Prime Minister Dr. Manmohan Singh has asked G-20 to send a strong message to stop tax evasion. On the issue of black money stashed abroad by Indians, Dr. Singh said the G-20 countries should take the lead in agreeing to automatic exchange of tax related information with each other in the spirit of the London Summit that the era of bank secrecy is over'.

The Prime Minister said that prolonged uncertainty and instability in Europe will hurt other countries too. Addressing the G-20 Summit at Cannes in France, Dr. Singh said that although Euro-zone has the sole responsibility for dealing with these problems, the dangers from spillovers from the Euro-zone to the rest of the world are a matter of concern for all countries.

He said the IMF must keep the situation under close watch as part of regional surveillance and should help in an appropriate manner if asked to do so.

The Prime Minister said that India strongly supports the IMF playing its part in restoring stability in Europe, but at the same time it is of the view that the IMF must also keep in mind the liquidity requirements of developing countries that are not at the centre of the crisis.