PM Manmohan Singh to Leave for Canada Tomorrow

Prime Minister Manmohan Singh will be leaving on a three-day visit to Canada on Friday, said media reports.

During the visit, Singh will attend the G-20 Summit which will review the current status of the global economic recovery and discuss a tax to fund future bail out of banks, a proposal India is opposed to, reports said.

Singh, who will lead a high-power Indian delegation to the two-day summit in Toronto on June 26 and 27, is expected to place on record India’s opposition to such a banking transaction levy on the ground that Indian banks did well during the 2008 financial crisis sparked by weak regulation norms in developed countries, said reports.

Notwithstanding the rejection of the tax idea at the G-20 finance ministers meeting in Busan in Seoul earlier this month, countries like the US, France and Germany, favour such a levy.

(Based on internet reports)
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