment after having taught for a periodof not less than ten years (or three years, if he possesses a post-graduate degree in valuation of machineryand plant from a recognised University);ORThe applicant shall have been in practice as a consulting engineer or valuer of machinery and plant for a period ofnot less than ten years and must have acquired experience in the valuation of machinery and plant and his grossreceipts from such practice shall not be less than Rs. 100000 in any three of the five preceding years (or in any twoof the three preceding years, if he possesses a post-graduate degree in valuation of machinery and plant from arecognised University), immediately preceding the year in which the application for registration as a valuer is madeby him.
8 Jewellery The applicant shall have been, for a period of not less than five years, a sole proprietor or partner in a partnershipfirm carrying on jewellery business which has on an average an annual turnover of not less than fifty lakhs rupees orprofit, including fees for valuation, of not less than Rs. 500000 in the last three of the five preceding years,immediately preceding the year in which the application for registration as a valuer is made by him.
9 Works of art The applicant shall have—(a) specialisation by virtue of his academic and professional pursuits in the particular line of art, for the worksof which he seeks to be registered as a valuer; and(b) served in any one or more of the following capacities:—(i) Director General or Superintending Archaeologist of the Archaeological Survey of India; or(ii) Director of National Museum, New Delhi, Salar Jung Museum, Hyderabad, Prince of WalesMuseum, Bombay, Indian Museum, Calcutta, Asutosh Museum, Calcutta, Madras Museum, Madrasor Bharat Kala Bhavan, Varanasi; or(iii) principal of a Government School of Art; or(iv) member of the Art Purchase Committee of any of the museums referred to in sub-clause (ii), or ofthe Lalit Kala Akademi.
10Life interest, reversions andinterest in expectancyThe applicant shall—
(a) be a graduate of a recognised University; and(b) have—(i) been in practice as an actuary under the Insurance Act, 1938 (4 of 1938), for a period of not lessthan ten years; or(ii) rendered continuous service for a period of not less than ten years as an actuary under Governmentor in the Life Insurance Corporation of India established under the Life Insurance Corporation Act,1956 (31 of 1956); or(iii) practised as an actuary or served as such under Government or in the Life Insurance Corporation ofIndia referred to in sub-clause (ii) for an aggregate period of not less than ten years.
(3) The qualifications for a valuer for assets, other than the assets covered in sub-rule (2), shall be determined by the Principal Chief Commissioner or ChiefCommissioner, or the Principal Director General or Director General, to whom application for getting registered as a valuer has been submitted and thedecision of Principal Chief Commissioner or Chief Commissioner, or the Principal Director General or Director General in this regard shall be conclusive.
(4) No person shall qualify for registration as a valuer, other than as a valuer of works of art or virtual digital assets or other class of assets as may be specifiedby the Board in this behalf, if he is employed under Government or any other employer.
(5) Irrespective of anything contained in sub-rules (1) to (4), no person shall qualify for registration as a valuer if,—
(a) he has been dismissed or removed from Government service; or
(b) he has been convicted of an offence connected with any proceeding under the Income-tax Act, 1961 (43 of 1961) (as it existed prior to its repeal), orthe Wealth-tax Act, 1957 (27 of 1957), or the Gift-tax Act, 1958 (18 of 1958) (as it existed prior to its repeal), or a penalty has been imposed on himunder section 271(1)(iii) or section 273(i) or section 270A or section 271J of the Income-tax Act, 1961 (43 of 1961) (as it existed prior to its repeal), orunder section 439 or section 463 of the Act, or under section 18(1)(iii) of the Wealth-tax Act, 1957 (27 of 1957) or section 17(1) of the Gift-tax Act,1958 (18 of 1958) (as it existed prior to its repeal); or(c) he is an undischarged insolvent; or
(d) he has been convicted of any offence and sentenced to a term of imprisonment; or
(e) he has been found guilty of misconduct in his professional capacity, where he is a member of any association or institution established in India havingas its object the control, supervision, regulation or encouragement of the profession of engineering, architecture, accountancy, or company secretariesor such other profession as the Board may specify in this behalf, by notification, by such association or institution; or(f) he is a minor; or
(g) he has been declared to be of unsound mind; or
(h) he has not been found fit to be registered as a valuer, which shall be decided based on reasons to be recorded in writing, after granting an opportunityof being heard to the person or entity concerned; or(i) he is an undischarged bankrupt or has applied to be adjudicated as bankrupt.
(6) The requirement laid down in any of the foregoing sub-rules that the applicant should have, for a period of not less than ten years or five years, as the casemay be,—
(a) rendered service in any capacity; or
(b) taught any subject; or
(c) practised any profession; or
(d) gained experience in any other capacity or field,
as specified therein, shall be deemed to have been fulfilled, if the period for which the applicant has rendered such service, taught such subject, practised suchprofession or otherwise gained experience in such other capacity or field, taken either singly or collectively, is not less than ten years or five years, as the casemay be, in the foregoing sub-rules.
(7) For the purposes of this rule, the expressions "recognised University" means any of the following universities or institutions:—
(a) any University in India established by law in force; or
(b) any educational institution recognised by the University Grants Commission (UGC), by notification; or
(c) any foreign university or educational institution, the degree of which is recognised as equivalent to a degree conferred by an Indian University, asdetermined by the Association of Indian Universities (AIU).(8) For the purposes of this rule, where the membership of any institution is recognised by the Central Government as a qualification for the purpose ofrecruitment to civil services or posts under the Central Government in any field, such membership shall not be regarded as a requisite qualification for thepurposes of this rule, unless the membership has been granted on the basis of passing the examinations conducted by the institution.
(9) The application referred to in rule 246(1) may be disposed of by the Principal Chief Commissioner or Chief Commissioner, or the Principal DirectorGeneral or Director General either by granting approval or rejecting the same, within six months from the end of the month in which such application is made.
(10) The Principal Chief Commissioner or Chief Commissioner, or the Principal Director General or Director General may call for any relevant informationfrom the person who has applied for getting registered as a valuer under section 514, before disposing his application referred to in rule 246(1).