Eliminate safe havens for economic offenders: PM Narendra Modi tells G20

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

PTI September 05, 2016 10:51:38 IST
Eliminate safe havens for economic offenders: PM Narendra Modi tells G20

Hangzhou: Minister Narendra Modi on Monday made it clear that effective financial governance requires "full commitment" to act against the corrupt and elimination of "safe havens" for economic offenders as he called on G20 members to break down the web of excessive banking secrecy.

In his intervention on the second day of the G20 Summit in this east Chinese city, Modi said fighting corruption, blackmoney and tax-evasion were central to effective financial governance.

Eliminate safe havens for economic offenders PM Narendra Modi tells G20

Prime Minister Narendra Modi. GettyImages

To achieve that, he said, "we need to act to eliminiate safe havens for economic offenders, track down and unconditionally extradite money launderers and break down the web of complex international regulations and excessive banking secrecy that hide the corrupt and their deeds".

The prime minister said that a stable global economic and financial system is imperative for growth as it promotes inclusive and sustainable growth.

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

"We need a regular dialogue between the IMF, Regional Financial Arrangements and Bilateral Swap Arrangements. Important mechanisms like financial stability board should stick to their core mandate," External Affairs Ministry spokesperson Vikas Swarup quoted the Prime Minister as saying in a series of tweets.

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

The Prime Minister also said that India needs energy to support its development. A "balanced mix of nuclear, renewal energy and fossil fuels are at the core of our policy."

The G20 member states represent 85 per cent of the world's GDP.

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the UK, the US and the European Union make the G20.

Updated Date:

also read

Mann Ki Baat radio programme has generated over Rs 30.80 crore revenue since 2014, says Centre
India

Mann Ki Baat radio programme has generated over Rs 30.80 crore revenue since 2014, says Centre

The ''Mann Ki Baat'' programme is broadcast at 11 am on the last Sunday of each month through various channels of the All India Radio and Doordarshan

Narendra Modi removed 'irritants' from Assam, ushered development in northeast region: Amit Shah
Politics

Narendra Modi removed 'irritants' from Assam, ushered development in northeast region: Amit Shah

People of Assam have voted for the BJP for the second consecutive term as they have realised that there is no place for 'aatankwad' (insurgency) and 'andolan' (agitation) in the state, Shah asserted

PM's Mann ki Baat: Must move forward with 'nation first, always first' mantra, says Narendra Modi
India

PM's Mann ki Baat: Must move forward with 'nation first, always first' mantra, says Narendra Modi

Modi noted that on the coming 15 August, India will enter its 75th year of Independence and highlighted that Amrit Mahotsav is being celebrated throughout the country to mark that year