In 2012, the then Finance Minister Leid Pranab Bukhaji tabled a white paper on black money in his budget speech. He outlined all the ways people tried to convert their black money into white through something called round tripping. In last week's budget speech, finance minister Nirmala Sita Raman dropped a bomb. The government removed the angel tax exemptions on investments that startups received from foreign investors. So now, as of April 1, 2023, startups who get funded from individual foreign investors have to shell out an angel tax. And apart from companies having to bear a huge tax bill, this new amendment has created another confusion when you taxing foreign investments.