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Home Market No Nano GPS Chip on New INDIAN Currency

No Nano GPS Chip on New INDIAN Currency

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INDIA: In a move that took everyone by surprise, Prime Minister Narendra Modi on Tuesday announced Rs. 500 and 1000 notes are being demonetized, and they will be replaced by a new 500 Rs. note and a brand new 2000 rupees note. RBI has released images and some details about the new 500 rupees and 2000 rupees note, but even before PM Modi’s announcement, there were messages going around on WhatsApp talking about the 2000 rupees note having a ‘nano GPS chip’ – aka NGC – that can be used to track the notes from anywhere.

We treated these forwards with a healthy doubt of skepticism, and with RBI having released many details of the 2000 rupees note and the so-called nano GPS chip finding no mention therein, it’s safe to say that those forwards are a hoax. Here’s a sample message that some of you may have seen:
RBI to issue ₹2000 Rupees Notes coming February 2017

RELATED POST: INDIAN BANNED CURRENCY RS. 500, RS. 1,000 NOTES CAN NOW BE EXCHANGED ONLY AT RBI COUNTERS




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 an 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 can’t be tampered with or removed without damaging the currency note

ALSO READ: WHY IS THE CRYPTOCURRENCY MARKET FAMOUS?

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 in 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

Just to reiterate, everything you read above is unofficial, and almost everything is a hoax. We can barely get a GPS signal indoors, and if you believe the forward, the RBI has packed every single 2000 rupees note with a wafer-thin nano GPS chip that can get a signal even “120 meters below ground level”, which makes absolutely no sense. Not to mention the only chips that can be powered by a ‘reflective signal’ – like RFID chips – can transmit data only over very short distances, and not across hundreds of thousands of kilometers like the forward suggests.

Here’s what RBI has actually said about the 2000 rupees note, and it’s the only thing you should be believing about the new currency at this stage:

No Nano GPS Chip on New INDIAN Currency

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