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India has zero tolerance on corruption, black money: Modi

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  17 Nov 2015 12:00 AM GMT

Antalya (Turkey), Nov 16: India has zero tolerance on black money and corruption, Prime Minister rendra Modi said on Monday, the second and fil day of the G20 Summit here.

"My government has zero tolerance on corruption and black money. We have ected a new law to deal with undisclosed assets and income kept abroad," Modi said in his intervention at the Session II of the summit on enhancing resilience.

While commending the G20 for its successful efforts to build a more resilient and open global fincial system, he said: "We need greater intertiol cooperation for return of illicit money to the country of origin and must address the issue of excessive banking secrecy."

According to Modi, higher capital requirements should not become a constraint on promoting fincial inclusion or functioning of the banking sector in developing countries.

"Indeed, effective supervision and better use of technology can reduce capital requirements," he said. Modi stressed on cyber security as an important tool for the protection of the banking infrastructure.

He also called on the US to ratify the 2010 Intertiol Monetary Fund (IMF) quota reforms.

"IMF should remain a quota-based institution and not depend on borrowed resources. I hope that the ratification of the reforms of 2010 in the United States would be completed at the earliest," Modi said.

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