G20: PM Modi urges for 'close coordination' on black money

  • ANI, Brisbane
  • Updated: Nov 16, 2014 13:48 IST

Raising the issue of black money during the G20 Summit meeting in Brisbane, Prime Minister Narendra Modi on Sunday stated that India supports all initiatives which facilitates automatic exchange of information among nations that ultimately helps in tracing unaccounted money and its eventual repatriation.

In series of tweets, Ministry of External Affairs (MEA) official spokesperson, Syed Akbaruddin’s twitter handle revealed Prime Minister Modi’s intervention on issues of tax evasion at the G20 Summit.

“We support new global standard on automatic exchange of information. It would be instrumental in getting information at unaccounted money hoarded abroad and enable its eventual repatriation. I support all initiatives to facilitate exchange of information and mutual assistance in tax policy and administration,” Akbaruddin tweeted.

Prime Minister Modi also stressed on co-ordinated decision making in tackling the challenge of tax avoidation and profit shifting and urged nations which are tax havens to share information for tax purposes in accordance with treaty obligations.

“Need for policy coordination among major economies remains strong. Although we each have our domestic priorities, co-ordinated decisions may help us all in the long run. Increased mobility of capital and technology have created new opportunities for avoiding tax and profit shifting. Urge every jurisdiction, especially tax havens, to provide information for tax purposes in accordance with treaty obligation,” Akbaruddin's Twitter handle revealed.

"Base Erosion and Profit Shifting (BEPS) system would fully address concerns of developing and developed economies,"Akbaruddin tweeted quoting Prime Minsiter Modi's speech at G20 Summit.

Akbaruddin’s twitter handle further wrote about Prime Minister Modi pointing to the growing cyber threat in addition to black money that posed a security challenge in areas like terrorism, drug trafficking and arms smuggling.

“Close coordination is important not just for also addressing the challenge of black money, but also security issues like terrorism, drug trafficking, arms smuggling. Resilience of our financial system will also depend on cyber security,” Akbaruddin further tweeted.

Earlier on Sunday Prime Minister Modi began his day by meeting German Chancellor Angela Merkel. He is slated to meet Spanish Prime Minister and also unveil a Gandhi statue among others later in the day.

On Saturday, Prime Minister Modi had a packed schedule, meeting leaders of BRICS, and having one-on-one interactions with leaders from France, Canada and Saudi Arabia.

During his meetings with BRICS leaders, Prime Minister Modi reiterated his priority of repatriating black money deposited by indians in foreign banks, and also underlined the need for fast tracking the establishment of a BRICS development bank.

Prime Minister Modi was accorded a red-carpet welcome by his Australian counterpart Tony Abbott upon his arrival at the Queensland Parliament for the G20 Summit. He also met with the U.S. President Barack Obama.

After attending the G20 Summit in Brisbane, Prime Minister Modi is scheduled to travel to Sydney, where he will attend a reception organized by and for the Indian Diaspora.

Prime Minister Modi will then travel to Canberra and address the special joint sitting of the Australian Parliament on November 18. He will also address an Indian community event in Melbourne before travelling to Fiji.

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