In what ought to come as a surprise to no person, Finance Minister Arun Jaitley on Wednesday showed that RBI’s new Rs. 2000 Observe has no GPS Monitoring chip.
“From in which did you return to recognize this? I haven’t heard of it,” Jaitley spoke back whilst requested by a reporter if the brand new Rs. 2,000 Observe issued by the Reserve Financial institution of India (RBI) has a chip to permit its Tracking thru satellites.
It’s authentic affirmation for some thing we already advised you on Wednesday, dispelling rumors floating on WhatsApp and different social media that RBI’s new Rs. 2000 notes have a ‘near-field GPS’ or NGC chip a good way to be used to tune those notes.
We defined how the technology that these new Rs. 2000 notes being issued by using RBI are ‘claimed’ to have could be technically now not possible. This is what a famous WhatsApp forward being circulated claimed about the brand new Rs. 2000 currency:
India is all set to feature one more denomination to its currencies rapidly. The Reserve Bank of India (RBI) will be issuing Rs 2,000 foreign money notes, the very best to come into the flow, while a few professionals feel7 high-cost denominations must be discontinued to decrease black cash.
The Rs 2000 forex is designed preserving in mind to eradicate the black cash troubles the use of state of the artwork indigenous nano technology, each Rs. 2000 foreign money Notice is embedded with an NGC (Nano GPS Chip)
How the embedded NGC era Works? The precise function of the NGC is it doesn’t need any strength supply. It most effective acts as a sign reflector. while a Satellite sends a signal soliciting for area the NGC displays returned the signal from the vicinity, giving specific location coordinates, and the serial variety of the currency returned to the Satellite tv for PC, this manner every NGC embedded forex may be easily tracked & placed although it’s far saved 120 meters under floor level. The NGC cant is tampered with or eliminated with out adverse the foreign money Word
How will this help get rid of black cash menace? When you consider that each NGC embedded foreign money can be tracked. The Satellite tv for PC can pick out the exact amount of money stored in a certain vicinity. If a surprisingly excessive concentration of currency is observed a certain vicinity for a longer time period at suspicious locations other than banks & other financial institutions. The data can be exceeded directly to the Income Tax Department for similar research