Loading...

Top
Help
×

By creating an account you can:

Logo TaxTMI
Call Us / Help / Feedback

Contact Us At :

E-mail: [email protected]

Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters 0/2000
Make Most of Text Search
  1. Checkout this video tutorial: How to search effectively on TaxTMI.
  2. Put words in double quotes for exact word search, eg: "income tax"
  3. Avoid noise words such as : 'and, of, the, a'
  4. Sort by Relevance to get the most relevant document.
  5. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
  6. Text Search
  7. The system will try to fetch results that contains ALL your words.
  8. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
  9. Text Search
Add to...
You have not created any category. Kindly create one to bookmark this item!
Create New Category
Hide
Title :
Description :
❮❮ Hide
Default View
Expand ❯❯
Close ✕
🔎 News - Adv. Search
TEXT SEARCH:

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In:
Main Text + AI Text
  • Main Text
  • Main Text + AI Text
  • AI Text
Category: ?
Categorized by AI
---- All Categories ----
  • ---- All Categories ----
  • Income Tax
  • GST
  • Customs, DGFT & SEZ
  • FEMA & RBI
  • Corp. Laws, SEBI & IBC
  • PMLA, Black Money & ED
  • Budget
  • News and Press Release
  • PTI News
Month:
---- All Months ----
  • ---- All Months ----
  • January
  • February
  • March
  • April
  • May
  • June
  • July
  • August
  • September
  • October
  • November
  • December
Year:
---- All Years ----
  • ---- All Years ----
  • 2026
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
Sort By: ?
In Sort By 'Default', exact matches for text search are shown at the top, followed by the remaining results in their regular order.
Relevance Default Date
    Goyal promises BIS certification relief for high-tech sector firms
    IICA Conducts inaugural session of 11th Batch of its Certified CSR Professional Programme
    Net Profit of Regional Rural Banks (RRBs) Rises to Record ₹10,176 Crore, Total Business Cross ₹13.5 Lakh Crore in FY 2025-26
    UP Cong chief writes to PM Modi on ethanol policy, sugar prices
    Economy shows notable resilience despite global headwinds: RBI bulletin
    Sugar prices rise by nearly Re 1 per kg to about Rs 64
    Trump says he's considering renaming Lake Ontario as 'Lake America' as trade war with escalates
    Flash Report on Central Sector Infrastructure Projects worth ₹150 crore and above
    HP minister warns orchardists against spurious PGRs sold in open market
    NEWS HIGHLIGHTS
    AERA cuts user development fee for domestic, int'l passengers at Hyderabad airport
    Rupee rises 24 paise to close at 95.46 against US dollar
    India pivots to US for LPG, LNG as West Asia crisis disrupts Gulf supplies
    Experts Call for Intelligence-Led Action to Break Cross-Border Illicit Trade Networks at ASIA Security Conference 2026
    How NRIs Can Structure Bank Accounts in India When They Have Both Indian and Overseas Financial Commitments
    Sugar ex-mill prices down 18 pc to Rs 55/kg after import move, curbs on hoarding: Food secretary
    SBI eyes USD 10 bln from NRIs, foreign investors ahead of RBI swap window closure
    Industrial power tariff hike: WBSEDCL says proposed rise capped to DVC area, rates still competitive
    India-Japan Investment Partnership Gains Momentum; Commerce and Industry Minister Shri Piyush Goyal Invites Greater Japanese Institutional Capital
    Commerce and Industry Minister Piyush Goyal addresses Japanese Business Federation in Tokyo
❯❯
Maximize Maximize Maximize
0 / 200
Expand Note
Add to Folder

No Folders have been created

+

Are you sure you want to delete "My most important" ?

