On Monday, Prime Minister of India Narendra Modi said that effective financial governance requires commitment to act against the black money, tax evasion, corruption.
PM Modi said that fighting black money, corruption and tax evasion were central to effective financial goverance, in his intervention on the second day of the G20 Summit in this east Chinese city.
Modi said that we need to act to eliminate safe havens for economic offenders and break down the web of complex international regulations and excessive banking secrecy that hide the corrupt and their deeds.
PM Modi said that a stable financial system and global economic is imperative for growth as it promotes sustainable and inclusive growth.
Vikas Swarup who is External Affairs ministry spokes person, quoted the Prime Minister as saying in a series of tweets that we need a regular dialogue between the IMF, Bilateral Swap Arrangements and Regional Financial Arrangements. Financial stability board should stick to their core mandate
PM Modi said that long delayed 15th General Revies of Quotas must be completed by Annual Meetings 2017. International Monetary Fund should remain a quota-based institution and not depend on borrowed resources.
The Prime Minister Narendra Modi also said that India needs energy to support its development. A balanced mix of renewal energy, fossil fuels and nuclear are at the core of our policy.
The G20 members represent 85% GDP of the world.
The US, The UK, Turkey, South Korea, South Africa, Saudi Arabia, Russia, Mexico, Japan, Italy, Indonesia, India, Germany, France, China, Brazil, Canada, Australia, European Union and Argentina make the G20.
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