NEW DELHI, June 24 – As G20 countries worked on steps to tackle black money, Prime Minister Manmohan Singh has said it is a problem but no “magic solutions” were available to deal with menace, reports PTI.
“The problem is there but there are no magic solutions available. I think it is going to be a slow process,” Singh told reporters accompanying him on his return home after his eight-day foreign tour.
The Prime Minister’s remark came when he was asked whether the black money issue has become irrelevant for the Group of Developed and Developing countries(G-20) or any improvement was there in dealing with the problem.
“It is too early to say one way or the other,” he said.
The just concluded G20 Summit at Los Cabos in Mexico welcomed the efforts to enhance interagency cooperation to tackle illicit financial flows.
In its communique, the G20 said it supported the renewal of the Financial Action Task Force(FATF) mandate, thereby sustaining global efforts to combat money laundering.
In the tax area, the G20 leaders including Prime Minister Singh reiterated their commitment to strengthen transparency and comprehensive exchangeof information.