NOTE:

News
Showing Results for :
Reset Filters
Results Found:
Show All Summaries Hide All Summaries
August 25, 2026
Show AI Summary
BIS certification exemptions may be structured for high-tech manufacturers to ensure timely equipment imports and support domestic manufacturing operations.
Mandatory Bureau of Indian Standards (BIS) certification requirements for equipment and components used by high-technology manufacturers may be addressed through a proposed exemption framework. Possible exemptions may be structured at the company, industry, product, project or bulk level to support timely availability of imported equipment, goods and services for manufacturing operations. The approach is directed at high-technology industries generally, particularly semiconductor and artificial intelligence sectors, while addressing delays associated with mandatory certification and complex procedures for specialised imported parts and equipment.
August 25, 2026
Show AI Summary
Corporate social responsibility should prioritise measurable community outcomes, transparency, capable implementing agencies, and strategic integration with sustainability objectives.
Corporate social responsibility should prioritise measurable community outcomes rather than expenditure alone. Effective CSR depends on community-responsive design, capable implementing agencies, rigorous monitoring, social audits, and transparent use of technology and data. Public sector enterprises may use thematic priorities, convergence with government programmes, and institutional collaboration to replace isolated interventions with strategic CSR. CSR capacity building encompasses legal and regulatory frameworks, governance, project planning, impact assessment, reporting, ESG and the Social Stock Exchange.
August 25, 2026
Show AI Summary
Regional rural bank performance highlights improved profitability, asset quality, priority-sector lending, financial inclusion, and digital banking expansion.
Regional Rural Banks achieved prescribed priority-sector lending targets and sub-targets, expanded financial inclusion through new Pradhan Mantri Jan Dhan Yojana accounts, and recorded improvement in profitability, asset quality, and credit-deposit ratio. Digital banking adoption is to be accelerated to improve operational efficiency, customer experience, and banking access in rural and remote areas. Sponsor Banks are expected to strengthen information-technology infrastructure and support increased area-specific credit flows and innovative lending.
August 25, 2026
Show AI Summary
Ethanol-blended fuel policy faces calls for consumer-focused review amid sugar supply pressures and older-vehicle compatibility concerns.
Consumer-focused review of the ethanol-blended fuel policy is sought because higher ethanol diversion may affect domestic sugar availability and prices, potentially requiring sugar imports that could reduce claimed foreign-exchange savings from lower petroleum imports. The review should address ethanol and sugar production, domestic prices, imports, and consumer, environmental and economic concerns. Availability of lower-blend fuel alongside E20 is advocated for owners of older vehicles, with consumer choice between E10 and E20 supporting a comprehensive reassessment.
August 25, 2026
Show AI Summary
Economic resilience remains supported by domestic demand, manufacturing, liquidity and capital inflows despite external trade and geopolitical risks.
Economic resilience is attributed to buoyant domestic demand, sustained manufacturing and services activity, and double-digit merchandise trade growth. Improved southwest monsoon conditions supported kharif sowing and partly reduced agricultural risks, although geopolitical frictions and fresh United States tariffs remained external risks. Supply-side pressures raised consumer price inflation, while stable core inflation indicated limited cost pass-through. Easing liquidity, credit growth, investment activity and rebounding foreign capital inflows supported financial and external-sector conditions.
August 25, 2026
Show AI Summary
Sugar price controls combine raw sugar imports, stockholding limits, and export restrictions to curb retail inflation.
Sugar market intervention combines permitted imports of raw sugar, stockholding limits for dealers and bulk consumers, and an existing export ban to address sharp increases in retail and wholesale prices. Limits on inventories held by trade participants and large industrial consumers are intended to curb speculation and hoarding. Although ex-mill rates declined after the import decision and anti-hoarding measures, the reduction had not yet translated fully into retail prices. The measures seek to supplement domestic availability and restrain practices that may intensify consumer-price increases.
August 25, 2026
Show AI Summary
Tariff escalation drives retaliatory planning, industry protection measures, supply-chain uncertainty, and proposed symbolic geographic renaming amid cross-border trade tensions.
