Eliminate safe havens, ensure extradition of eco-offenders: PM

G20 member states represent 85% of the world's GDP Modi reached Hangzhou on Saturday night after concluding his two-day visit in Hanoi. Modi will meet British counterpart Theresa May and Argentinian President Mauricio Macri today.

Prime Minister Narendra Modi today asked G20 leaders to act to eliminate safe havens for economic offenders, unconditionally extradite money launderers and end excessive banking secrecy, asserting that fighting corruption and black money was central to effective financial governance.

In his intervention on the second day of the G20 Summit in this east Chinese city, Modi said fighting corruption, black money and tax evasion were central to effective financial governance.

"We need to act to eliminate safe havens for economic offenders, track down and unconditionally extradite money launderers and break down the web of complex international regulations and excessive banking secrecy that hide the corrupt and their deeds," said PM Modi.

The prime minister said a stable global economic and financial system is imperative for growth as it promotes inclusive and sustainable growth.

He called for further strengthening of the global financial safety net.

"We need a regular dialogue between the IMF, Regional Financial Arrangements and Bilateral Swap Arrangements. 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.

"IMF should remain a quota-based institution and not depend on borrowed resources," Modi said emphasing that the "long-delayed 15th General Review of Quotas must be completed by 2017 Annual Meetings."

Modi also said India needs the energy to support its development. A "balanced mix of nuclear, renewal energy and fossil fuels are at the core of our policy."

G20 member states represent 85% of the world's GDP. Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the UK, the US and the European Union make the G20.