PM Narendra Modi Calls For 'Close Coordination' on Black Money at G20 Summit

On Saturday, the Prime Minister had said that repatriation of black money was a key "priority" for the government. Reiterating the point, the 64-year-old today said, "Urge every jurisdiction, especially tax havens, to provide information for tax purposes in accordance with treaty obligations."

Stressing on the importance of international cooperation against unaccounted money stashed abroad, PM Modi 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 PM was speaking at a session titled "Delivering Global Economic Resilience" where the he also highlighted the need for "coordinated decisions" among major economies. "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," the PM said.

"I support all initiatives to facilitate exchange of information and mutual assistance in tax policy and administration," he said in his intervention on issues of tax evasion at the summit.

Yesterday, PM Modi made a strong pitch for economic reforms which he said should be "people-centic and people-driven". Addressing an informal retreat of G20 leaders ahead of the summit, he said, "Reform is bound to face resistance... must be insulated from political pressures."

The Group of 20 - which comprises 20 of the world's biggest developed and emerging economies - looks to meet a two per cent increase in its combined growth over five years through economic reform and infrastructure investment. The group accounts for 80 per cent of world trade and 85 per cent of global economic production.

The Prime Minister also proposed "setting up a global virtual centre for clean energy research and development" at today's session.

Mr Modi is the first Indian PM to visit Australia in 28 years and is scheduled to visit three other cities - Sydney, Canberra and Melbourne - between November 16 and November 18.

In Sydney, Mr Modi will be feted at a reception at the Olympic Park where 16,000 Indian Australians are expected to gather. In Melbourne, he will address about 500 top Australian and Indian CEOs.

In Canberra, PM Modi will hold talks with Australian Prime Minister Tony Abbott, who will also host a reception for Mr Modi at the iconic 161-year-old Melbourne Cricket Ground. PM Modi will address a joint sitting of Australia's Federal Parliament too.