United States-Canada trade tensions have intensified after tariffs were imposed on Canadian goods following unsuccessful bilateral talks. Canada is expected to pursue retaliatory measures, potentially using targeted action to protect workers and businesses rather than matching tariffs directly. Further tariff threats concern vehicles, auto parts and steel. Integrated cross-border supply chains in automotive, energy, agriculture and manufacturing face increased costs and consumer-price uncertainty. Consideration of renaming Lake Ontario as "Lake America" has also been linked to the escalating dispute.
August 25, 2026
Show AI Summary
Central infrastructure monitoring through PAIMANA-PROJ tracks implementation progress, sectoral priorities, completed works, and integration of newly monitored projects.
PAIMANA-PROJ monitors Central Sector infrastructure projects costing Rs. 150 crore and above across 17 Ministries and Departments. As of July 2026, 1,775 projects with a revised cost of Rs. 37.11 lakh crore were under monitoring, with cumulative expenditure of Rs. 19.26 lakh crore. Transport and Logistics formed the largest monitored sector, followed by Energy. The portfolio included mega and major projects at varying physical and financial completion stages. PAIMANA-CRIP serves as the central infrastructure-project data repository, with most data updated through APIs.
August 25, 2026
Show AI Summary
Plant growth regulator quality controls require farmer awareness, licensed sales, quarantine compliance, and protection against uncertified orchard inputs.
Plant Growth Regulator quality control seeks to protect farmers and orchardists from spurious products sold in the open market. Licensed pesticide and fungicide outlets receive application schedules, while farmer awareness is stressed due to purchases of cheaper PGRs that may not achieve expected results. Rootstock imports require quarantine clearance, and uncertified rootstock purchased from the market is associated with disease spread in orchards. Regulatory measures include direct departmental sale of branded chemicals, promotion of weather-based crop insurance, and demands concerning minimum support pricing and Market Intervention Scheme documentation.
August 25, 2026
Show AI Summary
Anti-conversion compliance prompts voluntary prayer declarations, alongside food-safety oversight and enforcement against demolition, liquor, and cyber-fraud allegations.
Maharashtra's anti-conversion law has commenced, and churches across the Mumbai Metropolitan Region have sought written self-declarations confirming voluntary prayer attendance without pressure. Food-safety oversight requires cleaning of cricket association eateries before a further inspection. Enforcement matters include investigation into unauthorised shop demolitions allegedly involving misuse of a municipal corporation's name, arrests connected with spurious-liquor manufacture, and a cyber-fraud network allegedly using mule accounts to launder proceeds. A retired High Court judge has been appointed as Lokayukta.
August 25, 2026
Show AI Summary
User development fee rationalisation reduces departure charges and links airport cost recovery to commissioned capital projects during the tariff cycle.
Airport tariff regulation for Hyderabad airport fixes reduced User Development Fee for departing domestic and international passengers from 1 September 2026 through 31 March 2031, with rationalised landing charges. The tariff determination applies the incremental Aggregate Revenue Requirement framework, linking airport-charge cost recovery to completion, commissioning and use of identified high-value capital expenditure projects. A variable tariff plan provides landing-charge incentives upon prescribed qualifying conditions, supporting traffic development and route expansion while requiring cost-reflective, transparent and non-discriminatory aeronautical tariffs.
August 25, 2026
Show AI Summary
Rupee appreciation reflects weaker dollar, lower crude prices, positive equities, and foreign-exchange inflows through swap facilities.
Foreign-exchange market conditions supported the rupee's appreciation against the US dollar, driven by positive domestic equity markets, a weaker dollar, and declining crude-oil prices. The USD/INR pair remained within a narrow range, with oil-price movements and potential central-bank intervention identified as near-term determinants. A special USD-INR foreign-exchange swap facility covering FCNR(B) deposits, overseas foreign-currency borrowings and external commercial borrowings had mobilised foreign-exchange inflows relevant to currency liquidity.
August 25, 2026
Show AI Summary
Energy supply diversification reshapes India's LPG, LNG and crude sourcing amid constrained Gulf availability and higher logistics costs.
India's energy-import sourcing has shifted towards supply diversification as disruption in the Strait of Hormuz constrained traditional Gulf supplies. United States cargoes have become particularly important for LPG and LNG, while procurement has also broadened to Atlantic Basin and other non-traditional suppliers. Diversification increases costs through longer voyages, higher freight, insurance expenses, tighter availability and higher commodity prices, reflecting a premium for supply security. Crude sourcing continues to rely principally on Russia, alongside resilient UAE flows and increased Venezuelan heavy crude imports.
August 25, 2026
Show AI Summary
