New Delhi, May 12 (PTI) Chartered accountants' apex body ICAI will soon ask its members and officers to take initiatives, including curbing foreign travel, to save foreign exchange following the prime minister's call for such efforts amid the West Asia conflict.

The institute will also issue an advisory to the chartered accountants and their families about various areas where they can help in saving foreign exchange for the country, its President Prasanna Kumar D told PTI in an interview on Tuesday.

The Institute of Chartered Accountants of India (ICAI) has more than 5 lakh members.

Against the backdrop of the West Asia conflict that has pushed oil prices higher and adversely impacted global supply chains, Prime Minister Narendra Modi has called for reducing fuel consumption, limiting foreign travel, avoiding destination weddings abroad and deferring gold purchases.

Kumar said the ICAI has decided to take measures to save foreign exchange.

There will be curbs on foreign travel for the members holding positions at the institute, as well as the officers. If there are alternatives of having meetings virtually, then overseas travels will be curtailed, and such travels will be allowed only if it is absolutely necessary, the ICAI President said.

According to him, the institute will mandatorily implement measures to save foreign exchange at the institute.

On Monday, the prime minister reiterated his austerity push and asked people to avoid destination weddings abroad, cut down use of fuels, reduce consumption of edible oils and increase the use of public transport and electric vehicles in the wake of the West Asia turmoil.

The appeal is aimed at saving foreign exchange.

India meets a majority of its energy needs through imports, and surging crude oil prices puts more pressure on the rupee as the foreign exchange outflow is higher.

In a report on Monday, SBI Research said there was a need for a comprehensive package on the Balance of Payments (BoP) front amid rupee depreciation and higher oil prices. PTI RAM HVA

Foreign-exchange conservation measures prompt ICAI to curb overseas travel and promote virtual meetings among members and officers. ICAI proposed foreign-exchange saving measures for members, officers and families amid the West Asia conflict and higher oil prices. The institute said it would issue an advisory to curb foreign travel and encourage other ways of conserving foreign exchange, including using virtual meetings where possible. Foreign travel by office-bearers and officers would be restricted to cases of absolute necessity, and the measures would be implemented mandatorily within ICAI.