“G20’s efforts should be for zero-tolerance for corruption and black money; zero administration, policy and treaty loopholes; zero barriers and full commitment to action,” Modi said in his intervention on the second day of the G20 Summit in this eastern Chinese city.
Modi said fighting corruption, blackmoney and tax evasion were key to effective financial governance. He said to achieve that “we need to act to eliminate safe havens for economic offenders, track down and unconditionally extradite money launderers and break down the web of complex international regulations and excessive banking secrecy that hide the corrupt and their deeds”.
A stable global economic and financial system is imperative for development as it promotes inclusive and sustainable growth, the prime minister said and called for further strengthening of the global financial safety net.
“We need a regular dialogue between the IMF, Regional Financial Arrangements and Bilateral Swap Arrangements. Important mechanisms like financial stability board should stick to their core mandate,” External Affairs Ministry spokesperson Vikas Swarup quoted the Prime Minister as saying in a series of tweets.
“IMF should remain a quota-based institution and not depend on borrowed resources,” Modi said emphasing that the “long-delayed 15th General Review of Quotas must be completed by 2017 Annual Meetings.”
India has been pressing for reform of the Bretton Wood Institutions - IMF and World Bank - which would give it and other major emerging economies greater say in the multilateral lenders.
Congress slams PM’s remarks on black money
New Delhi: Slamming the Prime Minister Narendra Modi’s take on black money issue at G20 summit, Congress on Monday demanded an apology from him.
Congress spokesperson Manish Tewari said, “PM’s speech on black money at G20 is nothing but yet another crude attempt to obfuscate the fact that he and his political party had lied to the country on the issue of black money.”
“During the 2014 poll campaign, PM he had to bring back black money within 100 days of his coming to power. It's about 800 days that this government came into being, the least, PM should apologize at least 8 times before the people or deposit the promised sum of Rs 15 lakhs in every account,” he said.
While addressing media here on Monday, the former Information and Broadcast Minister quoted PM Modi’s speech at G-20 summit in China. PM Modi said that various countries need to act to eliminate safe havens for economic offenders, track down and unconditionally extradite money launderers and break down the web of complex international regulations and excessive banking secrecy that hide the corrupt and their deeds.
“These are extremely noble words from PM. But we would like to ask from him that wasn’t he aware that there are tax havens, off-shore financial centers, international money launderers, very complex international banking regulations during poll campaign? Wasn't he aware of all this when PM went around promising return of black money in 100 days?” Tewari said.