Centre Launches ₹5-Crore Amnesty Scheme for Undisclosed Foreign Assets

The Indian government has officially rolled out the FAST-DS 2026 scheme, offering a one-time window for taxpayers to disclose previously undisclosed foreign assets and cash holdings.

Under the new rules, individuals must pay a significant penalty, with calculations showing that a ₹1 crore undisclosed asset could result in a tax and penalty liability of up to ₹60 lakh.

The initiative aims to bring offshore wealth into the formal tax net, with the Central Board of Direct Taxes (CBDT) warning of strict enforcement actions for those who fail to utilize this window.