Anti black money measures taken by the Modi administration is making Mauritius rapidly lose its reputation as a tax haven for foreign portfolio and direct investments into India. On the other hand, inflows from the US and Singapore are substantially higher than those from Mauritius, perhaps symbolising the erosion of the latter's reputation as the best channel for pumping hot money into India. According to SEBI's statistic, between February 2012 and 2016, Indian equity and debt markets received ₹84,712 crore from Mauritius-based Foreign Portfolio Investors (FPIs). That's just a quarter of the incremental flows of ₹3,40,921 crore received from US-based investors in the same period. Inflows from other offshore financial centres such as Singapore (₹108,482 crore) and Luxembourg (₹89,864 crore) were also much higher. Recent trends suggest investors from Mauritius have been selling more than they have been buying. In 2015, they were net sellers of equity and debt to the tune of ₹5,000 crore. In contrast, US investors appeared to have taken a fancy for Indian markets last year, pumping in net inflows of ₹40,000 crore. The healthier US economy compared with other countries could be a reason. Another could be that investors from the US, who account for about half of the global investment pool, are taking the direct route to investing in India instead of routing it through Mauritius. So much the better for the administration that promised to curb black money generation.