Amidst the shock of the Adani downfall and the schadenfreude of the deflation of the Adani businesses, an important bit of the Budget for 2023-24 has received inadequate attention, especially from the political parties. This is the announcement regarding participatory notes, more commonly known as P-notes or PNs.
P-notes are a unique Indian financial instrument that allow investors to invest money in the Indian stock market anonymously. Foreign institutional investors issue these notes to persons wishing to invest in India but not wishing to become known to the authorities. They are a boon to Indian tax evaders, over invoices and
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