Brisbane: In a major gain for India, the G20 summit on Sunday endorsed the need for transparency and disclosure by countries of tax information as Prime Minister Narendra Modi voiced support to the new global standard on automatic exchanges to tackle the black money issue.
Raising the pitch on black money, Mr Modi, intervening at the summit of the Group of 20 industrialised and major emerging econo-mies called for close global coordination to address the challenge posed by it.
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The new standard will help to get information about unaccounted money hoarded abroad and enable its eventual repatriation, Mr Modi said, utilising the forum of G20, that accounts for 85 per cent of world’s GDP.
Mr Modi, while voicing India’s support for it, urged every jurisdiction, especially tax havens, to provide information for tax purposes in accordance with treaty obligations.
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He also extended India’s backing for all initiatives to facilitate exchange of information and mutual assistance in tax policy. His remarks at the G20 session come as his government has repeatedly said that bringing back black money is a priority.
