A number of Swiss and other European banks have begun asking their Indian clients to utilise the compliance window given by the Indian tax authorities for disclosure of all undeclared foreign assets till next month.<br/><br/>Executives at some of these large financial institutions said that they are also asking their clients to give fresh undertakings to state that they are in compliance with all the laws in their home countries.<br/><br/>The Swiss banks, thought to be safe havens for parking unaccounted funds, have also started asking for auditor certificates from high net worth individuals and corporate clients to vouch for the clean status of their money.<br/><br/>India is aggressively making efforts to bring back illicit money parked by its citizens overseas and Switzerland has also agreed to co-operate on the issue.
News On AIR | August 31, 2015 8:58 AM
Swiss, European banks ask Indian clients to utilise 'compliance window'