PM Narendra Modi asks G20 leaders to eliminate safe havens for economic offenders

G20 summit: PM Modi said fighting corruption, black money and tax-evasion were central to effective financial governance.

By: ANI | Hangzhou | Updated: September 5, 2016 11:00 am
Modi, PM Modi, Narendra Modi, Pm modi G20, Modi G20, Modi G20 summit, Modi black money, g20 summit china, India news, latest news On the second day of G20 Summit, PM Narendra Modi said that a stable global economic and financial system is imperative for growth as it promotes inclusive and sustainable growth. (Source: Reuters Photo)

Prime Minister Narendra Modi Monday made it clear that effective financial governance requires “full commitment” to act against the corrupt and elimination of “safe havens” for economic offenders as he called on G20 members to break down the web of excessive banking secrecy. In his intervention on the second day of the G20 Summit in this east Chinese city, Modi said fighting corruption, black money and tax-evasion were central to effective financial governance.

To achieve that, he said, “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”. The prime minister said that a stable global economic and financial system is imperative for growth as it promotes inclusive and sustainable growth. He called for further strengthening of the global financial safety net.

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“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.” The Prime Minister also said that India needs energy to support its development. A “balanced mix of nuclear, renewal energy and fossil fuels are at the core of our policy.” The G20 member states represent 85 per cent of the world’s GDP.

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the UK, the US and the European Union make the G20.

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    Onkar Singh
    Sep 5, 2016 at 11:11 am
    It's music to hear Modi talking about cleaning financial havens and the corrupt.17 individuals owe by way of tax to the govt.This statement was given by Jayant Sinha,the the MoS Finance in 2015 in Parliament,in which he added to say ,that this tax may not be " collectible".And there is a book available in the market about the money laundering activities of Adani and Modi is doing everything in his power to scuttle the investigationdia is also a haven where the govt expresses it's inability to collect tax,which is to the tune of 2.14 lakh crores!! And a " corrupt" Adani is available in India.Will the PM do something about him? So his words on foreign soil sound musical as well as hollow.
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      Ordinary Indian
      Sep 5, 2016 at 3:56 pm
      Awesome answer... hats off to you!
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        Ordinary Indian
        Sep 5, 2016 at 3:59 pm
        Oh.. you have a similar feeling? The same tingling that commentator " Indian" has? You can jump on to his pyre too.
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          shakeel
          Sep 5, 2016 at 7:50 am
          Modi ji phekna ban karo mallay was on india you could have stopped him going there and telling others no to give protection to desh dhoris have some proactive approach
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            Anand Prakash
            Sep 5, 2016 at 4:01 pm
            A clic inane response from a dimwit.
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