"Seeing the rising importance of XBRL as an effective means of communicating financial information and the plethora of benefits it has to offer, the Institute of Chartered Accountants of India (ICAI), the apex accounting body of the country, constituted the XBRL Group in the year 2007 for undertaking the development and promotion of XBRL in India. The Institute is spearheading the XBRL initiative in the country and is the provisional jurisdiction of XBRL in India. In its endeavor of providing best to its members the Institute has recently launched XBRL India website in the International Conference held at Agra from July 3-5, 2009. The website was launched by CA. Uttam Prakash Agarwal, President, ICAI in the presence of CA. Mohandas Pai, Infosys Technologies and Ms. Liv Watson, XBRL International, Vice Chair. The URL of XBRL India website is www.xbrl.org/in

The ICAI, India jurisdiction has developed the taxonomy for general purpose financial statements for commercial and industrial sector. The exposure draft of the taxonomy has already been issued and it will be sent for accreditation by XBRL, International shortly. Taxonomy for banks is under preparation and exposure draft is expected to be issued shortly."