Rule 247 - Qualification of registered valuer

Registered valuer qualifications. 247. (1)-(2) For the purposes of section 514(2), qualification requirements are prescribed separately for ten distinct asset classes: immovable property (other than agricultural land, plantations, forests, mines and quarries) requires a relevant engineering/architecture/planning degree or equivalent recognised qualification plus ten years' (or three years' with a relevant postgraduate degree) qualifying government service, teaching, or private practice meeting minimum income thresholds; agricultural land requires either an agricultural-science degree with five years as a farm valuer, or five years in specified government land-revenue/settlement posts; plantation land (coffee, tea, rubber, cardamom) requires five years owning or managing a qualifying plantation, or five years in the same government land-revenue posts (three of which in a plantation-growing area); forest requires five years in a specialised government forestry post; mines and quarries requires a mining degree or equivalent plus ten years as a mining engineer (government or private, meeting salary thresholds); stocks/shares/securities/business assets requires CA/CMA/CS membership or an MBA/postgraduate finance qualification plus ten years' relevant practice or equivalent government/private service meeting income thresholds; machinery and plant requires a relevant engineering degree or equivalent plus ten years' (or three years' with a relevant postgraduate degree) qualifying service or practice; jewellery requires five years as a sole proprietor or partner in a jewellery business meeting specified turnover/profit thresholds; works of art requires relevant specialisation plus service in one of several specified senior museum/archaeological/art-institution roles; and life interests, reversions and interests in expectancy requires a university degree plus ten years' practice or service as an actuary. (3) Qualifications for asset classes not covered by sub-rule (2) are determined, conclusively, by the Principal Chief Commissioner/Chief Commissioner or Principal Director General/Director General to whom the application is made. (4) No person employed under Government or any other employer may qualify for registration as a valuer, except for works of art, virtual digital assets, or other classes the Board specifies. (5) No person may qualify for registration who has been dismissed or removed from Government service; convicted of an offence connected with income-tax, wealth-tax or gift-tax proceedings, or penalised under specified provisions of those Acts or the current Act; is an undischarged insolvent or bankrupt (or has applied to be adjudicated bankrupt); has been convicted of any offence and sentenced to imprisonment; has been found guilty of professional misconduct by a relevant professional body; is a minor; or has been declared of unsound mind; or has otherwise, for recorded reasons after a hearing, been found unfit for registration. (6) The various ten/five-year service, teaching, practice, or experience requirements above are satisfied if the aggregate period (whether in a single capacity or combined) meets the stated minimum. (7)-(8) "Recognised University" includes any Indian University established by law, any UGC-notified institution, or any foreign university/institution whose degree the Association of Indian Universities recognises as equivalent; and a professional-body membership recognised by the Central Government for civil-service recruitment purposes counts as a qualification here only if granted on the basis of the body's own examinations. (9)-(10) The relevant authority shall dispose of a registration application (by approval or rejection) within six months from the end of the month of application, and may call for further relevant information before doing so.