It was raining outside the Finance Minister’s chamber, but the RBI Governor was sweating profusely. It’s never easy to convince any minister at the best of times, and even when you are in the same wavelength. And here he was in a much worse situation: He was talking to an ‘intelligent minister’. A minister so intelligent, that he would reply in Greek when you talk to him in Latin.

“OK, Guv,” the FM demanded with a trace of urgency. “Did you find the cash?”

The Governor fidgeted. “Well, Rs 60K crore is not exactly loose change…”

“But I have promised the banks already!” the FM said raising his voice. “I have to clean up their balance sheets!”

The Governor tried to smile, to lighten the atmosphere. “Only an electronic broom with a detachable ATM that spits out currency can clean up a balance sheet, the size of our banks.”

The FM kept quiet for a few moments and suddenly brightened. “Just google and find out if Bill Gates, Steve Jobs or whoever has invented such an electronic broom with free currency downloads.”

The Governor wiped his forehead. “Sir, I was just thinking aloud.”

“But I need the cash,” the FM cried, banging his desk. “I just need it for a photo-op. Something like give the banks today, and take it back the next day.”

The Governor looked awe-struck. “You mean you will hand over the money to the banks before the TV cameras, and once they are gone, you are going to take it back?”

“Hmmmm, you have got me thinking,” the FM replied, drumming his fingers on the desk. “How about floating a tax-free bond that will open a day before the elections and close the next day.”

“But where are you going to find Rs 60K crore in a day?” the Guv said surprised. “After all, the next budget is a year away.”

The FM winked knowingly. “The bond will be open only for private investors. My intelligence wing will ensure the bond will be fully subscribed. And the money stays with me. The bonds will come with a lock-in period of one year.”

The Governor nodded absently. He was not sure if the idea was terrific or terrible. “What if the media raises a stink?” he asked.

The FM waved his hands, and laughed derisively. “We will FedEx them truckloads of Britney Spears’ perfumes. Seriously, we’ll dump a truckload of some of the finest economists on our side. Our experts will preside over panel discussions and complicate the issue so much that the media will wonder if we are on to something no one has dared before.”

“India Smiling?” the Guv replied, with a broad smile. “At least it now doesn’t sound totally senseless, but I am worried about one thing. What happens after one year when the time comes to redeem the bonds?”

The FM looked hither and thither, crossed the room, closed the door, and whispered softly in the Governor’s ear: “We may not be in power then”. The Governor almost jumped in his seat. “What if you returned to power?” He asked softly.

The FM looked silently at him. After a few moments, his trademark smile was back, and he replied triumphantly, “Well then, we will levy fresh taxes, for after all the next elections are four years away. And in any case, it won’t be me taxing the people, for there will be a new FM in North Block”.