The Ministry of Finance (MoF) on August 14, 2026, notified the Foreign Assets of Small Taxpayers- Disclosure Scheme Rules, 2026.
The following has been stated: -
•The Central Government has notified the Foreign Assets of Small Taxpayers- Disclosure Scheme Rules, 2026.
•Under these rules, Chapter IV of the Finance Act, 2026 defines the " valuation date" as March 31, 2026, and sets the "last date" for compliance as December 31, 2026.
•The income-tax authority designated to oversee the scheme includes the Principal Director General (Systems) or Director General (Systems).
•The rules provide a comprehensive framework to determine the fair market value of foreign assets such as bullion, jewelry, artwork, shares, securities, immovable property, and bank accounts.
•For foreign bank accounts, the asset value is computed as the sum of all deposits made from the account opening date (or from a prior declaration date under the Black Money Act, 2015) up to the valuation date, converted into Indian Rupees at the prevailing exchange rate on March 31, 2026.
They shall come into force on August 16, 2026
The detailed notification is given in the document below.
[Notification No.: G.S.R. 732(E)]
