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1. First of all, according to the data released by Income Tax Dept, only 4-6 % of the black money is cash form which can be curbed through this process. Most of the black money is already converted into investments like real estate, gold and other investments.
2. There are still ways to convert black money into legal money without actually paying tax (mind it I am only talking about the money on which the tax is not paid). Mandir hundis are the perfect mechanism through which the money can be converted. According to a source, in Ahemdabad there are several agents that are offering and are converting the black money with a deduction of 30% of the amount.
There are more, but I have to go
Also can you explain what is Mandir Hundis?