WIONHangzhou, Zhejiang, ChinaSep 05, 2016, 05.14 AM (IST)
Indian Prime Minister Narendra Modi today highlighted the issue of tax evasion and black money as he spoke at the ongoing G20 summit in Hangzhou city of China.
"G20's efforts should be for zero tolerance for corruption and black money, zero administration, policy and treaty loopholes, zero barriers and full commitment to action," Modi said speaking at the session, 'More Effective and Efficient Global Economic and Financial Governance' on the second day of the summit.
"We need to act on eliminating safe havens for economic offenders, track down and unconditionally extradite money launderers and tax offenders and break down the web of complex international regulations and excessive banking secrecy that hide the corrupt and their deeds."
India supports BEPS: Modi
Modi also highlighted the important points on why a stable global economic and financial system is imperative for growth. Professing India's support for Base Erosion and Profit Shifting (BEPS) recommendations, he called on the G20 nations to commit to the timeline of 2017-2018.
The long delayed 15th General Review of Quotas must be completed by 2017 Annual Meetings, he said.
"It is essential that capital requirements under the new regulations do not raise the cost of finance. Important mechanisms like Financial Stability Board (FBS) should stick to their core mandate. IMF should remain quota base institution and not depend on broader resources," he added.
He asserted that the Global Financial Safety Net (GSFN) needs further strengthening.
"We need a regular dialogue between the IMF, Regional Financial Arrangements and Bilateral Swap Arrangements," he said.
'Global trading regime must respond to needs of developing nations'
"Global trade is at a cross roads", Modi further said while talking at 'Robust International trade and Investment session'.
India's focus is to work towards World Trade Organization's Trade Facilitation Agreement, he insisted.
"Global trading regime must respond to needs & priorities of developing nations. Global value chains must provide them level playing field," Indian external Affairs ministry spokesman quoted him as saying on his Twitter account.
He also highlighted other important points raised by Modi during his address.
The Prime Minister also pointed out on the Day-2 of the summit that there is need of energy to support development needs, adding balanced mix of nuclear, renewable energy and fossil fuels are at core of India's policy, Indian news agency ANI reported.