Repatriation of Black Money Stashed Abroad my Key Priority: Modi to BRICS Leaders -

Repatriation of Black Money Stashed Abroad my Key Priority: Modi to BRICS Leaders

Nov 15, 2014 Sanjay Tandon News 0

In Australia to attend the G-20 annual summit, Prime Minister Narendra Modi did not miss the opportunity to raise the issue of black money during his informal talks with the leaders of BRICS. He urged BRICS leaders to increase cooperation and called for close coordination to help in tacking of unaccounted money stashed in financial institutions in foreign countries. Black money is a big problem faced by not just India but many other countries. It is not only harmful for the economies of these countries but also poses a big security threat for the world at large.

The informal meeting of BRICS leaders took place ahead of the annual G-20 summit here in Brisbane. China, Brazil, Russia, South Africa, and India make up the group of nations referred to as BRICS. This block has nearly half of the world population. It also accounts for nearly 20% of the total global output. This informal meeting was attended by Xi Jinping, Dilma Rouseff, Vladimir Putin, Jacob Zuma, and PM Narendra Modi. BRICS is still in its nascent stage of development and there was no declaration or official proposal coming out of the meeting. But the fact that Modi raised the serious issue of black money in his interaction with BRICS leaders gives an indication of his seriousness and intent. He is likely to raise this issue even during the G-20 summit scheduled for today and tomorrow. By raising the issue of black money during his informal interaction with BRICS leaders, Modi has set the tone and agenda for the G-20 summit slated to begin in a few hours from now.

Taking up the cue, Australia, the host of G-20 summit this year, has come out strongly in favor of action against black money. In a statement issued by the Australian government on Friday, it was made clear that Australia plans a very serious crackdown on tax avoidance. Perhaps emboldened by the stance of the Australian government, Nirmala Sitharaman, Commerce and Industries Minister in Modi government said, ‘We are keen to engage with the world community in terms of sharing information on tax violations. India intends to take a very pro-active position on the issue of black money at the summit.’

As India grapples with the problem of unaccounted money stashed in foreign banks abroad, Modi does not want to miss out on this big opportunity that he got in the form of G-20 summit. This also sends clear signals to the masses back home that he is serious on the issue of repatriation of black money. Modi government has received criticism from Congress and Left parties for having done nothing to bring black money back to India. There are safe havens for people to stash their black money, and Modi wants G-20 leaders to put pressure on these safe havens to disclose the information they have.

Barack Obama, black money, David Cameron, G-20 Summit, G20 Summit, Herman Van Rompuy, narendra modi, special, Syed Akbaruddin, Vladimir Putin, Web Exclusive

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Sanjay Tandon

Sanjay Tandon is a graduate engineer from IIT Varanasi. He has been writing as a freelancer for many years. He loves to write on various niches. He is passionate about politics and economy and spends his free time watching news channels. He is also an expert on relationships.