Narendra Modi calls on G20 nations to eliminate havens for economic offenders

HANGZHOU, CHINA: Prime Minister Narendra Modi on Monday made it clear that effective financial governance requires ”full commitment” to act against the corrupt and elimination of “safe havens” for economic offenders as he called on G20 members to break down the web of excessive banking secrecy.

In his intervention on the second day of the summit of the Group of 20 top economies here, Modi said fighting corruption, black money and tax-evasion were central to effective financial governance.

To achieve that, he said, “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”.

The Prime Minister said that a stable global economic and financial system is imperative for growth as it promotes inclusive and sustainable growth.

He called for further strengthening of the global financial safety net.

Vikas Swarup, the spokesman for the Ministry of External affairs, quoted the prime minister in a series of tweets.

”We need a regular dialogue between the IMF, Regional Financial Arrangements and Bilateral Swap Arrangements. Important mechanisms like financial stability board should stick to their core mandate,” Modi was quoted as saying, in a reference to the International Monetary Fund.

”IMF should remain a quota-based institution and not depend on borrowed resources,” Modi said emphasing that the ”long-delayed 15th General Review of Quotas must be completed by 2017 Annual Meetings.”

The Prime Minister also said that India needs energy to support its development. A “balanced mix of nuclear, renewal energy and fossil fuels are at the core of our policy.”

The G20 member states represent 85 per cent of the world's Gross Domestic Product.

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the UK, the US and the European Union make up the G20.