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Tracing the Footprints: P.C. Goel's Vision for the Valuation Profession - Delhi
Monday, 10 June, 2024
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Tracing the Footprints:
P.C. Goel's Vision for the Valuation Profession
P - Pioneer: C - Contributor: G - Guiding Light: O - Optimist: E - Educator: L – Leader
"यस्यादेवे परा भक्तिर्यथा देवे तथा गुरौ। तस्यैते कथिता ह्यर्थाः प्रकाशन्ते महात्मनः॥
PCG – A man of determination and honesty, who has not only built the "CULTURE of Valuation in the Global Economy but also CULTIVATED it to a great extent."
What can we say about a man who not only dreamed of transforming a societal need into a well-respected and dignified profession but also worked tirelessly to turn that dream into reality?
It is said that if you give a hungry person a fish, you feed them for a day. But if you teach them to fish, you feed them for a lifetime, along with their peers and future generations.
Perhaps this is what inspired him to craft the aim for the Institution of Valuers: "To see that every valuer member is mobilized to the full in the battle to build India and to win for him proper recognition and reward."
We all have heard about his story; while in England, he conceived the idea of something unique for Indian Engineers, Architects, and technocrats, giving it the third dimension in the form of the Institution of Chartered Engineer in 1961, and then the most distinguished and prestigious Institution of Valuers in 1968.
But was it as simple as that? Was it just enough to establish such a remarkable institution, one that continues to thrive like a banyan tree, even after his passing? The answer is a resounding NO. So, let's delve deeper into some unheard stories of the establishment of IOV:
In 1968, the passing of the Finance Bill, 1967, made it mandatory for people to get their movable and immovable assets valued for Wealth Tax and Income Tax purposes. However, there were only thirteen Government Approved Valuers under the Estate Duty Act practicing throughout North India. With such a heavy workload on their shoulders, there was a dire need for more valuers.
It was against this backdrop that Shri P.C. Goel, one of the Government Approved Valuers, envisioned setting up a professional Institution for Valuers in India. He believed that such an institution would not only regulate and maintain high standards of valuation work but would also assist the government and the public in valuation tasks required for various purposes. His vision was to bring qualified valuers under one banner and provide them with a platform.
To turn his vision into reality, he immediately named the institution "Institution of Valuers" and got it approved by the Registrar of Societies. With the help of well-wishers, council members, and his dedicated team, he prepared the Memorandum of Association and Rules & Regulations for the proposed institution.
However, the major challenge was to co-opt seven promoters for the registration of the institution under the Societies Registration Act XXI of 1860. After relentless efforts, Shri Goel succeeded in getting the cooperation of prominent figures, who not only agreed to become promoters but also office-bearers.
Finally, on 2nd October 1968, the Institution commenced its journey, coinciding with the birth anniversary of Mahatma Gandhi, the revered Father of the Nation.
To ensure the institution's success, Shri Goel spared no effort. He printed application forms, circulated circular letters, and reached out to government-approved valuers across India. His leadership qualities were evident as he followed up with each valuer on receiving delayed or no responses, motivating them to join the institution.
Instead of allowing failure to define him, he chose to view it as an opportunity for introspection and growth. This can be easily visioned through his life which was not a bed of roses but of thorns too as during all this, he had to face brickbats, hurdles/vagaries, even inquiries, Court cases, House Searches etc. But he stood firm like a rock.
The first session and seminar of the Institution of Valuers, inaugurated by Hon'ble Shri P.C. Sethi, the then Minister of State for Finance, marked a significant milestone. Holding and managing important events and annual Seminars at different places was his expertise as Hon'y General Secretary. He continued to enthuse Valuer members to expand their field of activities, conduct Seminars and Workshops so that they frequently met in numbers and developed keen ship and brotherhood.
