The passage of the Black Money Bill in Parliament recently is to show that the government is serious about fulfilling its promise of toughness on the parallel economy and cover its flanks against allegations of inaction by opposition. The Black Money Bill which seeks to unearth unaccounted wealth stacked by Indians abroad providing 12 per cent interest penalty with 10 years jail term no doubt will be a positive step to curb the menace but the efficacy of it is doubtful. The Bill was crafted in the backdrop of political grandstanding especially by BJP in the run up to the last general elections. Now the Union Government has extended the time period of disclosure up to September end. This is not the first extension given for the disclosures and neither will be the last one. The way the government is moving on the subject reflects that the expected results have not been achieved and whosoever’s names have been disclosed they have already insulated themselves against the move. So overall the whole gamut of getting an economy clean of black money is like a mirage in the desert. As far as Benami transactions are concerned they too are covered under the legislation but have not been able to check its spread. The government has been constantly under opposition onslaught for inaction on this front and routinely taunted Modi’s claim of Rs 15 lakh for every citizen’s account if the black money is brought back. The only possible fallout one sees out of the whole exercise is banking sector which saw more accounts being opened and whatever the government be able to unearth would be irrelevant except a boost for political game. India has suffered economic consequences on account of government legislating to actualise rhetoric. Something UPA II learned it the hard way. The present Bill is a bane of much legislation which failed to see the logical ends. The focus should be on strengthening administrative capabilities to bring the expected results. The Bill could turn into a double edged weapon if implemented to check the growth of black money and Benami transactions at home and abroad.