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Foreign Assets Disclosure Scheme 2026: ₹1 crore limit, 30% tax and December 31 deadline — all you need to know

The government launched the Foreign Assets Disclosure Scheme 2026, a one-time voluntary window opening August 16 and closing December 31, 2026. Taxpayers can declare undisclosed foreign assets or income up to ₹1 crore, while already-taxed assets exceeding ₹5 crore can also be disclosed. A flat 30% tax applies on declared amounts, and the entire process is online. This scheme targets black money stashed abroad and is significant for exams covering fiscal policy, tax reforms, and anti-evasion measures.

Source: Economic Times. This summary and analysis are AI-written from that report and are not individually fact-checked — confirm names, dates and figures with the source before you rely on them.

Revision structure

Monthly events and exam calendar context
Static GK and one-liner notes
Quiz and mock-test revision path

Key points

Exam-ready takeaways

Scheme launch date: August 16, 2026; deadline: December 31, 2026

Undisclosed foreign assets/income declaration limit: ₹1 crore

Already-taxed foreign assets eligible if value exceeds ₹5 crore

Flat tax rate on disclosed amount: 30%

Entire disclosure process conducted online

How to study

Turn news into exam marks

Revise monthly events by exam family instead of reading random updates.

Pair one-liners with mock tests so mistakes become the next revision list.

Note which exams each story matters for, and revise it again in the week before that exam.