In one of my previous posts I’ve informed you that Currency Denomination of 500 INR and 1000 INR has been made invalid since the midnight of 8th November 2016, hence this will definitely cause panic among the Citizens of India. In this regard, I have a honest suggestion to make, when you have been depositing cash in your savings account for tax purpose to a limited amount and rest of the cash for purchasing gold or keeping for some emergency purpose, I have a sincere advise . . .
Deposit Your OLD Notes of 500 INR or 1000 INR Denomination in Your PPF Account
Yes, you heard me right, when its a hard earned money of yours be it 1,00,000 or 5,00,000 get these denominations of currency amount in your PPF Account to stay safe from tax issues and also save tax for your FY 2016 – 2017.
I guess you got me right ? True ! deposit all your 500 INR or 1000 INR denomination currency into your PPF Account and be safe of your hard earned money. Since in a bold move by Prime Minister of India, Narendra Modiji, to curb black money and avoid terrorist activities in the country, has made the statement on November 8th, 2016 at 8:00 PM to the nation that, the currency values of 500 INR & 1000 INR has lost its purchase power and ensured every one owning their cash at homes, lockers bring it out and deposit back in the bank making it a history in the democracy of India.
So next steps – If you have a daughter / son / wife PPF Account go ahead and deposit 1,50,000 INR and stay safe from Tax Issues and Tax Savings Issues.
Note: If you are a nominee to your son or daughter who is also having a PPF Account, don’t make a blunder mistake of Depositing 1,50,000 INR in your account and 1,50,000 INR in your minor account as the deposit made by both account together should not exceed 1,50,000 INR.
Don’t break your head of depositing in SB Account, instead deposit in your PPF Account and support Prime Minister of India Shri Narendra Modiji in curbing back money and at the same time deposit in your PPF Account and Build the Nation !