Quite a number of recommendations require new legislative enactments or amendments to existing laws, while several others could be implemented by making appropriate changes in the existing policy and procedures under the powers vested to relevant bodies under the law. A few recommendations could also require changes in the Constitution of India.
Some of the issues pertaining to the financial system are also being addressed by the National Commission to Review the Constitution. Of these changes, amendments to the legal framework of the country assume utmost importance as they institutionalise  4  BIS Review 10/2002  changes as formal laws with parliamentary endorsement and, therefore, provide clear-cut mechanisms for enforcement.