In the wake of the recent changes in the field of foreign trade policy, foreign exchange remmittances, FERA and the opening of the Indian economy, such a commission should be set up on a permanent basis, said president, ICMM, Rahul Roy. According to him, the independent commission will ensure proper coordination in the approach of various ministeries and promote an integrated and harmonious process.

This, in turn, would enable the commission to consider the changes in a more objective manner and come out with useful and effective measures for simplification and rationalisation of economic and fiscal legislation, he added. The institute has also suggested widening the tax base by bringing in affluent class including the credit card holders (with credit limit exceeding Rs 50,000) under the tax net. Roy told reporters that the ICAI hasundertaken a planned programme for the development of bilateral relations with the neighbouring countries. He said the institute has entered into a collaboration with the ICAI of Nepal to help the latter set up a regulatory and developmental systems. "We will also help them render services to other institutions like the Securities Board of Nepal and Auditor-General's Officer of Nepal", he added.

ICAI is also in talks with its counterparts in Sri Lanka, Bangladesh, Bhutan and Pakistan to create specific programmes suiting the needs of individual members.

The institute is also interacting with Mongolia, Ethopia and South Africa on issues concerning mutual recognition. Roy informed that the Organisation of Economic Co-operation & Development (OCED) has invited the institute to conduct a half day session in a conference structured to promote the growth of accounting and auditing disciplines in CIS countries.

When asked about the action taken by the ICAI against erring CAs, Roy said that the institute takestringent action against those accountants found guilty of violating the professional standards. He, however, agreed that ICAI is not giving adequate publicity to expose such professionals.