Modi at the G20 Summit in Brisbane on November 15, 2014 (Agence France-Presse photo)
The G20 has endorsed Prime Minister Narendra Modi's strong pitch for repatriation of black money in its three-page communique released in Brisbane today. The PM had called for "close coordination" among nations and transparency. After his intervention, several countries, notably Brazil and South Africa, wanted a reference on transparency in the final communique.
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The G20 has welcomed the suggestion that tax-specific ruling be made transparent and it should not be for individual firms. "We are committed to finalising this work in 2015, including transparency of tax-payer specific rulings found to constitute harmful tax practices," read its three-page communique issued on Sunday.
Calling the visit "extremely succful" External Affairs Ministry spokesperson Syed Akbaruddin said "This (the reference to transparency) was introduced at the behest of India and has been included in the final draft."
"I urge every jurisdiction, especially tax havens, to provide information for tax purposes in accordance with treaty obligations," the PM had said at the session titled "Delivering Global Economic Resilience", where he also highlighted the need for "coordinated decisions" among major economies.
The new global standard, Mr Modi said, will be "instrumental in getting information relating to unaccounted money hoarded abroad and enable its eventual repatriation".
Underscoring the importance of information sharing, he said, "Close coordination is important not just for also addressing the challenge of black money but also security issues like terrorism, drug trafficking, arms smuggling."
The Prime Minister had also proposed "setting up a global virtual centre for clean energy research and development," at today's session.
The Prime Minister was the "most sought after leader of G20 and it was a significant entry for a PM into a global forum like G20," Mr Akbaruddin said.
The PM has met German Chancellor Angela Merkel, who raised the German language issue and requested him to look into it, said Mr Prabhu. The Prime Minister has assured her that he would look into the matter.
The Prime Minister also met Saudi Crown Prince Salman bin Abdul Aziz. "Congrats PM of a friendly country, we are ready to cooperate in all sectors," a MEA tweet quoted the Saudi Prince as having told the PM.
The Group of 20 - which comprises 20 of the world's biggest developed and emerging economies - is hoping for a two per cent increase in its combined growth over the next five years through economic reform and infrastructure investment. The group accounts for 80 per cent of world trade.
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