Pravind Jugnauth: “We do not agree with new bank notes”

Minister of Finance, Pravind Jugnauth, claims he is still awaiting a response from the Bank of Mauritius regarding the issuance of new bank notes.

Mr Jugnauth says he is against this project. Speaking at the launch ceremony of the Global Forum on Transparency and Exchange of Information for Tax Purposes on Thursday, Pravind Jugnauth said the Central Bank should have have consulted the Finance Minister prior to embarking on such a project. “We do not agree to go ahead with the printing of new bank notes. Besides, I gave the point of view of the government in the National Assembly on Tuesday, July 5. I am now awaiting a reaction from the BoM,” he told the press on the sideline of the Forum on Thursday, in Balaclava. According to him, the central bank should by law consult the Finance Minister before embarking on such a project. A cost of Rs 600 million After seventeen years, the Bank of Mauritius considers it high time to issue a new family of banknotes, the more so, in a world where technological innovations have facilitated counterfeiting. It has been decided that portraits of personalities will be replaced with illustrative elements that may include our country’s national heritage, history, culture, endemic species of the Mauritian flora and fauna, and distinctive landscapes. However, Pravind Jugnauth said he does not agree with this Rs 600 million project. It should be noted that although the BoM introduced new security features and improved the quality of banknotes, the designs were left unchanged since 1999. The front the portrays a political personality and the back, a landmark or landscape. Fight against tax evasion Supported by the Mauritius Revenue Authority (MRA), the ‘Transparency and Exchange of Information for Tax Purposes’ forum welcomed delegates and members of OECD countries to exchange information and make recommendations. For Minister Jugnauth, countries must cooperate to tackle tax evasion. “Mauritius has always been a reference when it comes to measures against tax evasion. Moreover, we adhere to international conventions and rules,” he said. The latter also feels proud that Mauritius has stayed on the ‘White List’ of the OECD, which shows that our country complies with regulations. Monica Bhatia, head of the Global Forum Secretariat delegation, stressed that Mauritius is a reference when it comes to compliance with international standards to combat tax evasion. “Mauritius is ready to implement the automatic exchange of information. We are confident that by 2018, the establishment of standards for automatic exchange of information will be a reality and Mauritius has a very important role in this project,” she said.