Declaration of foreign assets

Hi folks,

I’ve recently learnt that ITD has recently notified tax payers to declare the foreign assets they have by revising the filed ITRs or else a penalty of 10 Lacs would be imposed on such individuals. Is this true?

Didn’t Nirmalatai relax this rule for the people who have assets below 25 Lacs in the previous budget? I was under the impression that one need not declare the foreign assets they one had in their portfolio as a part of the relaxation. Why do they want tax payers to revise their ITRs then?

Didn’t they sack this amendment post the union budget in October? Could someone who has been monitoring the budget closely shed some light on the recent move by the ITD?