Indian Prime Minister Narendra Modi’s
fight against black money received a much needed support from the G20 Summit as
it endorsed the matter in a communique at the end of the summit.
The PM while voicing India's
support for a new global standard on automatic exchange of tax information
urged every jurisdiction, especially tax havens, to provide information for tax
purposes in accordance with treaty obligations.
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.
Analysts said, 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
Analysts said, 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
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