Repatriation of black money ‘a key priority’, says Modi


November 15, 2014

Terming money stashed abroad a "security challenge", Prime Minister seeks close coordination among nations on the issue

November 15, 2014

Terming money stashed abroad a "security challenge", Prime Minister seeks close coordination among nations on the issue

BRICS leaders — (from left) Russian President Vladimir Putin, Prime Minister Narendra Modi, Brazilian President Dilma Rousseff, Chinese President Xi Jinping and South African President Jacob Zuma — during their informal meeting ahead of the G20 Summit in Brisbane on Saturday. Photo Credit: Press Information Bureau

BRISBANE, AUSTRALIA – Prime Minister Narendra Modi on Saturday unequivocally said that repatriation of black money kept abroad is a “priority” for his government, as he sought close global coordination to achieve this objective.

Raising the black money issue at an informal meeting of leaders of the five-nation BRICS bloc, Mr. Modi set the tone on this key issue ahead of the G20 Summit in the wake of his commitment to bring back every penny of black money stashed abroad.

In this photo released by G20 Australia, Australian Prime Minister Tony Abbott greets Prime Minister Narendra Modi in the Reading Room at Parliament House during the G20 Summit in Brisbane on Saturday.

“Repatriation of black money kept abroad is a key priority for us,” Mr. Modi told the BRICS leaders.

Calling for close coordination on the issue of black money kept abroad, Mr. Modi also said this unaccounted money is also linked to security challenges.

As India makes attempts to retrieve the black money, the Prime Minister has already made it clear that close cooperation to retrieve the black money from abroad is a key issue for him.

In this screenshot taken from DD News, Prime Minister Narendra Modi addresses a meeting of BRICS leaders ahead of the G20 Summit in Brisbane on Saturday.

The G20 host Australia on Friday vowed a “very aggressive” crackdown on tax avoidance. India is also seeking strong action by the Group of 20 industrialized and emerging economies against tax havens.

“A key issue for me would be to highlight the importance of international cooperation against black money,” Mr. Modi had said, as he is set to renew the country’s commitment at the G20 summit to a global response to deal with cross border tax avoidance and evasion.

India is also expected to urge the G20 to pressure tax havens into revealing more information on black money from India to help retrieve this illegal money.

Besides Mr. Modi, Chinese President Xi Jinping, Russian President Vladimir Putin, South African President Jacob Zuma and Brazilian President Dilma Rousseff, were the other leaders who took part in the informal interaction.

Prime Minister Narendra Modi with students during a visit to Queensland University of Technology in Brisbane, Australia on Friday.

“Namaste! Leaving for my first programme, the Informal BRICS meeting,” Mr. Modi tweeted ahead of the meeting.

BRICS leaders meet ahead of G-20 Summit in Brisbane and Modi's Speech

Your Excellency President Dilma Rousseff,

Your Excellency President Vladimir Putin,

Your Excellency President Xi Jinping,

Your Excellency President Jacob Zuma,

I wish to join my other colleagues and congratulate President Dilma Rousseff on her re-election as the President of Brazil.

From Brazil to Brisbane, it has been most successful journey under your leadership.

Our group will continue to benefit from your visionary leadership.

I would also like to thank President Rousseff for hosting today's meeting.

The historic 6th BRICS Summit in Fortaleza delivered – the New Development Bank and the Contingent Reserve Arrangement.

These signal our collective capacities to create and manage global institutions.

These can be effective in promoting sustainable development and bridge infrastructure gaps. We can be more aligned to local conditions and requirements. We should focus on next generation infrastructure.

We can promote new models of governance and financing, while maintaining the highest banking standards. We should also make it more participatory.

We need to work towards their early implementation.

We propose that we should set the target of 2016 for inauguration of this Bank.

We hope to ratify the agreement by the end of the year. We would soon nominate our candidate for the post of the Presidency.

The Contingent Reserve Arrangement is also a very timely initiative.

The work on the Reinsurance pool among BRICS is also a welcome one. We hope that our officials will be able to come up with a concrete proposal by the next year.

These measures send a strong message to the rest of the world about the efficacy of BRICS.

Besides these, we have started work on many other proposals that would deepen our relations and enhance our cooperation in all spheres.

Thank You.

Courtesy: PTI