Lets eliminate safe havens of eco offenders, says PM Modi

RSTV Bureau
Hangzhou: Prime Minister Narendra Modi with US President Obama and other G20 leaders during the G20 summit in Hangzhou, China, September 4, 2016. Photo - PTI

Hangzhou: Prime Minister Narendra Modi with US President Obama and other G20 leaders during the G20 summit in Hangzhou, China, September 4, 2016.
Photo – PTI

Stressing that fighting Corruption and black money is a key to effective financial governance, Prime Minister Narendra Modi asked the G20 leaders to act to eliminate safe havens for economic offenders and end excessive banking secrecy. He also urged to derive mechanism for a swift and unconditional extradition of money launderers.

Speaking on the second day of the G20 Summit in this east Chinese city of Hangzhou, he said, “we need to act to eliminiate 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 also underlined that a stable global economic and financial system is imperative for growth besides calling for strengthening of the global financial safety net.

“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,” External Affairs Ministry spokesperson Vikas Swarup quoted the Prime Minister as saying in a series of tweets.

“IMF should remain a quota-based institution and not depend on borrowed resources,” PM Modi said.

Hangzhou: Prime Minister Narendra Modi with US President Obama and other G20 leaders during the G20 summit in Hangzhou, China, September 4, 2016. Photo - PTI

Hangzhou: Prime Minister Narendra Modi with US President Obama and other G20 leaders during the G20 summit in Hangzhou, China, September 4, 2016.
Photo – PTI

Stressing that India needs energy to support its development, he said “balanced mix of nuclear, renewal energy and fossil fuels are at the core of our policy.”

G20 member-states represent 85 per cent of the world’s GDP. 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 the G20.

Making another intervention at the summit on ‘Robust International Trade and Investment’, he said the vision of a “transparent, equitable, non-discriminatory, open, inclusive and rule-based global trading architecture should underpin collective efforts”.

On the sidelines of the summit, PM Modi also held separate meetings with French President Francois Hollande and Turkish President Recep Tayyip Erdogan. He was accompanied by National Security Advisor Ajit Doval and foreign secretary S Jaishankar during the brief meeting with the French President.

“Strengthening the Strategic Partnership with France. PM @narendramodi has a quick pull aside with President Hollande,” External Affairs Ministry spokesperson Vikas Swarup tweeted.

This was his first ever meeting with Turkish President Recep Tayyip Erdogan a failed coup attempt in Turkey. The two leaders held discussions on renewing bilateral ties.

(With inputs from the PTI)