speaking at the G20 Summit in Turkey, Prime Minister Narendra Modi urged the nations for a greater international cooperation to return the illicit money to the origin country. The Prime Minister had requested the global leaders to address the issues of uneven barriers like excessive banking secrecy and very complex legal frameworks.
Prime Minister Narendra Modi explained the G20 nations about the growing problems of corruption and illicit Black Money. “For a developing country like India, Black money is the biggest problem. My Government will continue the fight against corruption and will exhibit zero tolerance against Black Money”.
“It is a well established fact that every country is now a victim of Black Money to some or a greater extent. It is very important that we react in time to control the menace of Black Money from spreading further. I would like to request the G20 nations to give priority to combating corruption”, the Prime Minster said.
Explaining the measures taken by the alleged corruption in India, PM Modi said “We are worried about the growing Black Money cases. However, our government is successful in its drive against Black Money in the recent times. We have also framed new laws to tackle unaccounted domestic money and are looking forward to work with the G20 nations to address the issue of illicit funds”, the PM added.
PM Modi urged the nations for the formation of an Automatic Tax information exchange cell, a platform to share tax information between countries irrespective of the legal frameworks to tackle Black Money, the TOI reported.
The Indian Prime Minister had also requested the United Nations President to bring in changes in the International Monitory Fund (IMF) governing council, as per the latest economic conditions prevailing globally. He also added that the IMF should function as a quota based institute and not depend on borrowed resources.