Prime Minister Narendra Modi called on G20 members to break down the web of excessive banking secrecy on Monday and made it clear that effective financial governance needs “full commitment” to fight and act against the corrupt and elimination of “safe havens” for economic offenders.

Modi said that fighting black money, corruption and tax-evasion were prime to effective financial governance, on the second day of the G20 Summit in this east Chinese city.

He also added that, to achieve that we need to act to eliminate safe havens for economic offenders, need to act to eliminate safe havens for economic offenders.

He said we need to d break down the web of complex international regulations and excessive banking secrecy that hide the corrupt and their deeds.

Modi further added that a stable global economic and financial system is important for growth as it benefits inclusive and sustainable growth.

He asked for further strengthening of the global financial safety net.

He said we need a regular dialogue between Regional Financial Arrangements, the IMF and Bilateral Swap Arrangements.

External Affairs Ministry spokesperson Vikas Swarup quoted the Prime Minister in a series of tweets, that Important mechanisms like financial stability board should stick to their core mandate.

Modi also said that IMF should remain a quota-based institution and should not depend on borrowed resources and long-delayed 15th General Review of Quotas should be completed by 2017 Annual Meetings.

The PM Modi also stated that India needs energy for its development and a balanced mix of nuclear, renewal energy and fossil fuels is at the core of our policy

Australia, Brazil, Canada, Argentina, China, France, Germany, Indonesia, Russia, Saudi Arabia, India, Italy, Japan, Mexico, South Korea, Turkey,  the US , the UK, and the European Union are the  G20 members and these G20 member states represent 85 per cent of the world’s GDP.

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5 Sep 2016
Avni S. Singh

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