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

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

Updated - December 04, 2021 11:29 pm IST

Published - November 15, 2014 07:58 am IST - Brisbane

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.

“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.

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 industrialised 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.

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


>Modi wows students at Queensland varsity

Several students could not hide their enthusiasm and turned into shutterbugs as they relentlessly took photos.

>

>G20 biz leaders demand bold reform agenda for global growth

G20 business leaders said vigorous efforts should be made to go beyond fiscal and monetary policy to kickstart world economy and create jobs. >Read More...

>Ties with India top priority: Cameron

Yours is a very inspiring vision, U.K. wants to partner in any way we can, Cameron told Modi.

>

>Move over MSG, Modi to address three gatherings in Australia

After Madison Square Garden in New York, it will be the historic Melbourne Cricket Grounds

>

Opening Statement by Prime Minister at BRICS Leaders' Meeting in Brisbane:

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.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in


Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.