Foreign Banks Ask Indians to Use Compliance Window

Swiss and other Eu ropean banks have asked Indian customers to avail the ongoing one time compliance window granted by the tax department for disclosure of foreign assets. The call has been made in the wake of the final month's deadline to declare and pay tax on assets abroad beginning on Tuesday. A source here told IANS on Monday that Swiss and Britain-based banks are asking Indian customers to provide fresh undertakings that all taxes have been paid on funds deposited by them in respective bank accounts.

The Economic Times, New Delhi, 1st Sept. 2015

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