Intelligence-led enforcement against illicit trade requires coordinated data-sharing, risk profiling, digital accountability and disruption of organised supply networks.
Cross-border illicit trade enforcement should move beyond isolated seizures to intelligence-led disruption of organised criminal networks. Risk-based profiling, predictive analytics, container scanning and shipment-data analysis should support targeted action against misdeclaration, port-hopping, concealment and digital distribution. Right holders should share specific intelligence with customs targeting mechanisms, and goods entering Domestic Tariff Areas from warehousing and special economic zones require enhanced examination. Digital enforcement should trace suppliers, financial flows, data trails and small-parcel movements, supported by coordinated feedback between online marketplaces, police and customs.
August 25, 2026
Show AI Summary
NRI banking account segregation aligns overseas earnings, domestic income, foreign-currency savings, remittances, and borrowing with cross-border commitments.
NRI banking arrangements require segregation of overseas earnings, India-sourced income, savings, remittances and expenditure after residential status changes. An NRE account holds overseas income remitted to India, with interest exempt from income tax in India. An NRO account is intended for Indian income, including rent, dividends and pension, while FCNR deposits retain funds in a chosen foreign currency. A structured arrangement can align these accounts with domestic obligations, overseas spending, remittances, investments and compliant digital banking access.
August 25, 2026
Show AI Summary
Sugar import authorisation and anti-hoarding controls aim to moderate ex-mill prices amid adequate domestic stocks.
Raw sugar imports were permitted, while stock limits were imposed on bulk consumers. States were directed to strengthen inspections, and nationwide flying squads were deployed to identify hoarding and speculative conduct. These measures target sugar availability and distribution across wholesale and retail channels. Ex-mill prices declined following the measures, although wholesale and retail prices had not yet reflected the reduction.
August 25, 2026
Show AI Summary
Foreign-currency swap window closure focuses non-resident deposit mobilisation, while ECB hedging support continues for public-sector borrowers.
RBI's concessional Foreign Currency Non-Resident Bank deposit swap window closes on August 31, replacing the previous September 30 cut-off. Separately, the special US dollar-rupee foreign-exchange swap window remains available until December 31, 2026, providing concessional currency-hedging support to public sector undertakings raising external commercial borrowings. SBI expects to mobilise predominantly through deposits from non-resident Indians and foreign investors, with external commercial borrowings also visible.
August 25, 2026
Show AI Summary
Industrial power tariff revision applies only within the shared distribution area, while steel producers seek rollback and fuel supply support.
Industrial electricity tariff revision is proposed from 1 September for 33 KV and 11 KV consumers within the Damodar Valley Corporation command area. The increase is confined to the shared distribution-licence area, while a separate and higher tariff structure applies outside it. Steel and sponge-iron industry associations oppose the revision on the basis that it will raise energy costs and affect investment conditions. They seek withdrawal of the increase and request continuing supplies of high-grade coal and iron ore for sponge-iron production.
August 25, 2026
Show AI Summary
Institutional capital facilitation prioritises repatriation, market access, regulatory predictability, and cross-border partnerships supporting technology-led long-term investment.
India-Japan investment engagement focuses on increasing long-term Japanese institutional capital flows through an enabling business environment, intellectual property protection, policy reforms and integration with global value chains. Facilitation measures include simpler profit repatriation processes, improved access to Indian capital markets, greater regulatory predictability and a seamless cross-border investment environment. GIFT City is explored as a gateway for international capital and Japan-India investment flows.
August 25, 2026
Show AI Summary
Strategic investment partnership prioritises semiconductor manufacturing, resilient supply chains and advanced industrial collaboration between Indian and Japanese businesses.
India-Japan economic cooperation is directed toward deeper trade, investment, technology and business-to-business linkages, including economic security, supply-chain resilience, clean energy and innovation. Collaboration is focused on capital goods, machinery, automotive and advanced manufacturing, with stronger connections between Japanese enterprises and India's Tier-II and Tier-III suppliers, including Micro, Small and Medium Enterprises. Semiconductor manufacturing is identified as a significant investment area. The India-Japan Special Strategic and Global Partnership supports expanded engagement with manufacturing ecosystems, global value chains and resilient supply chains.

