PM Modi takes up black money issue at G-20 Summit, calls for close global coordination

Brisbane, Nov 16: Prime Minister Narendra Modi called for close global coordination as he raised the issue of black money at the G-20 Summit on Sunday. During his address at the session 'Delivering Global Economic Resilience', Modi said, "Close coordination is important not just for addressing the challenge of black money but also for security issues like terrorism, drug trafficking and arms smuggling."

"We support new global standard on automatic exchange of information. It would be instrumental in getting information about unaccounted money hoarded abroad and enable it's eventual repatriation," the PM added.

The PM urged every jurisdiction, especially tax havens, to provide information for tax purposes in accordance with treaty obligations.

The PM also lent his support to all the initiatives to facilitate exchange of information and mutual assistance in tax policy and administration.

This is the second time that the Prime Minister has taken up the issue of black money with world leaders. During his informal meeting with the BRICS leaders on Saturday, Modi had noted that repatriation of unaccounted money kept abroad is a key priority for India.

Prior to the G20 Summit, Modi met the Chancellor of Germany Angela Merkel and has been invited by the latter to visit her nation. "Our relations are deepening. We are waiting for your visit," Merkel told Modi according to a tweet from Ministry of External Affairs spokesperson Syed Akbaruddin.

Modi is scheduled to meet his Spanish counterpart Mariano R Brey later in the day.

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