Foreign Asset Amnesty 2026: What You Must Declare

India's Foreign Assets Disclosure Scheme opens August 16, 2026, letting people voluntarily declare hidden overseas assets by December 31, 2026. Miss the deadline and face criminal prosecution under the Black Money Act — not just a fine.

Here's what happened: India launched a voluntary Foreign Assets Disclosure Scheme effective August 16, 2026, allowing residents to declare previously unreported overseas assets by December 31, 2026.. All asset values under the scheme are computed as of March 31, 2026, meaning the government has set a fixed valuation date that declarants cannot manipulate.. Assets above the ₹1 crore threshold face distinct tax and penalty treatment under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015..

What you should do: Check your ITR filings for the last 5 years — if you held any foreign bank account, property, or share in a foreign company and did not report it in Schedule FA, you need to act before August 16.. Consult a CA or tax lawyer specialising in international taxation immediately to compute your March 31, 2026 asset value and determine your exact tax liability under the scheme.. Avoid waiting until December — disclosure windows tend to get crowded near the deadline, and a rushed filing with errors could be treated as incomplete, leaving you exposed..

Even a small foreign savings account opened during a work visa abroad counts as a foreign asset under FEMA and must be declared. Many salaried returnees miss this and are unknowingly non-compliant.

For readers weighing their credit and loan options, our personal loan guide and CIBIL score resources put this update in context.