News

Back

All News

Showing Results for :
Reset Filters
No Records Found

News

Showing Results for : Reset Filters
News and Press Release

Achieving Professional Excellence (Address given by Shri P. Vijaya Bhaskar, Executive Director, Reserve Bank of India at the Silver Jubilee Function of Institute of Chartered Secretaries of India (ICSI) at Mumbai on June 15, 2013)

June 19, 2013

Contents
Summary
Note

Note

-

Bookmark

Print

Print

I. Introduction

At the outset, I thank the organisers of the Silver Jubilee Function of Institute of Chartered Secretaries of India (ICSI) for giving me an opportunity to share my thoughts on the very topical subject of “Achieving Professional Excellence”. A Silver Jubilee has a special significance in the life of any institution as it signifies a coming of age and maturity. It's also a time to look back and thank every person who has contributed.

II. 'Profession' and 'Excellence'

(a) Profession

Post the industrial revolution, there has been a knowledge explosion which led to an exponential increase in the number of professions. In fact, we are living in exponential times. The world’s knowledge is increasing at exponential rates, as is our technology. In the history of mankind, it is widely acknowledged that the explosion of knowledge in the last 200 years is unprecedented. A profession, as we are all well aware, is an occupation especially one that involves knowledge and training in a branch of advanced learning like your profession – secretarial practice.

(b) Excellence

It is a truism that “Excellence is a journey not a destination”. Pursuit of professional excellence, as such, is a life long continuous journey. Such professional excellence is essentially a subset of Human Excellence.

Bhagavad Gita talks about “Yogah Karmasu Kaushalam” – Yoga is excellence at work. This verse advises us to perform our allocated duty in an excellent manner. Kaushalam signifies doing work with devotion and without attachment. Such detached attitude enhances its values and improves the concentration and skill of the individual concerned.

Swamy Vivekananda's golden words on Excellence, whose 150th birth anniversary we are celebrating this year, are not only worth committing to memory by all of us but are worthy of emulation, if we are serious enough, about achieving 'Excellence' in our lives and profession. He says - "In the little things that you do, un-observed by anybody else, if you are excellent, then you are truly excellent. When people are watching and praising you and you do well that is not the true test of excellence. Nobody is watching you, what you do in the most private aspect of your life, there if you are excellent, you will be excellent everywhere."

Swamy Vivekananda has also talked about the essential ingredients for achieving Human Excellence. He particularly emphasises on Atma Shraddha – Self confidence i.e. having faith in oneself – which brings out the best out of us and a sense of honour and self-respect. If we work with such self-confidence, we put our heart and soul in whatever tasks we undertake. It’s only soulful work which becomes excellent. Wherever there is no sense of honour, personal worth and dignity, one’s work becomes sloppy and slipshod. Professionals need to especially remember this all through. Following Atma Shraddha, the other ingredients for achieving Human Excellence are knowledge,responsibility, love and concern for others, as expounded by Swamy Vivekananda.

III. Other Essentials of Human Excellence

At a technical level, human excellence is achieved when there is a harmonious blend of Intelligence, Emotional and Spiritual Quotients (IQ, EQ and SQ respectively).

IQ represents material capital reflected in rational intelligence and concerned about “What I think”?

EQ represents social capital reflected in emotional intelligence and concerned about “What I feel”? The level of EQ determines how one handles relationships. In a profession, EQ is most important because it’s all about handling relationships with one’s clients, peers, professional associations, regulators and the society around.

SQ represents spiritual capital reflected in spiritual intelligence and concerned about “What I am”?

