Your hard earned money is safe: Govt assures
posted on Nov 11, 2016 @ 2:51PM
Government today cautioned people against depositing the money of unknown people in their own accounts or falling prey to cheats, thugs and rumour mongers. Assuring people that their hard earned money is safe, the finance ministry on Friday said there is no need to panic and depositing junked Rs 500/1,000 notesof up to Rs 2.50 lakh in bank accounts will not be reported to the tax department. "The public was happy with the government’s move which will help crack down on black money used for terrorism and bribery," Finance Minister Arun Jaitley had said. "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 citizen need not worry. Farmers' income is tax free and can be easily deposited in bank," the ministry said. to ensure customer convenience, banks have been asked to provide all cash withdrawal transactions at their ATMs free of cost till 30 December.