Assuring people that their hard-earned money is safe, the Finance Ministry yesterday 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
People standing in queues to exchange their old Rs 500 and Rs 1,000 notes in Gurugram on Friday. Pic/PTI
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New Delhi: Assuring people that their hard-earned money is safe, the Finance Ministry yesterday 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.
It also cautioned people against depositing the money of unknown people in their own accounts or falling prey to cheats. Besides, it said, farm income continues to remain tax-free and can be easily deposited. Small businessmen, housewives, artisans, workers can also deposit cash in their accounts without any apprehensions, it added.
Even so, queues outside banks grew longer as did confusion and chaos, with all cash vending machines still not functioning despite a two-day break. People waited for hours to get the cash needed to meet their daily expenses.
ATMs had people queued up since early morning. But not all of them were operating and the crowds grew agitated on learning that they were still inactive. Bank officials said all ATMs should start functioning by today after old notes are removed.
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