Those using the 90- day compliance window under the new law on black money to declare hitherto undisclosed foreign assets also need to ensure their assets are valued correctly Aperson is an Indian resident. However, he was a non- resident Indian ( NRI) earlier, when he had acquired foreign assets, which he continues to hold, out of income which was not chargeable to tax in India. Will this person have to disclose foreign assets under Chapter VI of the new law on black money? If you go by the list of ‘ Frequently Asked Questions’ put up by the government to explain this law, the answer would be No. However, consider a real- life scenario. The senior executive of a large multinational firm receives employee stock option plans ( ESOPs) when he was an NRI six years earlier. This person became a resident Indian a little more than a year before but forgot to declare these assets while filing his income tax return under Schedule FA. Today, the executive is mighty confused. Technically