Black money hurts economy: Advani at UN
Reuters
"While this problem afflicts both developing and developed world, its consequences are more severely felt in the developing countries where it undermines the delivery of services and impact the people directly," Bharatiya Janata Party leader Lal Krishna Advani told a UN panel Tuesday, reading out a prepared official speech as an Indian delegate.
Opposition leaders are often asked by the government of the day to lead Indian delegations to various UN forums and read out texts prepared by the foreign ministry.
"The generation of unaccounted wealth or black money also has a major debilitating impact on the economy limiting growth and investment in productive sectors," he said participating in a debate on 'Social Development' in a UN general assembly committee.
The UN Convention Against Corruption needs to be ratified by all countries with meaningful cooperation at the international level to recover monies and assets stolen through corrupt practices stashed abroad, Advani said.
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