I. India’s stand 1.1 India is fully supportive of the need to observe certain minimum universally accepted standards in areas relevant to the maintenance of stability in the international monetary system, including increased transparency in formulation and implementation of monetary and financial policies and improvements in dissemination of relevant data.
The establishment of a high-powered Standing Committee on International Financial Standards and Codes (Standing Committee) underscores India’s commitment to this international enterprise. At the same time, India has been voicing, in the international fora, some of its concerns regarding the manner of international financial institutions spearheading the implementation and assessment of codes and standards.