Compared to today’s digital age, wherein spreading out something is as easy as eye blinking, Shri Goel's marketing skills were commendable in that era. His only means of communication is "Indian Valuer". The publication of the monthly journal under his guidance became a vital means of communication, promoting transparency and knowledge-sharing among members. It can be seen through his style of journal that he preferred to keep transparent communication with his members who have reposed trust on him. If you get the chance to read his memoirs, you will not read an old journal, but a one-on-one communication by him to us.
For any Institution, the most important thing is finance and fiscal condition. Shri Goel, being a strict Administrator, had complete control over the finances and built up a robust position by attaining respectable balances. It is well-nigh obvious by glancing at the financial Audited statements presented at the Annual Seminar by none other than the General Secretary.
Moreover, he didn’t only want to collect all valuers at one place for the allotment of membership but to ensure policy advocacy for them. He rigorously corresponded with concerned departments to recognize the membership of the Institution as sufficient qualification for the appointment of Valuers.
Today, the Institution of Valuers boasts more than 35,000 qualified and experienced members, making it one of the top professional institutions globally. Shri Goel's hard work, persistence, dedication, and selflessness have borne fruit, benefiting both the public and the government.
Don’t you think that he could have been an icon and towering Valuer himself through his perseverance as well as through the nationwide Institution founded by him. However, he preferred a back seat and selflessly helped the array of distinguished Valuers to attain iconic status. He never took enmity with anybody and refrained from taking any sides. His role remained active but without a passion for name, fame, and money. Thus, he was the creator without worldly possessions.
So, what did he want? I think he wanted the valuers to nurture the integrity and professionalism of their profession, ensuring its growth and recognition. Towards this objective only, from the very first day of forming this institution, he has prepared a Code of Conduct to be followed by members which will bind them to observe integrity and fair play in the practice of the profession of valuation and refrain from indulging in activities not befitting the profession.
Let's find out some major learnings we can derive from his journey:-
1. Persistence Prevails: Like a beacon, P.C. Goel's life illuminates the power of persistence, showing us that even amidst challenges, staying committed to one's vision can lead to extraordinary outcomes.
2. Visionary Leadership: His life teaches us that true leaders don't just lead; they envision and inspire.
3. Service Above Self: Through his selfless dedication, he exemplified the principle of service above self, reminding us that our actions should aim to benefit others and the community at large.
4. Innovation Knows No Bounds: From conceiving new ideas to founding institutions, his innovative spirit transformed dreams into reality.
5. Learning is Lifelong: His life journey emphasizes that learning is a lifelong process. Despite challenges, setbacks, or successes, there's always room for growth and learning.
6. Teamwork Triumphs: He showed us that when individuals come together with a shared purpose, remarkable achievements follow.
7. Integrity is Non-negotiable: His life underscores that maintaining integrity, honesty, and ethical conduct is non-negotiable for success.
8. Resilience Reshapes Reality: His life teaches us that setbacks are temporary, and resilience reshapes reality, turning obstacles into opportunities.
9. Legacy Lives On: Even after his physical presence, P.C. Goel's legacy lives on, reminding us that the impact of our actions extends far beyond our lifetime.
10. Inspiration is Infinite: Lastly, his life serves as a timeless source of inspiration, reminding us that ordinary individuals can achieve extraordinary feats with passion, perseverance, and purpose.
"Even after three years in IOV, I'm continually amazed by P.C. Goel's stories and writings. Though I never had the chance to work with him directly, his revolutionary ideas and every step he took towards their realization have left an indelible mark on me. His contributions to the valuation profession are unparalleled. Each day, I find myself in awe of the profound impact he has had. Whether you admire him or not, hearing about his life is sure to give you goosebumps. He's shown us that a single revolutionary idea and every step towards that vision can change the world.
Each chapter of his life is a testament to the power of the human spirit and the impact one individual can have on the lives of many. So, let's cherish his legacy and continue to draw inspiration from his remarkable journey, knowing that every step we take towards his vision can indeed change the world.
