Antalya (Turkey), Nov 16 (IANS): India has zero tolerance on black money and corruption, Prime Minister Narendra Modi said on Monday, the second and final day of the G20 Summit here.
"My government has zero tolerance on corruption and black money. We have enacted 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 financial system, he said: "We need greater international 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 financial 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 International 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.
Earlier report
Some countries still use terror as state policy instrument: PM
Antalya, Nov 16 (PTI): Pressing for the need to delink terror from religion, Prime Minister Narendra Modi has said some countries still use terrorism as "an instrument of state policy" and the world must act against radicalisation without any political consideration.
Modi said terrorism is the main global challenge today and "from regions in conflict to the streets of distant cities, terrorism extracts a deadly price".
Speaking here at the G20 Summit, being held against the backdrop of deadly Paris attacks, the Prime Minister said, "Old structures of terrorism remain. There are countries that still use it as an instrument of state policy."
"The world must speak in one voice and act in unison against terrorism, without any political considerations. There should be no distinction between terrorist groups or discrimination between states.
"We must isolate those who support and sponsor terrorism; and, stand with those who share our values of humanism. We need to restructure the international legal framework to deal with the unique challenges of terrorism," he said.
He was making an intervention at G-20 Working Dinner last night on the issue of 'Global Challenges – Terrorism and Refugee Crisis'.
Modi said the world is seeing a changing character of terrorism with "global links, franchise relations, home-grown terrorism and use of cyber space for recruitment and propaganda".
While there is a new level of threat to pluralist and open societies, the territory of recruitment and the target of attacks are the same, and that is society, he added.
Modi said the global framework for security was defined for another era and for other security challenges and there was no comprehensive global strategy to combat terrorism.
"And, we tend to be selective in using the instruments that we have," he said and asked G20 leaders to adopt a Comprehensive Convention on International Terrorism "without any delay".
He also pressed for increased international cooperation in intelligence and counter-terrorism.
"We should strengthen efforts to prevent supply of arms to terrorists, disrupt terrorist movements, and curb and criminalise terror financing.
"We have to help each other secure our cyber space, and minimise use of the Internet and social media for terrorist activities," he added.
Modi also called for involving religious leaders, thinkers and opinion makers for a social movement against extremism, particularly addressed to the youth.
"This is needed most in countries where it is most prevalent. We need to delink terror and religion and work together to counter radicalisation.
"It is equally important to promote broader peace and stability in West Asia and Africa," he said while adding this was also required for addressing the current refugee crisis.
Stating that there were an estimated 60 million people in need of protection worldwide, Modi said the West Asian crisis has directed global attention to this acute humanitarian challenge.
"It also has wide-ranging impact in receiving countries. We thank the countries that have opened their borders and shelters. We also need a long-term approach and a stronger role for the United Nations in dealing with one of our greatest human challenges across the world," he added.
Modi raised the issue of terror on various occasions on the first day of the two-day G20 Summit yesterday.
Besides, he also held bilateral meetings on the sidelines, including with Australian Prime Minister Malcolm Turnbull.
The two Prime Ministers announced completion of procedures for the India Australia Civil Nuclear Agreement to bring the pact into force.
Modi also met Donald Tusk, President of the European Council, and Jean Claude Juncker, President of the European Commission, on the margins of G20 Summit, which ends today.