Repatriation of black money stashed abroad a key priority for India: PM Modi to BRICS leaders

Brisbane, Nov 15: Ahead of his first appearance at the G20 summit, Prime Minister Narendra Modi on Saturday raised the issue of black money in an informal meeting with the BRICS leaders. Modi said that repatriation of unaccounted money kept abroad is a key priority for India. Calling for close coordination on unaccounted money kept abroad, Modi said that such money is also linked to security challenges.

Ministry of External Affairs Spokesperson Syed Akbaruddin said that the black money discussion was discussed in the meeting with BRICS leaders as it is likely to be taken up in the G20 summit. "This is an issue which will come up, and is on the agenda of the G20. It was raised today and discussed in the context of the PM's discussion with Japan PM Abe on the agenda of the G20, and what India sees as a need to address. So this was an issue that was discussed in the context of the likely discussions in the G20,"

India is also expected to urge the G20 to pressure tax havens into revealing more information on black money from India to help retrieve this illegal money. Besides Modi, Chinese President Xi Jinping, Russian President Vladimir Putin, South African President Jacob Zuma and Brazilian President Dilma Rousseff, were the other leaders who took part in the informal interaction.

At the meeting, he also spoke about the BRICS bank and proposed that it should be inaugurated by 2016. "We propose that we should set the target of 2016 for inauguration of this bank. We hope to ratify the agreement by the end of the year. We would soon nominate our candidate for the post of Presidency," he said.

"The contingency reserve agreement is also a very timely initiative. The work of the reinsurance pool among BRICS is also a welcome one. We hope that our official will be able to come up with a concrete proposal by the next year. This will send a strong message to the rest of the world about the efficacy of BRICS," he added.

The first plenary session of the G20 summit is scheduled to take place on Saturday morning. Along with black money, climate change and the slowing global economy are also high on agenda for the meet.

Later during the day, Modi is scheduled to meet French President Francois Hollande and Canadian PM Stephen Harper. The PM is also likely to have bilateral meets with US President Barack Obama and German Chancellor Angela Merkel over the weekend.

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