People standing in queues to exchange their old Rs 500 and Rs 1,000 notes in Gurugram on Friday. Pic/PTI

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.