After Reserve Bank of India issues new currency of Rs 2000, images of it went viral and so does certain rumors about it. While the Rs 2000 currency is still not widely available, speculations were made suggesting these currency will have integrated GPS tracking chip, allowing to track these currency via satellites if stocked in large numbers. The strict decision of introducing new currency and abolishing Rs 500 and Rs 1000 as legal tender, is a bold move taken by Prime Minister Narendra Modi and RBI to curb the ongoing problmes due to black money and corruption in India. Finance Minister Arun Jaitley, while addressing the media confirmed of Rs 2000 currency not having any GPS tracking chip installed in them. Also Read - India Exim Bank Recruitment 2020: Latest Notification for Management Trainee OUT; Application To Begin on Dec 19
“From where did you come to know this? I haven’t heard of it,” Jaitley told the reporters as quoted on NDTV. Coming that from Finance Minister Jaitley, this seems like a confirmation and banishes all the rumors floating around. Hence, There will no ‘near-field GPS’ or NGC chip installed in Rs 2000 currency notes. Also, it is every apparent for a country which is trying to fight inflation caused due to black money and corruption, printing currency notes with GPS tracking chip installed is not feasible. Also Read - Bank Holidays in December 2020: Private And Public Sector Banks to Remain Closed on These Days | Check State-Wise Full List
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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
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The questions regarding the alleged GPS chip was raised to RBI during a media addressable. RBI also dumped the rumors stating they are false and there are no chips installed in Rs 2000 currency notes.