Physiologically, left brain is used for IQ (thinking - serial processing) while right brain is used for EQ (feeling - parallel processing). Given its expansive and all encompassing nature, the whole brain is pressed into service for SQ (about “being” - synchronous processing).

The above can also be grouped as hard and soft skills. As a general rule, hard skills are relatively easy to acquire; while soft skills are hard to come by.

In other words, Human Excellence calls for qualities of both the head and the heart.

IV. Essentials of Professional Excellence

Knowledge, skills and management of conflicts of interest are the three most essential ingredients of Professional Excellence. Professional Excellence predominantly calls for both personal competence (How we manage ourselves!) and social competence (How we manage relationships!).

(a) Knowledge – On the knowledge front, adequate care is being

taken, particularly by professional bodies such as yours. A set of standard syllabii, periodically revised to take care of the new developoments, minimum criteria for acquiring the professional degree and the ongoing Continuous Education Programme to avoid practicing professionals from becoming stale, as also compulsions of competition from other allied professions ensure that knowledge levels are reasonably taken care of, on a continuous basis.

(b) Skills – Both hard and soft skills have an overwhelming bearing

on Professional Excellence. Ensuring Knowledge levels is the easier part. Acquiring skills is the more difficult part of the equation. Among skills, soft skills are of great significance because, as I said earlier, as a general rule, relatively speaking, soft skills are hard to come by; while hard skills are easy to acquire.

(c) Conflicts of Interest Management

What is conflict of interest (COI)? In the Code of Ethics of your Institute, A “Conflict of Interest” has been defined as a situation wherein the interests/benefits of one person or entity conflict with the interests/benefits of the institute.

They are situations in which an interest interferes, or has the potential to interfere, with a person, organization or institution's ability to act in accordance with the interest of another party, assuming that the person, organization or institution has a (legal, conventional or fiduciary) obligation to do so. The interests which lead to conflicts may be pecuniary or non-pecuniary, personal / social / other competing professional interests or human emotions of greed / kinship or friendship / anger / hatred. Such conflicts may be actual or potential.

Conflict of interest, thus, fundamentally represents - a 'Dharma Sankat' - an ethical dilemma. Such conflicts are a part and parcel of one's existence, but the conflicts of interest in the financial world have a special and particular lure because of huge financial benefits involved in exploitation thereof.

All professionals - doctors, lawyers, engineers etc., including finance professionals, generally, play a dual role i.e., that of being the principal and an agent to their customers, in the discharge of their functions. Consequently, finance professionals jointly act as an agent of the customer when they provide the diagnosis to their finance related problems and consider the best remedial action therefor, besides acting as a principal in executing with the customer the prescribed action. Mutatis mutandis, the same holds good for almost all professional services. This inherent dual capacity, common to most professional services, naturally gives rise to conflicts of interest in cases where the professional acting as an agent, prescribes actions which he knows are to his own benefit as principal, rather than to the customers. There is nothing special about financial services in this respect. Agency theory (principal-agent relationship) offers a valuable lens for assessing, inter alia, conflicts of interests.

Financial services come jointly under the category of ‘experience goods’ and ‘credence goods;’ wherein, information is obtained by the consumers only during / after the services have been purchased or, perhaps, may not be able to obtain the same even after purchasing. In other words, the consumers will find it that much more difficult in obtaining information about the quality of services offered by the finance professionals, due to the inherent nature of financial services.

In such circumstances, exploitation of conflicts of interest by finance professionals due to the classic `principal-agent' conflict, away from the glare of the public could lead to loss of trust in the profession. As Walter Bagehot put it so elegantly, “One terra incognita seen to be faulty; every other terra incognita will be suspected.” The inevitable credibility contagion catches on. All professionals, especially in the finance world should be very wary and watchful to prevent such an eventuality. Otherwise, disastrous consequences would follow, which would be difficult to tackle.

