RBI has always believed in the fact that accounting standards and the integrity of its implementation has a very important role to play in the financial system as reflected in the Report of the Committee on Financial Sector Assessment, wherein the importance of the convergence process of Indian accounting standards with IFRSs has been emphasized.
The East African Community is in the process of implementing an East African Cross Border payment system to faciIitate the efficient and safe transfer of monetary value within the region. As the community becomes more economically and socially integrated, the implementation of an efficient cross border payment system to support increased levels of regional trade and social interaction becomes a strategic imperative.