The latest confirmed reports form Finace Ministry of India that New Launch 2000 Rupees notes has no no GPS chip, it was just a rumors. The rumors floating on WhatsApp and other social media that RBI’s new Rs. 2000 notes have a ‘near-field GPS’ or NGC chip that will be used to track these notes. The Finance Minister Arun Jaitley confirms this news on Wednesday – RBI’s new Rs. 2000 note has no GPS chip.
This is the false message, which gone viral over social networks –
RBI to issue ₹2000 Rupees Notes coming February 2017
India is all set to add one more denomination to its currencies shortly. The Reserve Bank of India (RBI) will be issuing Rs 2,000 currency notes, the highest to come into circulation, even as some experts feel7 high-value denominations should be discontinued to curb black money.
The Rs 2000 currency is designed keeping in mind to eradicate the black money issues using state of the art indigenous nano technology, every Rs. 2000 currency note is embedded with a NGC (Nano GPS Chip)
How the embedded NGC Technology Works? The unique feature of the NGC is it doesn’t need any power source. It only acts as a signal reflector. When a Satellite sends a signal requesting location the NGC reflects back the signal from the location, giving precise location coordinates, and the serial number of the currency back to the satellite, this way every NGC embedded currency can be easily tracked & located even if it is kept 120 meters below ground level. The NGC cant be tampered with or removed without damaging the currency note
How will this help eradicate black money menace? Since every NGC embedded currency can be tracked. The satellite can identify the exact amount of money stored at a certain location. If a relatively high concentration of currency is found a certain location for a longer period of time at suspicious locations other than banks & other financial institutions. The information will be passed on to the Income Tax Department for further investigation
Just a beginning of the end of black money in India