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Need for zero tolerance for corruption, black money: PM Modi at G20 meet

Prime Minister Narendra Modi was spreaking at the G20 Summit in Hangzhou, China.

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Prime Minister Narendra Modi, in his speech at the crucial G20 meeting being held in Hangzhou, China, called for the eradication of tax havens for economic offenders, and a crackdown on black money hoarders, money launderers and tax offenders. 

Modi said that an effective financial governance was only possible in the world if there was "full commitment to act against economic offenders, and to eradicate safe havens."

The Modi government is focussed on clamping down on black money in the country and plugging the loopholes that make economic offences possible. For this, the government has announced several measures, even announcing a one-time amnesty-like compliance window, to come cean on disclosed income or assets by paying only a part of the outstanding taxes as penalty. 

At the G20 meet, Modi said there was a necessity to "track down and unconditionally extradite money launderers and tax offenders and to break down the web of complex international regulations and excessive banking secrecy that hide the corrupt and their deeds."

He said, there should be zero tolerance for corruption and black money, zero admin, policy and treaty loopholes, zero barriers and full commitment to action, Ministry of External Affairs Spokesperson Vikas Swarup tweeted, quoting the PM's speech in Hangzhou. 

To strengthen the global financial safety net, it was necessary to hold regular dialogues between the International Monetary Fund (IMF), Regional Financial Agreements, and Bilateral Swap Agreements. 

 

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