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India against bank tax

india Updated: Jun 23, 2010 23:27 IST

PTI
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Taxing the banks for future bailouts is only a “compromise formula”, as a section of G20 members, including India, is against any such levy, Finance Minister Pranab Mukherjee has said.

“That was the compromise formula, because a section of the meeting that felt that there is no need of having any taxation as such,” Mukherjee told PTI in an interview.

He was referring to the Busan G20 communique earlier this month where it was proposed that financial institutions contribute towards governments’ measures to spur economies.

“If there are well placed regulations that can take care of this problem ... the health of the banks can be protected,” Mukherjee said when asked if this issue would again be discussed in the G20 Summit in Toronto on June 26-27.

Addressing a luncheon meeting of Indo-US CEO Forum here, Secretary of State Hillary Clinton and Pranab Mukherjee emphasised the significant role for the corporate sector in taking the Indo-US relationship to an altogether new level.

Clinton said Washington and New Delhi need to catch up with the businesses cooperation between the countries.

Referring to a recently released study report, Clinton said the Indian investment in the US since 2004 grew by an estimated 60 per cent and Indian acquisitions have supported approximately 40,000 jobs and manufacturing export to India led to about generation of 96,000 jobs in the US.

CEOs forum of India and the US have suggested setting up a $10 billion dedicated debt fund for infrastructure development in India.