₹60 Lakh vs ₹1.20 crore: How Budget 2026’s foreign asset disclosure scheme cuts black money act risk for NRIs and residents with overseas assets

Budget 2026’s proposed Foreign Income & Assets Disclosure Scheme offers a calibrated settlement window for NRIs and residents with overseas assets facing exposure under the Black Money Act. By capping liability at ₹60 lakh instead of ₹1.20 crore in eligible cases—and ₹1 lakh instead of ₹10 lakh in technical lapses—the Scheme introduces proportionality, immunity and closure.

from Tax-Wealth-Economic Times https://ift.tt/8DXHSRn