tag:blogger.com,1999:blog-19649274.post4799772227172749779..comments2024-03-27T17:16:12.789+05:30Comments on The Leap Blog: Land market reform is an important enabler of bankruptcy reformAjay Shahhttp://www.blogger.com/profile/03835842741008200034noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-19649274.post-9694968880190401702016-02-01T11:38:41.218+05:302016-02-01T11:38:41.218+05:30Thank you very much for this informative blogpost....Thank you very much for this informative blogpost. <br /><br />I wanted to point out one factual error in it though - the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) does allow registration of all equitable mortgages created prior to 2011. In fact, through a process of enabling subsisting transactions (i.e prior to 2011) to be registered on their system for free, which they allowed from 2011-2013, over 5 million records of equitable mortgages prior to 2011 were uploaded onto the system. Even today, transactions predating its creation can be registered with CERSAI, on payment of a fee and condonation by the Ministry of Finance of the delay in registration. In this respect, CERSAI is today the most comprehensive and centralized database on equitable mortgages in the country, though yet to achieve 100% coverage. <br /><br />Further, vide notification issued by the Department of Financial Services, Ministry of Finance in the Gazette of India dated 22nd January 2016, the CERSAI has also been given the mandate to allow registration of other types of mortgages on its database. To encourage the creation of a centralized database of all mortgages, similar to the one extant for equitable mortgages, and keeping in mind the significant costs that bankers and the public have already incurred with mortgage creation, the charge for the registration of all other mortgages has also been kept as NIL. <br /><br />Several other registrations have also been allowed through this notification but this is the one most pertinent to the blog post at hand.Sagarhttps://www.blogger.com/profile/00653531223473471291noreply@blogger.comtag:blogger.com,1999:blog-19649274.post-70066115027268151612016-02-01T08:29:17.561+05:302016-02-01T08:29:17.561+05:30Very informative article on the comprehensive to-...Very informative article on the comprehensive to-do's on the reforms required. Land and gold are two traditional securities in the Indian credit market. As regards land, the need is really to start with GIS based maps with all relevant attributes like litigation, transfers of ownership, area coordinates etc, by State Revenue depts. These maps should be in the public domain so that there is watchfulness over the accuracy and updation of data. It will be so easy to add layers of any other attribute (by various depts of govt)-like crime in the area(giving an idea of the safety in the area) or public health data(to know if the area is prone to epidemics of, say,malaria)- to such base maps that governance could become truly electronic and transparent and useful for people. Anonymoushttps://www.blogger.com/profile/03922656823483362508noreply@blogger.com