It is a matter of fact, which has repeatedly come to the fore that conflicts of interest cannot be legislated / regulated away, despite having the best prescribed standards. Management of conflict of interest calls for adherence to ethics and values. In fact, a value-oriened individual is the cornerstone in the entire process of mitigation of interests. As famously said, "the greatest conflicts are not between two people / institutions / nations, but between one person and himself." Hence, ethical conduct should be developed, sustained and fostered in the professional atmosphere through enabling legal, regulatory and institutional environment.

Management of conflicts of interest calls for a high degree of maturity and a sense of balance and proportion. The reason is that conflicts of interest situations predominantly carry shades of grey rather than being black and white.

Hence, above all, a sense of values and ethics is the very foundation to manage conflicts of interest – “Dharma Sankat”. Professionals with high knowledge and skills, but without values and ethics, more often than not, could end up as disasters.

In other words, the framework for mitigating conflicting interests should be constructed inside-out, from the core point of an individual's value-oriented personality to an outer layer of enabling environment, through all possible means available to your profession. The conflict mitigation process, at its absolute broadest, should strike a reasonable balance that helps guard against present and future problems of conflicts of interest while preserving those traits of your profession which are the source of its creative and competive genius.

Sometimes, due to certain professional / personal problems or set-backs, one may not be able to focus fully on one’s profession. That is quite understandable, but the touchstone is as to whether, over one’s entire career, one has been able to constantly deliver to the highest standards of professional excellence which is achieved through high levels of knowledge and skills coupled with an unshakable sense of values and ethics. Another important aspect is that the top professionals in high positions should be very measured in their talk and behaviour, because they are looked upon as role models for the profession in particular and the society in general.

(d) Conflicts of Interest and Finance Professionals – An Uneasy Relationship

In contemporary times, especially since the onset of the present ongoing crisis in 2008, among the professions - finance related professionals have been in the limelight due to all the wrong reasons. In the period immediately prior to 2008, the continuous saga of financial scandals involving high profile companies like Enron, Worldcom, Arthur Andersen, Tyco in USA; Ahold, Parmalat in Europe, Citi bank's activities in Europe and Japan, BNP Paribas are still fresh in one's memory. More recently, those involving J P Morgan, Standard Chartered, HSBC in the international arena serve as examples. The recent episodes of proven transgressions by some of our banks also raise concerns and highlight the critical role of ethics in business. In all these cases, expert observers have concluded that the role of the finance professionals and, more importantly, their exploitation of conflicts of interests as being at or near the centre of such scandal-driven financial storms.

Conflicts of interest, of late, have reappeared in our public discourse. It is alleged that, we in India, are not appreciative enough of the world of Conflicts of Interests. It is also argued that we do not appreciate the separation of roles and responsibilities of our private and public lives; and that we freely mix both together for our gains. It is further said that for us, there is no conflicts of interests and it is only maximisation or juggling of interests, etc.

In such a milieu, there is an onerous responsibility on professional bodies like yours. You need to adequately demonstrate that you are not only aware of such situations but are doing everything at your command to ensure that your members are indeed “Walking the talk !”

ICSI’s Code of Conduct

A look at the Institute's code of conduct available on the website reveals that the two most important principles of professional excellence viz., management of conflicts of interest and adherence to ethics & values have been alluded to, but perhaps need to be elaborated, against the backdrop of the above. Further, adequate training in this regard to all the members is an imperative. This is the paramount need of the hour for all professional bodies, especially the ones related to the financial world.

Summing up

Let me conclude by recapitulating what I have tried to put forth in front of you. I started off by briefly defining and describing the two important words of profession and excellence. Thereafter, I highlighted the generic principles of human excellence and derived the principles of professional excellence therefrom. As stated, hard skills are relatively easy while soft skills, by and large, are hard to develop. To effectively play the dual role of both the principal and agent of one’s customers, while all along maintaining a sense of ethics and values is a feat which is akin to walking on a razor’s edge. I am sure, your Institute will resolve in the Silver Jubilee year to throw light on a path which would enable all the professionals of your Institute to walk the razor’s edge continuously and consistently without any slip up.

I wish ICSI Good Luck and God’s Grace in its race for celebrating the oncoming Golden Jubilee.

Thank You.

Topics

Acts Income Tax