Scheme launch date: August 16, 2026; deadline: December 31, 2026
GK and monthly revision
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
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.