India has zero tolerance on corruption, black money: PM

India has zero tolerance on black money and corruption, Prime Minister Narendra Modi said on Monday, the second and final day of the G20 Summit here. 

"My government has zero tolerance on corruption and black money. We have enacted a new law to deal with undisclosed assets and income kept abroad," Modi said in his intervention at the Session II of the summit on enhancing resilience. 

While commending the G20 for its successful efforts to build a more resilient and open global financial system, he said: "We need greater international cooperation for return of illicit money to the country of origin and must address the issue of excessive banking secrecy." 

According to Modi, higher capital requirements should not become a constraint on promoting financial inclusion or functioning of banking sector in developing countries.  "Indeed, effective supervision and better use of technology can reduce capital requirements," he said.