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FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026

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Nishkam Gupta (Querist)
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29 September 2026 I have undisclosed account in ICBC bank China with around 21960 CNY since 2018 and currently it could be dormant. It was opened anticipating some potential business but not materialized due to COVID etc. However, now received SMS from IT system to utilize FAST DS26 scheme till Dec26. I have checked in compliance portal and see the account reflecting with balance of 21850 CNY and interest of around 110CNY for CY 2022 & 2023 ie total of around Rs 314,500. I have accepted the amounts in compliance portal. Now my query is should I utilize the FAST DS26 and pay Rs 189000 ie 60% of total balance as tax or will the Rs 20 lakh immunity protect me from 120% levy if I dont avail the scheme. I will have to consider the entire amount as income as the current account is dormant, i dont have any bank statements as of now and will not be able to show source etc as is very old and not sure if ICBC will share statements without reactivation of account etc. The deposits was by way of sale of samples I was carrying during that time. I have been resident all through. Please advise.

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