"P.C. Goel's legacy cannot be written in words but in the hearts of those who carry forward his vision and echo his excellence."
P.C. Goel's Vision for the Valuation Profession
P - Pioneer: C - Contributor: G - Guiding Light: O - Optimist: E - Educator: L – Leader
"यस्यादेवे परा भक्तिर्यथा देवे तथा गुरौ। तस्यैते कथिता ह्यर्थाः प्रकाशन्ते महात्मनः॥
PCG – A man of determination and honesty, who has not only built the "CULTURE of Valuation in the Global Economy but also CULTIVATED it to a great extent."
What can we say about a man who not only dreamed of transforming a societal need into a well-respected and dignified profession but also worked tirelessly to turn that dream into reality?
It is said that if you give a hungry person a fish, you feed them for a day. But if you teach them to fish, you feed them for a lifetime, along with their peers and future generations.
Perhaps this is what inspired him to craft the aim for the Institution of Valuers: "To see that every valuer member is mobilized to the full in the battle to build India and to win for him proper recognition and reward."
We all have heard about his story; while in England, he conceived the idea of something unique for Indian Engineers, Architects, and technocrats, giving it the third dimension in the form of the Institution of Chartered Engineer in 1961, and then the most distinguished and prestigious Institution of Valuers in 1968.
But was it as simple as that? Was it just enough to establish such a remarkable institution, one that continues to thrive like a banyan tree, even after his passing? The answer is a resounding NO. So, let's delve deeper into some unheard stories of the establishment of IOV:
In 1968, the passing of the Finance Bill, 1967, made it mandatory for people to get their movable and immovable assets valued for Wealth Tax and Income Tax purposes. However, there were only thirteen Government Approved Valuers under the Estate Duty Act practicing throughout North India. With such a heavy workload on their shoulders, there was a dire need for more valuers.
It was against this backdrop that Shri P.C. Goel, one of the Government Approved Valuers, envisioned setting up a professional Institution for Valuers in India. He believed that such an institution would not only regulate and maintain high standards of valuation work but would also assist the government and the public in valuation tasks required for various purposes. His vision was to bring qualified valuers under one banner and provide them with a platform.
To turn his vision into reality, he immediately named the institution "Institution of Valuers" and got it approved by the Registrar of Societies. With the help of well-wishers, council members, and his dedicated team, he prepared the Memorandum of Association and Rules & Regulations for the proposed institution.
However, the major challenge was to co-opt seven promoters for the registration of the institution under the Societies Registration Act XXI of 1860. After relentless efforts, Shri Goel succeeded in getting the cooperation of prominent figures, who not only agreed to become promoters but also office-bearers.
Finally, on 2nd October 1968, the Institution commenced its journey, coinciding with the birth anniversary of Mahatma Gandhi, the revered Father of the Nation.
To ensure the institution's success, Shri Goel spared no effort. He printed application forms, circulated circular letters, and reached out to government-approved valuers across India. His leadership qualities were evident as he followed up with each valuer on receiving delayed or no responses, motivating them to join the institution.
Instead of allowing failure to define him, he chose to view it as an opportunity for introspection and growth. This can be easily visioned through his life which was not a bed of roses but of thorns too as during all this, he had to face brickbats, hurdles/vagaries, even inquiries, Court cases, House Searches etc. But he stood firm like a rock.
The first session and seminar of the Institution of Valuers, inaugurated by Hon'ble Shri P.C. Sethi, the then Minister of State for Finance, marked a significant milestone. Holding and managing important events and annual Seminars at different places was his expertise as Hon'y General Secretary. He continued to enthuse Valuer members to expand their field of activities, conduct Seminars and Workshops so that they frequently met in numbers and developed keen ship and brotherhood.
