India: PM leaves for home after attending G-20 Summit in France

Cannes, Nov 5 (PTI) India's Prime Minister Manmohan Singh left here for home on Friday after attending the crucial G-20 summit that asked tax havens to adopt prudential norms for sharing of tax information to check money laundering and terror funding. The Heads of 20 most influential economies deliberated for two days in this French coastal resort in the midst of worsening European crisis triggered by the increasing threat of default by sovereign members of the Eurozone like Greece. Singh, who arrived here on Wednesday, told the leaders of world's 20 powerful economies (G-20) that Eurozone crisis is a potentially grave threat to stability of global economy, but made it clear that management of the crisis is primarily the responsibility of the European countries. The Communique issued at the end of the 2-day Summit, attended among others by US President Barack Obama and host President Nicolas Sarkozy, also warned of action against jurisdiction and entities that will not cooperate in ensuring transparency in tax frauds. It called upon the nations to "adhere to the international standards in the tax, prudential and Anti Money Laundering/ Combating the Financing of Terrorism (AML/CFT) areas". Singh hailed the Communique, saying it endorses India's call for increased banking transparency and exchange of information to combat tax fraud and evasion and other illicit flows. PTI