Foreign asset disclosure scheme allows declarations for undisclosed overseas income/assets with prescribed payments, verification and conditional immunity. The Scheme allows declarations for undisclosed foreign income or assets where returns were not filed, disclosures were omitted, or income escaped assessment; it prescribes eligibility, electronic filing and verification, payment of tax/penalty/interest, issuance of payment certificates, non-refundability, exclusion of declared items from total income for specified purposes, conditional immunity from tax/penalty/prosecution, specified exclusions, and powers for directions, relaxations and rules by the competent authorities.