The Haryana Government has approved a comprehensive Code of Ethics for empanelled valuers to ensure fair, transparent and accountable valuation of land under the policy notified 2021.Informing this, Dr. Sumita Misra, Financial Commissioner, Revenue and Disaster Management Department, said that valuers found violating the prescribed Code of Ethics may face de-empanelment, forfeiture of valuation fees and a penalty up to Rs. One lakh, depending upon the gravity of the violation.
The policy, prepared by the Revenue and Disaster Management Department, lays down a uniform ethical and professional framework for empanelled valuers engaged by the State Government for valuation of land.Under the Code of Ethics, every empanelled valuer will be required to comply with the applicable provisions of the Haryana Land Revenue Act, 1887, the Indian Stamp Act, 1899, the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013, the Real Estate (Regulation and Development) Act, 2016, the Companies (Registered Valuers and Valuation) Rules, 2017, and other relevant Central and State laws, rules, manuals and government instructions.
Dr. Misra said that valuers will also be required to follow the guidelines issued by their respective parent organisations, including the Income Tax Department, State Bank of India and Government-owned insurance companies, wherever applicable.
One of the key provisions of the policy makes it mandatory for every empanelled valuer to submit a conflict-of-interest declaration before undertaking any valuation assignment. The Code of Ethics will also be reviewed every two years to keep it aligned with changing legal and professional requirements.
The policy specifies several grounds for de-empanelment. These include under-valuation or over-valuation of land, preparation of valuation reports with malafide intentions, professional misconduct, involvement in fraudulent activities including raising fake bills, delay in submission of valuation reports beyond the agreed timeline, and threatening, intimidating or abusing government officers, employees or representatives.
Another significant provision is the automatic de-empanelment of a valuer if his or her registration is suspended or withdrawn by the parent regulatory body, such as SEBI, RBI, the Income Tax Department, SBI or any other competent authority.The policy also provides a detailed grievance-handling mechanism.
In cases involving alleged violations of the Code of Ethics, the Administrative Secretary of the concerned department will report the matter to the Revenue and Disaster Management Department with specific details. An officer appointed by the department will conduct an inquiry after giving an opportunity of hearing to both the concerned department and the empanelled valuer before making recommendations.
The Financial Commissioner, Revenue and Disaster Management Department, will be empowered to impose a penalty of up to Rs. One lakh, depending upon the gravity of the violation, besides forfeiting the valuation fee. The policy further provides that the penalty may be recovered as arrears of land revenue under the Haryana Land Revenue Act, 1887.
According to the policy, the framework is intended to ensure greater transparency, fairness and accountability in the valuation of land and other government assets undertaken for various Government Departments, Boards, Corporations, Panchayati Raj Institutions and Urban Local Bodies by prescribing uniform ethical standards and clearly defining the responsibilities and liabilities of empanelled valuers.