For my non-Jain friends, who does not know the meaning of 'Michhami Dukkadam'.... This term is actually in a Prakrit language. It literally means 'may all the evil that has been done be fruitless'.
It's the day when we beg for forgiveness from inner of our hearts for whatever misdeeds or mis-behaviour whether knowingly or unknowingly occured by us to anyone through mind, thoughts, actions or speech during the past year.
KHAAMEMI SAVVE JEEVA
SAVVE JEEVA KHAMANTU ME
METTI ME SAVVE BHUYESU
VAIRAM MAJHAM NA KENAI
I forgive (from the bottom of my heart without any reservation) all living beings (who may have caused me any pain and suffering either in this life or previous lives), and I beg (again from the bottom of my heart without any reservation) for the forgiveness from all living beings (no matter how small or big to whom I may have caused pain and suffering in this life or previous lives, knowingly or unknowingly, mentally, verbally or physically, or if I have asked or encouraged someone else to carry out such activities). (Let all creatures know that) I have a friendship with everybody and I have no revenge (animosity or enmity) toward anybody.