Several banks in Switzerland and Europe have reportedly asked their Indian clients to utilise the compliance window provided by the Indian tax authorities to disclose all of their undeclared foreign assets till next month.
Indian clients have reportedly also been asked to give fresh undertakings to state that they are in compliance with all the laws in their home country.
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.
India has aggressively been making efforts to bring back illicit money parked by its citizens overseas.
The Government of Switzerland has reportedly agreed to co-operate with the Indian authorities on this issue.
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