The present values in life have changed almost beyond recognition since the earlier times when they were fundamental and unchanged since time immemorial. It may be appropriate to first review the changed values both on micro level as well as macro level.

At the micro level, one may be concerned with the values at professional level. The new comers and the youngsters in the profession are fired with idealism of doing something so as to make a name in the profession. However, soon they are disillusioned completely. In view of curruption at all levels, the laws are interpreted against the assessee even when the intention is clearly the opposite. For example, the intention to encourage export by enacting Sec.80-HHC is lost in the jungle of interpretation of various provisions of the section and taking shelter behind the technical interpretation that the section refers to the old provisions regarding export incentives and benefits which are not presently prevalent as the new provisions regarding incentives are not referred in the Act. Examples of such situations can be multiplied and dubious provisions giving discretion to the Officers are interpreted in favour of revenue. A question arises whether how a man of priciples can survive in such atmosphere. He can fight the battle till Supreme Court but in the process, the clients are affected adversely. Therefore, unless he finds client with principles, he will not be able to practise but the expectation of the Institute will be naturally to follow the right course of action. However, the majority of the practioners cannot follow such path of “razor’s edge”. Also new comers are expected to spend large sum in setting up their practice by way of new offices, computers, other equipments, etc. There is therefore, natural inclination to adopt the shortcuts to success.

Same problem arises in audit and Company Law practice. The difficulties of complying with recent Standards relating to exchange fluctuations, retirement benefits, construction business, impairment in value of assets, etc. also lead to such a situation wherein auditor makes compromise with principles by not reporting on non-compliance with complicated Accounting Standards whereas another auditor would act strictly according to professional requirement and report on the non-compliance. There may be similar situations of non-compliance with provisions of the Companies Act regarding determination of profit or loss, remuneration of management, inter company loans and investments, etc. where qualifications strictly required in the Auditor’s Report, may put the company in difficulties. Majority of the members practise as proprietors or in small firms and cannot resist the pressure from management, whereas the big firms can dictate the requirements and the members between these two extreme groups face difficulties of varying degrees. Similar situations arise in other fields of practice like FEMA, Foreign Exchange Regulation Act, NBFC, Banking, Insurance, etc.

At the macro level, in the economic field, the offences falling within the scope of economic offences wing lead to such situation. The scam arising from the stamp papers and the enormous fraud committed by some persons have resulted in a national loss and the trial relating to the same continues since a long time. There are misappropriations arising from transactions relating to defence and the offences revealed by the sting operations by the journalists have shocked the country. The related proceedings are prolonged beyond reasonable time.

Similarly, on the social scenario the picture is very grim or horrendous. The daily reporting of murders, rape, kidnapping, blackmail and extortions are pointers in the direction where the nation is going. The gang warfare between criminals including even the Court premises are common and even increasing. The criminal defalcations in the accounts of the banks and other enterprises result in national loss of collosal proportion. The drunken brawls and increasing road accidents resulting in loss of life all over the country have to be aggregated to realise that their number is larger than the loss of life due to various diseases. The incidents of bomb blasts in various parts of the country keep occurring at periodical intervals and the trials of the criminals last more than a decade.

On the politcal front, the picture is no different. Ministers against whom, civic or criminal cases are pending hold important portfolios in the Government. Political parties support members of other parties for reciprocal arrangements to retain power. The fate of the honest Officers in the administration who dare to expose higher Officers or Ministers is very dangerous, which few persons may be willing to face.

In this tragic situation, there are two bright stars which give hopes for a brighter future; the judiciary at the High Court and Supreme Court level has played tremendous role to improve the position. Secondly, the Corporate Sector is very strong adding to the strength of the economy and has not only attracted foreign direct investments but also acquired giant companies abroad putting India on the international map. The right to Information Act has given backing to persons who have been denied justice since long.

A question arises what an individual like you and me can do to change the above situation or should one sit quietly and allow things to go worse? The first necessity is to restore the old values in life where money was not the only consideration and charity and helping others even at the cost of ones own time and money characterised the philosophy of life. Purity of thinking and simple living were cherished ideals. Being good to others and not to do anything wrong or against ones conscience governed all actions in life. Accepting these simple principles and taking decisions in the light thereof should be the guiding principle in all spheres of life.

On the macro front therefore one should act and practise according to the correct ethical principles. One should resist corruption in administration at all cost, though, it will also involve sacrifice in the form of loss of some work. An attempt by some professional bodies to form a committee to fight corruption did not meet with success as the problem alround was too vast and did not evoke response from the relevant quarters. Hence, the only way to act is to fight corruption individually though, it may not be possible on an organised scale.

In the same way, in ones practice as professional, one should not accommodate clients against the law and try to inculcate the spirit of compliance with the law in the clients also. The best way of precept is to practise oneself the same by paying the Direct Taxes on the income and wealth, the Stamp Duty when applicable and Sales Tax or Service Tax and VAT according to law. The temptation to evade the same by not taking the bills or cash memos and thereby not only evading the tax but also encouraging the growth of black money must be avoided. Even an attitute of helping others in the course of professional work and making life easier for all concerned can go a long way to change the situation; e.g., the latest requirement to obtain mutual fund identification number (MIN) encounters endless and avoidable difficulties, like the xerox of PAN Card or acceptance of documents of identification and address without being fussy about difference of one alphabat in spelling on PAN Card. The innumerable flows pointed out in application for Passport or for that matter any similar document can be reduced by emphasising on substance rather than form.

The Right to Information Act should be resorted to in all cases of dealings with Government where a person is not getting response in spite of endless visits to the Government Department. This very important right in the hands of citizens should not be allowed to be diluted by further restrictions proposed by the amendment in the Act.

Finally, in the politcal field the least one can do is to exercise the democratic right given to the citizens for voting for the party which one belongs to or in whose principles one believes in. One may believe that all the candidates belonging to the various parties are not deserving of your support, so that a day will come in near future when you can exercise a negative vote also. One cannot form a political party oneself with the support of some like minded persons, as on account of overwhelming number of other parties, such a party may fail to achieve the objectives like - the Swatantra party. That is why good, bold, independent persons with sterling character do not go to the Parliament by standing for election. It is better to backup such independent persons on merits rather than go by the parties.