Black money: Modi seeks global coordination

Narendra Modi addressing the gathering at - Brisbane, AustraliaPrime Minister Narendra Modi on Sunday asked every country, especially tax havens, to provide information for tax purposes in accordance with treaty obligations.

Addressing plenary session of G-20 on Delivering Global Economic Resilience at Brisbane in Australia, Modi called for close global coordination to address the challenge posed by black money.

Modi voiced India’s support for a new global standard on automatic exchange of tax information, saying it would be instrumental in getting information relating to unaccounted money hoarded abroad and enable its eventual repatriation.

He said close coordination is important not just for addressing the challenge of black money but also security issues like terrorism, drug trafficking and arms smuggling. The Prime Minister said although every country has its domestic priorities but coordinated decisions may help all in the long run. Modi said increased mobility of capital and technology have created new opportunities for avoiding tax and profit shifting.

The Prime Minister said resilience of financial system will also depend on cyber security. He expressed hope that base Erosion and Profit Shifting system would fully address concerns of developing and developed economies.

Prime Minister proposed setting up a global virtual centre for clean energy research and development. He said the centre could be accessible to all countries and be a hub for sharing information, innovative practices, policies and technologies. In this context he also said that apart from physical infrastructure there is a need to focus on digital infrastructure.

Speaking to reporters after the summit, Prime Minister’s Sherpa and Railway Minister Suresh Prabhu said, outcome of the G20 summit have been very significant from India’s point of view. He said, the Prime Minister was the most sought after leader in the summit. Mr. Prabhu said, development issues, at least two percent global economic growth and automatic exchange of information regarding bank accounts were the highlights of the agenda of the Summit. He said the world leaders praised India’s plan for financial inclusion of Pradhan Mantri’s Jan Dhan Yojana.

Earlier in the morning, Modi met German chancellor Angela Merkel and discussed issues of mutual interest. Our correspondent reports that Prime Minister will unveil a statue of Mahatma Gandhi at Roma street Parkland in Brisbane this evening. Mr.Modi will also attend a civic reception hosted by Premier of Queensland Campbell Newman and Lord Mayor of Brisbane.

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