On June 24, 2015, finance minister Arun Jaitley was hard-selling India’s growth story to investors in San Francisco as part of his whirlwind 10-day visit to the US. During the trip, he announced that a new law would come into effect from April 1, 2016, to tackle the black money menace and a compliance window would be offered for those with undeclared assets abroad to come clean by paying a penalty. What’s interesting about the whole brouhaha over money stored in Swiss vaults is that an equivalent amount of black money — if not more — is milling around on Indian shores. And as enterprising as that might seem, some individuals have already found a new route — one that leads straight to Dalal Street — to convert their illegitimate money into white.
A lot of hot air
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