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G20 summit: PM Modi calls for close policy coordination to recover black money

India TV News Desk 16 Nov 2014, 10:25:37 AM IST
India TV News Desk

Brisbane: PM Narendra Modi today expressed India's full support for a new global standard on automatic exchange of information that would be instrumental in getting information about black money stashed abroad and enable its eventual repatriation.

PM Modi said this while making an intervention during the G20 session on Delivering Global Economic Resilience. He said that he supports all initiatives that would facilitate exchange of information and mutual assistance in tax policy and administration.

Seeing the increased mobility of capital and technology that has created new opportunities for avoiding tax and profit shifting, Modi urged every jurisdiction, especially tax havens, to provide information for tax purposes in accordance with treaty obligations.

The Prime Minister reiterated his call for close policy coordination among major economies as it is important not just for addressing the challenge of black money, but also for security issues like terrorism, drug trafficking, arms smuggling etc, reiterated Modi.

"Though all countries have their domestic priorities, coordinated decisions would "help us all" in the long run," said Modi at G20 session.

"Moreover, the resilience of the global financial system will also depend on cyber security," added Modi.