The amount of money appreciates to $\text{₹}700$ after $4$ years and to $\text{₹}1000$ after $8$ years at a certain compound interest compounded annually. The initial amount of money was:

Let the initial principal amount be $P$ and the annual rate of interest be $R\%$.
The formula for the amount under compound interest is:

$$A=P{\left(1+\frac{R}{100}\right)}^t$$

According to the given conditions:

1. After $4$ years, the amount is $\text{₹}700$:

$$700=P{\left(1+\frac{R}{100}\right)}^4\text{— (Equation 1)}$$

2. After $8$ years, the amount is $\text{₹}1000$:

$$1000=P{\left(1+\frac{R}{100}\right)}^8\text{— (Equation 2)}$$

Dividing Equation 2 by Equation 1:

$$\frac{1000}{700}=\frac{P{\left(1+\frac{R}{100}\right)}^8}{P{\left(1+\frac{R}{100}\right)}^4}$$

$$\frac{10}{7}={\left(1+\frac{R}{100}\right)}^4$$

Now, substitute the value of ${\left(1+\frac{R}{100}\right)}^4$ back into Equation 1:

$$700=P\times \frac{10}{7}$$

$$P=\frac{700\times 7}{10}$$

$$P=70\times 7=\text{₹}490$$

Therefore, the initial amount of money was $\text{₹}490$.