• PAGE ONE
• INDEX
• HOME

CAs urged to get ready for competition

Our Bureau

NEW DELHI, Jan. 18

THE Union Minister for Law, Justice and Company Affairs, Mr. Ram Jethmalani, has urged the domestic accountancy professionals to prepare themselves for the inevitable competition that they may have to face on account of the liberalisation path that the c ountry has chosen to adopt.

``Liberalisation will have considerable implications for the accountancy sector. While there may be a case for securing the legitimate interests of the domestic professionals, you will have to bear in mind that greater liberalisation will only bring grea ter challenges to the domestic services,'' he said, at the 50th annual function of the Institute of Chartered Accountants of India (ICAI) here.

Mr. Jethmalani warned the accounting professionals of the implications of the proposed Competition Law that the Government has promised to enact. ``We are going to bring in a rigorous Competition Law which will subject your profession to greater competit ion. You will have no other option but to embark on some novel methods to keep yourself abreast of the latest changes being brought about by globalisation,'' he said.

The Minister also urged chartered accountants to keep their disciplinary committee in ``good shape'' and take action against those members who have committed ``grievous mistakes''.

In his address, the President of ICAI, Mr. S.P. Chhajed, said that ``excepting in a very limited manner, opening of the domestic accountancy sector may not be in the legitimate interest of our members.''

At the same time, he said, the potential of export of accountancy services under the World Trade Organisation (WTO) regime or otherwise, should be fully explored and exploited, and non-trade related barriers such as visa restriction should be removed.