PM Narendra Modi at the G20 Summit in Brisbane on November 15, 2014 (Agence France-Presse photo)
Prime Minister Narendra Modi made a strong pitch for the repatriation of black money stashed in tax havens on the concluding day of the G20 summit in Brisbane in Australia. He said "close coordination" among nations is needed to address the issue. In a media conference held soon after the session, the External Affairs Ministry called it an "extremely successful visit".
Here are the latest developments in this story:
"Urge every jurisdiction, especially tax havens, to provide information for tax purposes in accordance with treaty obligations," Prime Minister Modi said today at a session titled "Delivering Global Economic Resilience", where he also highlighted the need for "coordinated decisions" among major economies.
Underscoring the importance of exchange of information, he said, "We support the new global standard on automatic exchange of information. It would be instrumental in getting information about unaccounted money hoarded abroad and enable its eventual repatriation."
Underscoring the need for close coordination in this matter, he said it was "important not just for also addressing the challenge of black money but also security issues like terrorism, drug trafficking, arms smuggling."
On Saturday, an informal retreat of G20 leaders ahead of the summit, the Prime Minister had made it clear that repatriation of black money was a key "priority" for the Indian government.
"I support all initiatives to facilitate exchange of information and mutual assistance in tax policy and administration," he said today in his intervention on tax evasion.
The Prime Minister also proposed "setting up a global virtual centre for clean energy research and development" at today's session.
The G20 has welcomed the suggestion that tax-specific ruling be made transparent and it should not be for individual firms. "This was introduced at the behest of India and has been included in the final draft," said Railways Minister Suresh Prabhu during the media conference after the visit.
"The G20 is happy with the Prime Minister's initiative and this has been taken as a priority," said the Railways Minister, who has accompanied the Prime Minister on his trip. The Prime Minister, he said, was the "most sought after leader of G20 and it was a significant entry for a PM into a global forum like G20".
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.
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