I must, at the very outset, laud the initiative of The Institute of Chartered Accountants of India (ICAI) in organising this conference for accountants to dwell on issues of topical and critical interest relating to the global economy. The recent global crises have thrown up many lessons, including for the accounting profession.
Further, increasing availability of speedier and cost-effective money transfer arrangements through the banking channels and post offices has resulted in significant increase in the use of formal channels for remittance transfers. Exports of services have risen consistently by over 20 per cent per annum in recent years.