The Indian government is mulling a proposal to allow foreign accounting firms rights to conduct audit services in India, a privilege which only those registered with the Institute of Chartered Accountants of India can currently enjoy.
The proposal, which has been put to the business community in the form of a consultation, could end in a formal offer to liberalise the country's services sectors through the WTO Doha Development Round.
Previously, India had been prepared to offer foreign firms the right to provide book-keeping and accounting services in India, but not auditing.
While major western accounting firms such as Ernst & Young and PricewaterhouseCoopers currently operate in India, they do so as consultants to Indian partners.
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