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Hard earned money is safe says Finance ministry
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 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, thugs and rumour mongers.
NEW DELHI: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 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, 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 citizen need not worry. Farmers' income is tax free and can be easily deposited in bank," the ministry said in newspaper ads.
In its biggest crackdown ever on black money, the government on Tuesday night announced demonetisation of Rs 500 and Rs 1,000 notes+ and asked people holding such notes to deposit in bank accounts.
ATMs go dry soon after opening; queues continue at banks
Long queues were witnessed at banks and ATMs on Friday, which opened after two days, as people rushed to get new banknotes in lieu of their old defunct bills.
Many ATMs ran out of cash in couple of hours as there were heavy rush to withdraw lower denomination currency. Most of the machines were equipped to tender Rs 100 notes, while some were still not working.
Banks are saying that they are trying to recalibrate their machine for higher denomination notes, it will take some days before they start tendering new high security Rs 500 and 2000 notes which is expected to ease pressure.
However, to ensure customer convenience, banks have been asked to provide all cash withdrawal transactions at their ATMs free of cost till 30 December.
Banks across country are witnessing heavy rush on the second day as people gathered to get new banknotes in exchange of old bills.
After the government scrapped Rs 500 and Rs 1,000 notes, banks were shut on Wednesday, and ATMs were supposed to be out of service for re-calibration on Wednesday and Thursday.
In the financial capital of the country, shutters of ATMs of State Bank of India, HDFC Bank, Bank of Baroda, Yes Bank, Dena Bank were down in many parts. ATMs of many banks reported running dry.
From today onwards, customers are allowed to withdraw up to Rs 2,000 per day from ATMs till November 18. The withdrawal limit will be raised to Rs 4,000 per day per card from November 19, 2016.
