17 November 2014 Insurance

Close coordination needed on black money

The Prime Minister of India, Narendra Modi, has said that the repatriation of black money kept abroad is a key priority.

During an informal meeting of the five-nation BRICS leaders (Brazil, Russia, India, China, and South Africa) ahead of the G20 Summit, Modi said that the “repatriation of unaccounted money kept abroad is a key priority for us.”

This is according to a series of tweets posted by the external affairs ministry spokesperson Syed Akbaruddin.

Modi called for “close coordination on unaccounted money kept abroad,” and added that “unaccounted money abroad is also linked to security challenges.”

“I support all initiatives to facilitate exchange of information & mutual assistance in tax policy & administration,” he said.

“Need for policy coordination among major economies remains strong. Although we each have our domestic priorities, coordinated decisions may help us all in the long run. Increased mobility of capital and technology have created new opportunities for avoiding tax and profit shifting."

He concluded by urging every jurisdiction, especially tax havens, to provide information for tax purposes in accordance with treaty obligations.

"Close coordination is important not just for also addressing the challenge of black money but also security issues like terrorism, drug trafficking, arms smuggling," he said.

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