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India Will Ask G20 Leaders To Lower Remittance Charges

IndiaThe 10th annual meeting of the G20 heads of government is scheduled to take place in Antalya, Turkey on the 15th and 16th of November 2015. The G20 consists of the biggest and emerging economies which do nearly 75% of all trade transactions and 85% of global gross domestic product. The G-20 consists of a number of countries including Turkey, the European Union, UK, India, US, Canada, Australia, China, Argentina, Brazil, Indonesia, Germany, Japan, Italy, Saudi Arabia, Mexico and South Korea.

The Indian delegation will be lead by Prime Minister Narendra Modi who is expected to raise the issue of reducing the cost of remittance charges and ask for quota reforms to be made at the International Monetary Fund (IMF). The Indian delegation will also seek to put a process in place for G20 members to network better and help increase global growth.

The Sherpa for the G20 talks Arvind Panagariya stated that India is currently the biggest receiver of remittances and had received over $70 billion in 2014. The Sherpa stated that remittance charges have come down in the past because India had pushed for these charges to dropped and committed to once again raising this issue once again to bring down fees to 3% by 2030.

In a statement, Panagariya said

We will again make a very strong pitch that the 2010 reforms be implemented, particularly the quota reforms. Countries which did not ratify such as the United States should do so. The first important issue has to do with development as currently. The second set of issues has to do with inclusive growth within which the leaders would discuss the global economy, employment and investment strategies. The third set of issues financial regulation, international tax, anti-corruption and finally trade and energy.

The Indian government has come down hard on black money, tax evasion and money laundering activities in the country and the prime minister stated that the Financial Action Task Force (FATF) will present a report to G20 leaders with a specific strategy on how they have to deal with breaking the financial network that sponsors global terrorism. The leaders will start the G20 meeting by reviewing the decisions take at the Brisbane summit and the progress made on those action items till now. The meeting will also address issues such as a weak global economies, solutions for growth, creating employment opportunities and resilience in the financial sector.