Foreign assets disclosure for small taxpayers: a limited declaration route with valuation, payment rules and conditional immunity. A statutory Scheme creates a time limited disclosure route for foreign assets and foreign income of small taxpayers, defining assessee, declaration, undisclosed asset located outside India and related terms, and aligning other terms with income tax and black money laws. It prescribes filing, verification, electronic processing, valuation, payment of tax/penalty/fees and interest, issues certificates on payment, and grants conditional immunity from tax, penalty and prosecution under the black money statute while excluding certain cases; procedural powers and rule making are vested in the Board and Central Government and the Scheme takes effect from a notified date.