‘Banks in developed world should take lessons from India’

November 22nd, 2008 - 6:53 pm ICT by IANS  

Ahmedabad, Nov 22 (IANS) Banks in developed nations have many things to learn from the Indian banking institutions that have remained insulated from the mortgage crisis, Gujarat Health Minister Jaynarayan Vyas said here Saturday. Speaking at the inaugural function of the 31st All India Accounting Conference, Vyas said: “In the present scenario, banks of the developed nations ought to take lessons from Indian banking institutions, which have avoided the pitfall arising out of the mortgage crisis.”

The two-day event is being jointly organised by the Gujarat University and the Indian Accounting Association.

He added that the taxation laws in the country should become more transparent so that everybody would be able to understand it.

“Tax should be collected just like the honey-bee which sucks nectar out of the flower,” Vyas said.

“In an era of globalisation, no country can operate in isolation, the entire universe is interconnected. Therefore there is need to adopt modern technologies. Our accountants must become techno savvy,” the health minister added.

During the brain storming session later in the evening, over 700 delegates from 14 states would participate to debate the theme ‘Corporate Reporting-National and International Trends in Capital Market and Global Taxations and Current Issues’.

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