Look at confiscations to recover proceeds of crime parked abroad: PM to G20 nations

He also said the highest impact of corruption is borne by the poor and the marginalised and asserted the menace affects resource utilisation, distorts markets, impacts service delivery and ultimately diminishes people’s quality of life.

Welcoming dignitaries to the city of Nobel Laureate Rabindranath Tagore, the Prime Minister referred to the poet’s writings where he had cautioned against greed as it prevents “us from realising the truth”. He also touched upon the Upanishads that strive for ‘Ma Gridha’, which translates to ‘let there be no greed’.

Referring to Kautilya in Arthashastra, the PM said it is the government’s duty to enhance the state’s resources to maximize the welfare of its people.

Modi suggested that G20 countries can set “an example by using non-conviction-based confiscations to expedite the recovery of foreign assets”.

He added that this along with timely asset tracing, identification of proceeds of crime and swift return and extradition of criminals after the due judicial process, “will send a strong signal about our joint fight against corruption”.

“India has a strict policy of zero tolerance against corruption”, the Prime Minister remarked as he underlined that the country is leveraging technology and e-governance to create a transparent and accountable ecosystem.

He mentioned that leakages and gaps in welfare schemes and government projects are being plugged. As a result, the Prime Minister said, hundreds of million people in India have received direct benefit transfers into their bank accounts amounting to more than 360 billion dollars and helping save over 33 billion dollars.

Speaking about the enactment of the Economic Offenders Act in 2018, the Prime Minister said the government is aggressively pursuing economic offenders and informed about the recovery of assets worth over 1.8 billion dollars from economic offenders and fugitives.

He also mentioned the Prevention of Money Laundering Act which has helped attach the assets of offenders worth more than 12 billion dollars since 2014. The Prime Minister recalled speaking on the challenges of fugitive economic offenders for all G20 countries and the Global South in his very first G-20 Summit in 2014.

He also mentioned presenting a nine-point agenda for action against Fugitive Economic Offenders and Asset Recovery at the G-20 Summit in 2018 and expressed happiness that decisive steps are being taken by the working group.