The country has come to a standstill by PM Naredndra Modi's announcement of the cancellation of 500 and 1000 rupee notes. While everyone is panicking about the money, housewives are worrying about their savings in the form of 500-1000 rupee notes.
To those ladies who have saved a bigger amount of money, this money demonetisation news has brought a number of questions like-
Do they have to pay income tax for their saved money?
What will they do with the saved money since the currency will be of no use from now?
Well ladies, government has presented all the new money policies with a solution. Your savings will not get wasted. You can deposit your saved 500-1000 rupee notes to your bank account and get exchanged money in 100 rupee denomination. No income tax will be charged on your money for now. You can also convert your money to gold. Apart from bank you can also exchange your money from post office but till 24 November the limit for this is 4000 rupees.
So there is no need to get panic. Your money will be yours.
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