40 years ago, November 7, 1986: Foreign assets amnesty

The government announced a Foreign Exchange Regulation Act amnesty scheme enabling Indian nationals and companies to voluntarily disclose their assets abroad without attracting prosecution.

In a statement in Parliament, Finance Minister V P Singh invited all concerned to furnish declarations. (Archive)

2 min readNov 7, 2026 06:49 AM IST First published on: Nov 7, 2026 at 06:49 AM IST

The government announced a Foreign Exchange Regulation Act amnesty scheme enabling Indian nationals and companies to voluntarily disclose their assets abroad without attracting prosecution. In a statement in Parliament, Finance Minister V P Singh invited all concerned to furnish declarations .

Central assistance for J&K

Prime Minister Rajiv Gandhi rounded off his visit to Jammu and Kashmir by holding out a promise of liberal central assistance for all-round development of the state, which, he said, has suffered immensely because of the rivalry between the National Conference and the Congress (I). The PM said he had joined hands with Farooq Abdullah so the two parties could put their combined energy into raising people’s standard of living.

India on US AWACS for Pakistan

The proposed supply of the sophisticated Airborne Warning and Control Systems (AWACS) aircraft by the US to Pakistan poses a “serious problem” for India, admitted Natwar Singh, Minister of State for External Affairs, in the Lok Sabha. He said the potentialities of AWACS were “mind-boggling”. India felt that whenever arms were supplied to Pakistan by the US, it had been the victim.

Police atrocities in Idukki

A brooding stillness wraps the blue-green hills of Thankamani, 42 km from Idukki in Kerala’s high ranges. The mountains still reverberate with the moans of molested women and children who were victims of the rampage of an infuriated police force last month. “I will never forget that night,” says Rosamma, tears coursing down her cheeks. The police’s midnight raids followed an alleged hijacking of a bus that belonged to a Kerala Congress supporter.