Gifting issues, taxes on funds transferred abroad?

I recently transferred about $15,000 to my rupee account in India. I plan to gift the amount to my parents in India, who will invest it in their name in a fixed deposit account earning 10-12%. The interest is not taxable to my parents because they are senior citizens. After the deposit period, my parents will regift the amount to me, which I will convert back into US dollars and bring into the US. What gifting or tax rules do I need to worry about? Am I doing anything illegal?