Feature
Modi seeks help to tackle black money
Brisbane: Indian Prime Minister Narendra Modi Sunday urged G20 nations to forge close coordination to battle black money and linked it to security issues such as terrorism.
Addressing a G20 session, “Delivering Global Economic Resilience”, Modi also voiced support for a new global automatic exchange of information, saying it would help unearth information about unaccounted money stashed abroad.
The Indian leader spoke on issues of tax evasion on the second and final day at the G20 Summit.
Modi “reiterated his call for close policy coordination among major economies, saying this is important not just for addressing the challenge of black money but also for security issues like terrorism, 
(and) arms smuggling”, according to an official statement.
“He said although all countries have domestic priorities, coordinated decisions would ‘help us all’ in the long run. He said the resilience of the global financial system will also depend on cyber security.”
Modi expressed India’s support for a new global standard on automatic exchange of information, which would be instrumental in getting information about unaccounted money hoarded abroad and enable its eventual repatriation.
He said he supported all initiatives to promote exchange of information and mutual assistance vis-a-vis tax policy and administration.
“Noting that increased mobility of capital and technology have created new opportunities for avoiding tax and profit shifting, the prime minister said he urged every jurisdiction, especially tax havens, to provide information for tax purposes in accordance with treaty obligations,” the statement said.
“Hope Base Erosion and Profit Shifting (BEPS) system would fully address concerns of developing and developed economies,” according to tweets by the ministry of external affairs.
“Resilience of our financial system will also depend on cyber security,” the prime minister added.
The G20 governments are expected to back a plan to stop terrorist groups from getting money by introducing tougher standards that would reveal the identities of individuals and companies channelling illegal funds.
On Saturday, Modi first raised the subject by urging BRICS – at an informal meeting – on the need for close coordination between countries to repatriate unaccounted wealth.
Modi told leaders of Brazil, Russia, China and South Africa here that unaccounted money abroad posed economic and security challenges and called for a digital hub to share information.
The prime minister had while leaving for Myanmar, Australia and Fiji said he will highlight the importance of global cooperation against black money at the G20.
The State Scores Extra High on Gaming-Friendly Industry Index
Meghalaya scored 92.85 out of 100 possible points in a Gaming Industry Index and proved to be India’s most gaming-friendly state following its recent profound legislation changes over the field allowing land-based and online gaming, including games of chance, under a licensing regime.
The index by the UK India Business Council (UKIBC) uses a scale of 0 to 100 to measure the level of legalisation on gambling and betting achieved by a state based on the scores over a set of seven different games – lottery, horse racing, betting on sports, poker, rummy, casino and fantasy sports
Starting from February last year, Meghalaya became the third state in India’s northeast to legalise gambling and betting after Sikkim and Nagaland. After consultations with the UKIBC, the state proceeded with the adoption of the Meghalaya Regulation of Gaming Act, 2021 and the nullification of the Meghalaya Prevention of Gambling Act, 1970. Subsequently in December, the Meghalaya Regulation of Gaming Rules, 2021 were notified and came into force.
All for the Tourists
The move to legalise and license various forms of offline and online betting and gambling in Meghalaya is aimed at boosting tourism and creating jobs, and altogether raising taxation revenues for the northeastern state. At the same time, the opportunities to bet and gamble legally will be reserved only for tourists and visitors.
“We came out with a Gaming Act and subsequently framed the Regulation of Gaming Rules, 2021. The government will accordingly issue licenses to operate games of skill and chance, both online and offline,” said James P. K. Sangma, Meghalaya State Law and Taxation Minister speaking in the capital city of Shillong. “But the legalized gambling and gaming will only be for tourists and not residents of Meghalaya,” he continued.
To be allowed to play, tourists and people visiting the state for work or business purposes will have to prove their non-resident status by presenting appropriate documents, in a process similar to a bank KYC (Know Your Customer) procedure.
Meghalaya Reaches Out to a Vast Market
With 140 millions of people in India estimated to bet regularly on sports, and a total of 370 million desi bettors around prominent sporting events, as per data from one of the latest reports by Esse N Videri, Meghalaya is set to reach out and take a piece of a vast market.
Estimates on the financial value of India’s sports betting market, combined across all types of offline channels and online sports and cricket predictions and betting platforms, speak about amounts between $130 and $150 billion (roughly between ₹9.7 and ₹11.5 lakh crore).
Andhra Pradesh, Telangana and Delhi are shown to deliver the highest number of bettors and Meghalaya can count on substantial tourists flow from their betting circles. The sports betting communities of Karnataka, Maharashtra, Uttar Pradesh and Haryana are also not to be underestimated.
Among the sports, cricket is most popular, registering 68 percent of the total bet count analyzed by Esse N Videri. Football takes second position with 11 percent of the bets, followed by betting on FIFA at 7 percent and on eCricket at 5 percent. The last position in the Top 5 of popular sports for betting in India is taken by tennis with 3 percent of the bet count.
Local Citizens will Still have Their Teer Betting
Meghalaya residents will still be permitted to participate in teer betting over arrow-shooting results. Teer is a traditional method of gambling, somewhat similar to a lottery draw, and held under the rules of the Meghalaya Regulation of the Game of Arrow Shooting and the Sale of Teer Tickets Act, 2018.
Teer includes bettors wagering on the number of arrows that reach the target which is placed about 50 meters away from a team of 20 archers positioned in a semicircle.
The archers shoot volleys of arrows at the target for ten minutes, and players place their bets choosing a number between 0 and 99 trying to guess the last two digits of the number of arrows that successfully pierce the target.
If, for example, the number of hits is 256, anyone who has bet on 56 wins an amount eight times bigger than their wager.
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