that in 2012, india ranked 132 among 183 nations in terms of overall ease of doing business indicators as per a world bank study. although we have given a gobye to the socalled “ licence - permit raj ”, the study finds that in terms of procedures to start a business and get all the permissions needed for a business to start india ranked 166th. this clearly indicates that we need to focus on the 7l deficits – land, linkages, labour, legal, liquidity, leadership and learning deficits – for boosting the investment climate for both domestic and foreign investors. finally, i believe each one of us can play a part in the globally turbulent and domestically challenging times by drawing inspiration from a prayer from the american theologian and public affairs commentator reinhold neibuhr who very aptly said : god give us grace to accept with serenity things that cannot be changed, courage to change the things which should be changed and the wisdom to distinguish the one from the other. thank you once again for giving me this opportunity. bis central bankers ’ speeches

y v reddy : legal aspects of international financial standards - national law perspective paper circulated by dr y v reddy, deputy governor of the reserve bank of india, at the international seminar on legal and regulatory aspects of financial stability sponsored by the world bank, the international monetary fund, the bank for international settlements and the financial stability forum at bis, basel, switzerland on 23 january 2002. dr reddy is thankful to mr n v deshpande, principal legal adviser of the reserve bank of india, who was associated with parts of the work ; for presenting the paper in the seminar on his behalf. the references for the speech can be found on the reserve bank of india ’ s website. * * * professor giovanoli and friends, i am thankful to the bank for international settlements for giving me opportunity to make this presentation on the national law perspective, though a large number of presentations in the seminar relate to international law. the presentation is based on indian approach and indian experience and focus is on processes and current status of various legislative changes that evolve in the consideration of international standards and codes. some generalisations are attempted on the link between domestic law and international law. the first section captures general observations in regard to international financial standards and codes with particular reference to indian approach. the second section attempts some generalisations on the domestic legal framework in this regard. the third section describes the processes of consideration in india while the fourth narrates the changes in legal and policy framework that are addressed in the processes. the daunting agenda for legal reform arising out of the process is covered in the fifth section. the penultimate section deals with the current legislative processes and responsibilities for implementation. the final section attempts some generalisations on national law perspective and international law. indian approach to international financial standards and codes the development of international standards and codes in the current context has five important features, viz., it is part of the reform of the international financial architecture ; it represents a consolidated view of several interrelated standards and codes ; it is a collaborative effort involving different groups of countries, markets and international financial institutions and standard setting agencies and bodies ; it has elements of both external and internal assessments of degree of compliance ; and, finally there is an assumption of linkage between the implementation of standards and codes and financial stability. there are several reasons for the widespread interest in international financial standards and codes. among them, the most notable are the increasing cross - border flows ; improvements in technology making such capital flows faster thereby