G20 summit: Repatriation of black money kept abroad is a priority, PM Modi

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The black money kept abroad is not only headache for India but it is global problem,developing nations where the rule of one party or one man exits the problem takes national dimensions and the peace of the country gets jeopardized. An international awareness to quell this this political epidemic would make the nation be govern in right earnestness. Rich becomes richer and poor tends to be more poor. Modi has taken bold initiative to fight this evil from the apex level.Thus Prime Minister Narendra Modi at G 20 summit 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, 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,” Modi told the BRICS leaders.

Calling for close coordination on the issue of black money kept abroad, 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.

 G20 host Australia on Friday vowed a “very aggressive” crackdown on tax avoidance. India is also seeking strong action by the G20 industrialized and emerging economies against tax havens. “A key issue for me would be to highlight the importance of international cooperation against black money,” 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.reports PTI