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Chandigarh Solvency Certificate

Solvency is the ability of an individual or a corporation to meet the long-term expenses or debts. In other words, the assets of the person or the company should exceed the liabilities to be solvent. Solvency certificate is issued to declare the financial standing of an individual or firms for various purposes such as standing surety in support of someone, securing loans, securing business contractors etc. In this article, we look at the procedure of obtaining the Chandigarh Solvency Certificate issued by the Government in detail. To know more about the solvency certificate issued by a bank, click here.

Purpose of Solvency Certificate

Solvency certificate is issued based on salaries drawn by Government employees/individuals, the properties owned by the applicants in their name and sales tax / income tax returns. Acquiring a solvency certificate serves for various purposes, some of which are listed below.

Different Government and semi-Government organizations require solvency certificate as a document of surety.
Solvency certificate is an essential document while allowing for the applications for contracts, tenders.
Solvency certificate is vital while participating in an auction.
A company’s financial stability depends on its solvency and therefore, a firm needs to submit a solvency certificate while offering against a bid as evidence of its economic status.
Solvency certificate is an essential document for students pursuing their higher studies abroad. The universities abroad require this document as a proof of finances. Moreover, this certificate is also necessary while seeking admission in Government medical and engineering colleges in the country.
It is also required in court matters like obtaining bails.

Eligibility Criteria

The applicant should comply with the following conditions of eligibility to obtain the Chandigarh Solvency Certificate.

The applying individual should be an Indian citizen.
The applicant must be a permanent resident of Chandigarh.
The applicant should have property within the territorial jurisdiction of Chandigarh.

Documents Required

The following documents are required to obtain the Chandigarh Solvency certificate issued by the Tehsildar.

Identity Proof of Applicant (Valid ration card/voter card/Aadhar card)
Residence Proof (Electricity & Water Bill, Copy of Passport)
Proof of Date of Birth (Birth Certificate, School leaving Certificate)
Documentary proof of property ownership for properties mentioned in property detail
- Copy of sale deed
- Ownership or allotment letter of immoveable property
Application on Bond paper with Rs. 2/- court fees ticket
Photograph of Applicant

Concerned Authority

The Revenue Department is the concerned department for the issuance of solvency certificate. The applicant requesting for the solvency certificate should apply to the concerned authorities of their respective district depending on the amount or value of the property for which the solvency certificate is requested.

Value	Designated Officer	First Appellate Officer	Second Appellate Officer
Up to Rs. 2 Lakhs	Nayab Tehsildar	Tehsildar	Sub-Divisional Officer
Rs. 2,00,001 to 8 Lakhs	Tehsildar	Sub-Divisional Officer	Additional Collector
Rs. 8,00,001 to 40 Lakhs	Sub-Divisional Officer	Additional Collector	Collector
Above 40 Lakhs	Collector	Additional Commissioner	Divisional Commissioner

Processing Time

The Chandigarh solvency certificate will be disposed within a week from receiving the verification report.

Validity

The Solvency certificate issued in Chandigarh is valid for a period of 2 years.

Application Procedure

The entity can apply for the solvency certificate in either online or offline mode. The procedure for the issuance of solvency certificate requires any government body or any property agent to evaluate the property (land, gold).

Offline Application Process

The applicant requesting for the solvency certificate should visit the nearby Tehsildar office. The application form should be collected and filled properly providing all necessary details. Once filled, the application form with a court fee stamp of Rs. 2/- should be submitted to the Chief Officer in Charge of Revenue Administration of the concerned District, Sub-division/Tehsil or the Additional District Magistrate / Additional Tehsildar along with the mentioned documents.

The copy of the request form for the solvency certificate is provided below.

Chandigarh Solvency Certificate - Application Form

Online Application Procedure

The Chandigarh Administration offers various online services. However, certain services are provided through e-Sampark Kiosks, a Government initiative launched by the Chandigarh Administration to facilitate its residents to access online services. These Centers will also allow the citizens to submit their grievances.

The applicant should visit the nearby Sampark Kiosk centers to apply for the Solvency Certificate. The authorized operator will issue the prescribed application form. On filling the form, the prescribed documents must be attached and submitted. After submitting the form, the operator issues a receipt number that will be used for further process.

Fees

These services are provided free of cost except when any print out is required by the citizen.

Application Status

The applicant can check the application status online by entering the application receipt number issued by the Sampark operator. Click ‘View Status’ button to check the status.