New Delhi, Feb. 1 -- Finance Minister Nirmala Sitharaman, during her Union Budget 2026 speech, announced a one-time foreign asset disclosure scheme for small taxpayers like students, tech professionals, and relocated Non-Resident Indians (NRIs).

The scheme, called the Foreign Assets of Small Taxpayers - Disclosure Scheme (FAST - DS), will provide a six-month time frame, offering stakeholders a defined period to ensure compliance.

The one-time scheme is for individuals who failed to disclose overseas income and assets earlier, as well as for those who had declared income and paid tax but could not disclose foreign assets.

The measure is intended at enhancing financial transparency and regulatory compliance by providing an opportunity fo...