Compared to today’s digital age, wherein spreading out something is as easy as eye blinking, Shri Goel's marketing skills were commendable in that era. His only means of communication is "Indian Valuer". The publication of the monthly journal under his guidance became a vital means of communication, promoting transparency and knowledge-sharing among members. It can be seen through his style of journal that he preferred to keep transparent communication with his members who have reposed trust on him. If you get the chance to read his memoirs, you will not read an old journal, but a one-on-one communication by him to us.
For any Institution, the most important thing is finance and fiscal condition. Shri Goel, being a strict Administrator, had complete control over the finances and built up a robust position by attaining respectable balances. It is well-nigh obvious by glancing at the financial Audited statements presented at the Annual Seminar by none other than the General Secretary.
Moreover, he didn’t only want to collect all valuers at one place for the allotment of membership but to ensure policy advocacy for them. He rigorously corresponded with concerned departments to recognize the membership of the Institution as sufficient qualification for the appointment of Valuers.
Today, the Institution of Valuers boasts more than 35,000 qualified and experienced members, making it one of the top professional institutions globally. Shri Goel's hard work, persistence, dedication, and selflessness have borne fruit, benefiting both the public and the government.
Don’t you think that he could have been an icon and towering Valuer himself through his perseverance as well as through the nationwide Institution founded by him. However, he preferred a back seat and selflessly helped the array of distinguished Valuers to attain iconic status. He never took enmity with anybody and refrained from taking any sides. His role remained active but without a passion for name, fame, and money. Thus, he was the creator without worldly possessions.
So, what did he want? I think he wanted the valuers to nurture the integrity and professionalism of their profession, ensuring its growth and recognition. Towards this objective only, from the very first day of forming this institution, he has prepared a Code of Conduct to be followed by members which will bind them to observe integrity and fair play in the practice of the profession of valuation and refrain from indulging in activities not befitting the profession.
Let's find out some major learnings we can derive from his journey:-
1. Persistence Prevails: Like a beacon, P.C. Goel's life illuminates the power of persistence, showing us that even amidst challenges, staying committed to one's vision can lead to extraordinary outcomes.
2. Visionary Leadership: His life teaches us that true leaders don't just lead; they envision and inspire.
3. Service Above Self: Through his selfless dedication, he exemplified the principle of service above self, reminding us that our actions should aim to benefit others and the community at large.
4. Innovation Knows No Bounds: From conceiving new ideas to founding institutions, his innovative spirit transformed dreams into reality.
5. Learning is Lifelong: His life journey emphasizes that learning is a lifelong process. Despite challenges, setbacks, or successes, there's always room for growth and learning.
6. Teamwork Triumphs: He showed us that when individuals come together with a shared purpose, remarkable achievements follow.
7. Integrity is Non-negotiable: His life underscores that maintaining integrity, honesty, and ethical conduct is non-negotiable for success.
8. Resilience Reshapes Reality: His life teaches us that setbacks are temporary, and resilience reshapes reality, turning obstacles into opportunities.
9. Legacy Lives On: Even after his physical presence, P.C. Goel's legacy lives on, reminding us that the impact of our actions extends far beyond our lifetime.
10. Inspiration is Infinite: Lastly, his life serves as a timeless source of inspiration, reminding us that ordinary individuals can achieve extraordinary feats with passion, perseverance, and purpose.
"Even after three years in IOV, I'm continually amazed by P.C. Goel's stories and writings. Though I never had the chance to work with him directly, his revolutionary ideas and every step he took towards their realization have left an indelible mark on me. His contributions to the valuation profession are unparalleled. Each day, I find myself in awe of the profound impact he has had. Whether you admire him or not, hearing about his life is sure to give you goosebumps. He's shown us that a single revolutionary idea and every step towards that vision can change the world.
Each chapter of his life is a testament to the power of the human spirit and the impact one individual can have on the lives of many. So, let's cherish his legacy and continue to draw inspiration from his remarkable journey, knowing that every step we take towards his vision can indeed change the world.
"P.C. Goel's legacy cannot be written in words but in the hearts of those who carry forward his vision and echo his excellence."
