The second development was the coordinated endeavour of the Government of India and the RBI to consider the implementation of International Financial Standards and Codes. Among the ten Advisory Groups constituted for this purpose, the Advisory Group on Fiscal Transparency (Chairman : Mr. M.S.
Ahluwalia) and the Advisory Group on Transparency in Monetary and Financial Policies (Chairman : Shri M. Narasimham) have suggested some important changes in the operational conduct of monetary and fiscal policies and highlighted the need for better coordination between them.