Prime Minister Narendra Modi today emphasised that effective financial governance requires elimination of “safe havens” for economic offenders and “full commitment” to act against the corrupt 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 Hangzhou, Modi said fighting corruption, black money and tax-evasion were central to effective financial governance. Read | After meeting with Xi, Modi’s G20 schedule features UK’s May, Turkey’s ErdoganThe Prime Minister said that a stable global economic and financial system is imperative for growth as it promotes inclusive and sustainable growth. 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. Read | PM Modi meets China’s Xi, raises terrorism emanating from Pakistan

Source: Hindustan Times September 05, 2016 05:14 UTC