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Don’t panic, govt assures people
Assuring people that their hard earned money is safe, the Union Finance ministry on Friday said there is no need to panic and depositing junked Rs 500/1,000 notes of up to Rs 2.50 lakh in bank accounts will not be reported to the tax department, even as the RBI said enough cash was made available with banks for exchange of demonetised notes.
New Delhi/Mumbai: Assuring people that their hard earned money is safe, the Union Finance ministry on Friday said there is no need to panic and depositing junked Rs 500/1,000 notes of up to Rs 2.50 lakh in bank accounts will not be reported to the tax department, even as the RBI said enough cash was made available with banks for exchange of demonetised notes.
It also cautioned people against depositing the money of unknown people in their own accounts or falling prey to cheats, thugs and rumour mongers.
Besides, the ministry said, farm income continues to remain tax free and can be easily deposited in bank.
Small businessmen, housewives, artisans, workers can also deposit cash in their accounts without any apprehensions, it added.
"Deposits up to Rs 2.50 lakh will not be reported to the Income Tax department. There will be no harassment or investigation.
All honest citizens need not worry. Farmers' income is tax free and can be easily deposited in bank," the ministry said.
