G20 backs PM Modi’s strong pitch for repatriation of black money

Brisbane: Prime Minister Narendra Modi’s strong pitch for repatriation of black money at its summit here, echoing the government’s line on the need for transparency and disclosure of tax information.
The new global standard will be instrumental in getting information relating to unaccounted money hoarded abroad and enable its eventual repatriation, Modi said, utilising the forum of G20, which accounts for 85 per cent of world’s GDP.
The three-page communique was released at the end of the two-day summit of Group of 20 industrialised and leading emerging economies hosted by Australia.
Briefing newsmen, Railways Minister Suresh Prabhu and External Affairs Ministry spokesperson Syed Akbaruddin said the reference to transparency, which was not there in the draft communique, was incorporated in the final communique after Prime Minister’s strong intervention at today’s plenary session.

After Prime Minister Modi’s intervention, several countries, notably Brazil and South Africa wanted a reference to be made to transparency in the final communique, Akbaruddin said.

“After the prime minister’s own and strong intervention (on repatriation of black money), several countries shared his sentiments and wanted the views to be reflected in the final communique,” he said.
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