Modi raises black money, tax evasion at G20 (Economy Roundup)

Indian Prime Minister NarendraModion Monday raised the issues of black money and tax evasion at the G20 Summit here, urging member countries to act against financial corruption.

On the second day of the Summit here, Modi said: "Fighting corruption, black money and tax evasion were central to effective financial governance."

Modi urged the grouping to show full commitment to action against financial corruption and said effective financial governance required action against the corrupt and elimination of safe havens for economic offenders.

"We need to act to eliminate safe havens for economic offenders, track down and unconditionally extradite money launderers and break down the web of complex international regulations and excessive banking secrecy that hide the corrupt and their deeds," Modi said in his address at the G20.

Representing 85 per cent of the world's GDP, the G20 is composed of Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the UK, the US and the European Union.

Making his intervention in the discussion on 'More Effective and Efficient Global Economic and Financial Governance at the G-20 summit', Modi called for further strengthening the global financial safety net.

"We need a regular dialogue between the IMF, Regional Financial Arrangements and Bilateral Swap Arrangements. Important mechanisms like financial stability board should stick to their core mandate."

On tax evasion, Modi reiterated India's support for Base Erosion and Profit Shifting (BEPS) recommendations and calls on countries to commit to the timeline of 2017-18.

"PM professes India's support for BEPS recommendations and calls on countries to commit to the timeline of 2017-18," External Affairs Ministry spokesperson Vikas Swarup tweeted citing the Prime Minister.

India had earlier declared its commitment to implementing BEPS, which advocates avoidance of stateless income and plugging loopholes by which entities avoid tax in operating across borders.

The Paris-based think-tank of developed nations, the Organisation for Economic Cooperation and Development's (OECD) Base Erosion and Profit Sharing deliverables advocate consistent tax rules throughout the world.

In this connection, a Central Board of Direct Taxes (CBDT) committee on taxation of e-commerce had earlier this year suggested an "Equalization Levy" of between 6-8 percent for business-to-business digital transactions.

This recommendation had formed the basis of Finance Minister Arun Jaitley's Budget 2016-17 proposal for an equalization levy of 6 percent in order to tax income accruing to foreign e-commerce companies from India.

The committee has suggested that the levy be imposed on the amount paid to a non-resident by an Indian resident for specified digital services.

The specified services would include online advertising or any services, rights or use of software for online advertising, including advertising on radio and TV, designing, hosting or maintenance of websites, digital space for website, e-mails, blogs, facility for online sale of goods or services or collecting online payments.

It would also include use or right to use or download online music, online movies, online games and online software applications accessed or downloaded through the Internet or telecommunication networks.


Source:-business-standard
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Eliminate safe havens for economic offenders: PM Modi tells G20

China's government minders gave American national security advisor Susan Rice and other US officials trouble over press access to the US leader's arrival in the eastern city of Hangzhou.

The dispute concluded in a nationalistic eruption from one official, who shouted "This is our country! This is our airport!" at White House staffers as they tried to help American reporters position themselves to film Obama's arrival.
HANGZHOU: Prime Minister Narendra Modi on Monday made it clear that effective financial governance requires "full commitment" to act against the corrupt and elimination of "safe havens" for economic offenders as he called on G20 members to break down the web of excessive banking secrecy.

In his intervention on the second day of the G20 Summit in this east Chinese city, Modi said fighting corruption, blackmoney and tax-evasion were central to effective financial governance.

To achieve that, he said, "we need to act to eliminiate safe havens for economic offenders, track down and unconditionally extradite money launderers and break down the web of complex international regulations and excessive banking secrecy that hide the corrupt and their deeds".

The prime minister said that a stable global economic and financial system is imperative for growth as it promotes inclusive and sustainable growth.

He called for further strengthening of the global financial safety net.

"We need a regular dialogue between the IMF, Regional Financial Arrangements and Bilateral Swap Arrangements. Important mechanisms like financial stability board should stick to their core mandate," External Affairs Ministry spokesperson Vikas Swarup quoted the Prime Minister as saying in a series of tweets.


"IMF should remain a quota-based institution and not depend on borrowed resources," Modi said emphasing that the "long-delayed 15th General Review of Quotas must be completed by 2017 Annual Meetings."


The Prime Minister also said that India needs energy to support its development. A "balanced mix of nuclear, renewal energy and fossil fuels are at the core of our policy."
Top Comment
Financial corruption? The kingpins are the US banking cartels (who incidently have owned every POTUS since JFK)gps1997


The G20 member states represent 85 per cent of the world's GDP.


Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the UK, the US and the European Union make the G20.


Source:-indiatimes
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Chinese Minister Meets PM Narendra Modi Amid Strained Ties Over Nuke Group (NSG) Bid

New Delhi: 

Chinese Foreign Minister Wang Yi, who is on a three-day visit in Delhi, met Prime Minister Narendra Modi at his residence today. As he arrived on Friday night, Beijing recommended that India and China should "keep their disagreements in check."
   
State-run news agency Xinhua also firmly reiterated that India must stop blaming China for its failed attempt in June to enter the Nuclear Suppliers Group or NSG, which groups 48 countries who trade in sophisticated nuclear technology and material.

After first stating that "one country" had blocked India's membership, India directly named China and Foreign Minister Sushma Swaraj told parliament that the government plans to continue engaging with Beijing to win its support.

A few days ago, state-run media in China warned India not to.

"New Delhi should not be downhearted as the door to the NSG is not tightly closed," said Xinhua on Friday, even as it repeated that the nuclear group should not be open to country that has not signed the main global arms control pact, the Non-Proliferation Treaty or NPT. India is not a signatory to the agreement.

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On Tuesday, a state-run newspaper in China warned India not to seek explanations for Beijing's claims to the disputed South China Sea, which were recently rejected by an international tribunal.  China has rejected that verdict.

"Given that the South China Sea correlates with China's vital national interests, it is hoped that India would fully comprehend Beijing's concerns, "Xinhua's commentary said on Friday.

In addition to valuable natural resources, the South China Sea provides passage for goods worth 5 trillion dollars a year, making it strategically and economically crucial.
Source:-Zeenews
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