The Telegraph
Tuesday , September 6 , 2016
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Modi campaigns against tax havens

Narendra Modi with UK Prime Minister Theresa May at the G20 summit in Hangzhou, China, on Monday. (PTI)

Hangzhou (China), Sept. 5 (PTI): Underlining that fighting corruption and black money is key to effective financial governance, Prime Minister Narendra Modi today asked G20 leaders to act to eliminate safe havens for economic offenders, unconditionally extradite money launderers and end excessive banking secrecy that hide the corrupt.

"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 in his intervention on the second day of the G20 summit.

He said fighting corruption, black money and tax evasion were key to effective financial governance.

He said to achieve that "we need to act to eliminate 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".

A stable global economic and financial system is imperative for development as it promotes inclusive and sustainable growth, the Prime Minister said and 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 such as 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.

"The IMF should remain a quota-based institution and not depend on borrowed resources," Modi said emphasising that the "long-delayed 15th general review of quotas must be completed by 2017 annual meetings".

India has been pressing for reform of the Bretton Wood Institutions - IMF and World Bank - which would give it and other major emerging economies greater say in the multilateral lenders.

India had recently said governance reforms were required to ensure the IMF's credibility, legitimacy and effectiveness.

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