India tells G20, tackle spill effect
New Delhi: India has urged the Group of 20 nations (G20) to put in place an effective mechanism to deal with negative spillovers of unconventional monetary policies pursued by advanced economies, the finance ministry said
New Delhi: India has urged the Group of 20 nations (G20) to put in place an effective mechanism to deal with negative spillovers of unconventional monetary policies pursued by advanced economies, the finance ministry said in a statement on Wednesday.
At a meeting of finance officials from the Group of 20 leading economies in Istanbul, India's junior finance minister Jayant Sinha also expressed concern over the monetary policies of some of the developed countries, the statement added.
India has also called for expeditious implementation of the automatic exchange of tax information saying it would help in tracking illegal money stashed in foreign banks.
Raising the issue at the recently concluded meeting of the G20 Finance Ministers and central bank governors here, the minister advocated “full and fast implementation” of Automatic Exchange of Information within the agreed time-frame.
“This would help India to trace transactions of money illegally earned or stashed in foreign banks without paying appropriate taxes in the countries where those transactions took place,” Mr Sinha said.
He also raised the issue of quota reforms at the International Monetary Fund (IMF) with a view to increase the representation of developing countries in the multilateral lending agency.
“India called for strengt-hening the IMF through implementing the 2010 quota and governance ref-orms and creating an env-ironment for multilateral swaps to overcome such negative impact,” Mr Sinha said.
The quota reform, if implemented, will increase India's voting share in IMF and will put the country at the eight spot in G20 from the current 11th position.