On Nov 8th, The Prime Minister of India, Shri Narendra Modi announced that the Rs 500 and 1,000 notes will be invalid from the midnight of November 8th. This means the new Rs 500 and Rs 2,000 notes would be in circulation and as per the RBI the same would be out by November 11th.
The move took everyone in India by surprise. But it was necessary to keep it a secret to conduct what social media is calling a ‘surgical strike’ on those who hold black money or deal in fake currency.
Meanwhile the RBI will soon be issuing new Rs.500 notes and Rs.2000 notes. For the first time ever, the RBI will be issuing notes of denomination Rs.2000, which will be the highest legal tender in the country.
As there is a lots of buzz about what features in the Rs 2,000 note. Like having a NGC(Nano GPS Chip), which functions without any power source.
- The NGC is like a tracker that is connected to a satellite which can detect its exact location.
- A tracker to detect paper currency is not a new thing and is perhaps the best to have happened.
- Since every note can be tracked, the satellite will be able to detect if there is an unusually high concentration of notes at a specific place.
- If the number of notes is unusually high and the place of location is not any bank or other financial institution, it hints at the possibility of black money being hoarded.
- The appropriate authorities will then take action based on the data gathered from the satellite.
So, it can be said that there is no such thing like NGC(Nano GPS Chip) attached to the notes because of following reasons:
- For the tracker to accept the signal from the satellite, the incoming signal from the satellite should be very very high which is not possible.
- If the notes are burred deep inside the earth the signal will not be transmitted because of weak signal.
- If the notes will be kept inside a Box(Metal Box) then due to the Faraday cage there will be neither incoming signal nor outgoing signal.
But then also there are certain changes which are done on the new upcoming notes like
- The currency has features that make it easier for visually challenged people to identify.
- Changes include positioning of Mahatma Gandhi’s image, the thread, the font size of the currency note’s serial number and key design elements that would dissuade makers of fake currency.
Anyway, the government’s move will certainly ensure that the black money hoarders bid goodbye to their stash and those making fake currency will have a hard (perhaps impossible?) time replicating the same.
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