PM Modi calls for efforts to check black cash

Seeking global cooperation to fight black money menace, Prime Minister Narendra Modi on Sunday asked G20 nations to freeze and repatriate unaccounted money hoarded abroad. He also sought immediate implementation of IMF quota reforms to give emerging markets such as India a greater say and called for steps to strengthen the rule-based global trading system while ensuring that new trading blocks do not divide global trade regime. Speaking at the meeting of leaders of the BRICS nations on the margins of the G20 summit here, Mr Modi also called for an early operation of the new multilateral bank that BRICS nations have created to rival the World Bank.

“The G20 should focus on implementation of the decisions to restructure global economic institutions and greater collaboration between multilateral and regional financial institutions,” he said.