The recent ban on 500 and 1000 currency Notes imposed by the decision of Indian National Government has emerged as one of the drastic changeovers in the Indian economy. With the cooperation of RBI (Reserve Bank of India), the Honourable Prime Minister of India Mr Narendra Modi has been able to introduce a potential measure to tackle the issues of Black marketing and counterfeit notes.
This initiative comes as a promise for the lower, middle, and neo-middle classes of the Indian population owing to the accessible prices of healthcare, education, and real-estate. The big news is always associated with petty rumours and the most profoundly circulated rumour regarding the new currency notes was a “GPS Tracking Chip’ in the 2000 rupees Note. However, RBI has refused this suggestion and has been validated by an official statement from the Finance Minister of India, Mr Arun Jaitley.
To demonetise the ban of 500 and 1000 notes, RBI has published new currency notes of 2000 and 500. But surprisingly, the notes without any official announcement are alleged to have GPS tracking chips which can track the notes even if they are 120 meters under the ground level. Since past two days, this types of rumours associated with the new 2000 notes has taken the entire nation and economy sector by storm. However, on Wednesday, Indian Finance Minister Arun Jaitley confirmed that ‘the new Rs. 2000 note is not integrated with GPS tracking chip’.
Answering to the question of a journalist on Wednesday, Arun Jaitley expressed his overwhelm about the GPS chips in 2000 notes and confirmed that, RBI’s 2000 notes ahs no hidden GPS chip.
A WhatsApp forwarded message which began circulating the announcement of PM Modi afterwards to boycott the Rs 500 and Rs 1000 notes. The forwarded message contains the information about all Rs 2000 notes to be embedded NGC technology for tracking the notes. The message also stated that the new 2000 notes have a chip that will enable it to be tracked via satellites.
However, Arun Jaitley, at the Wednesday Press meet refuted such types of buzzes and verified the 2000 notes not to contain any GPS chip.
This is what a popular WhatsApp forward being circulated claimed about the new Rs. 2000 currency:
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
To remind our readers that nearly everything in the WhatsApp message quoted above is false, and there’s no GPS tracking chip of any kind in the new Rs. 2000 note.