Modi targets black money, pitches for BRICS Bank by 2016
Fourth months after his BRICS debut in Fortaleza, Brazil, India’s Prime Minister Narendra Modi met the leaders of Brazil, Russia, China and South Africa in the picturesque Australian city of Brisbane and underlined that the repatriation of black money parked abroad, that runs into billions of dollars, was “a key priority,” and linked it to security challenges facing the world.
Mr Modi, whose government has vowed to vow bring black money kept in secret bank accounts by Indians abroad a national priority, made a strong pitch for “close coordination” on the issue during an informal meeting of the five-nation BRICS leaders on the sidelines of the BRICS summit in Brisbane November 15.
Building on the architecture of the BRICS Bank fleshed out in Fortaleza at the July 15 summit, the Indian leader said that BRICS should set 2016 as the target for the inauguration of the BRICS Bank.
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