FAST-DS Launched: Disclose Undisclosed Foreign Income Up to Rs 1 Crore, Assets Up to Rs 5 Crore Till Dec 31, 2026

FAST-DS 2026: Income Tax Dept Nudges Taxpayers to Disclose Foreign Assets by Dec 31

The Income Tax Department has begun emailing taxpayers who may hold undisclosed foreign assets, urging them to use the FAST-DS 2026 disclosure window (open till Dec 31, 2026). This one-time compliance scheme is crucial for small taxpayers like students, NRIs, and tech employees holding ESOPs or overseas accounts, with penalties up to ₹1 lakh or 30% tax plus additional tax.

Govt Proposes Gold Monetisation via Jewellers: 20,000 Tonne Idle Gold, Demat Deposits, Interest Income

The government is planning a new gold monetisation scheme where jewellers, not banks, will collect physical gold deposits from households, issue demat receipts, and pay interest. This aims to unlock over 20,000 tonnes of idle gold, improve India's trade balance, and reduce import dependence — a key reform for economic stability and current account management.

NCGTC Confirms ECLGS 5.0 Guarantee Cover of ₹2.5 Lakh Crore on First-Come-First-Served Basis for MSMEs

NCGTC has informed banks that ECLGS 5.0 – a credit guarantee scheme for MSMEs and non-MSMEs affected by the West Asia war – will be implemented only until the ₹2.5 lakh crore guarantee cover is exhausted, on a first-come-first-served basis. Non-MSME loans have been stopped to prioritise MSMEs. This is a key development for banking and economy exams, highlighting the limited nature of the guarantee and the government's focus on MSME liquidity.

FAST-DS: Govt's New Foreign Assets Disclosure Scheme Imposes Rs 1 Lakh Fee, Raises Disproportionate Penalty Concerns

The government's Foreign Assets of Small Taxpayers – Disclosure Scheme (FAST-DS), launched on August 16, 2026, requires a flat Rs 1 lakh fee for disclosing undisclosed foreign assets up to Rs 5 crore. This has sparked concerns among salaried employees with ESOPs or small US stock investments, who find the fee disproportionate to the asset value and argue it penalizes honest taxpayers. The scheme aims to regularize non-disclosure but clashes with the Black Money Act's provisions.

PMJDY: 15.36 Crore Accounts Inoperative, 5.72 Crore Have Zero Balance as per RTI

RTI data reveals that despite 59 crore PMJDY accounts, every fourth is inoperative and 5.72 crore have zero balance, signaling gaps in financial inclusion beyond account opening. UP leads in both zero-balance and inoperative accounts, highlighting regional disparities.

CBDT Notifies FAST-DS: One-Time Voluntary Disclosure for Undisclosed Foreign Assets Up to Rs 5 Crore

The government has notified FAST-DS, a one-time voluntary disclosure window for small taxpayers to declare undisclosed foreign assets up to Rs 5 crore, with immunity from penalty and prosecution. This is crucial for exam aspirants as it tests understanding of the Black Money Act, CBDT powers, and compliance mechanisms for foreign assets.

Maharashtra Proposes DELTA Act for Land Tokenisation; Asset Base Estimated at ₹50 Lakh Crore

Maharashtra is set to become India's first 'tokenised State' by proposing the DELTA Act, which creates a legal framework to convert land ownership into blockchain-based digital tokens. This could unlock an estimated ₹50 lakh crore in state land value and set a template for national adoption of Real World Asset (RWA) tokenisation across gold, bonds, and carbon credits.

New UPI MDR: Flat Rs 5 Charge on Railway Bookings Above Rs 2,000 from Oct 15, 2026

From October 15, 2026, UPI payments above Rs 2,000 for railway tickets will attract a flat Rs 5 Merchant Discount Rate (MDR) instead of the general 0.4% fee. Crucially, this charge is on the merchant side and will not be passed to passengers. This special category concession makes railway ticketing cheaper to process than regular merchant payments.