No, the new Rs 2,000 note doesn’t have an embedded nano-GPS chip (NGC) that will let the Income Tax Department of India track the location of your “hard-earned” cash in real time.
A WhatsApp forward, which started doing the rounds soon after PM Modi’s announcement that Rs 500 and Rs 1000 notes will cease to be legal tender, stated that all Rs 2000 notes would use “embedded NGC” technology for tracking the notes.
The forward also claimed that the chip was passive, needing no power source, and that it acts as a “signal reflector.” Even if you ignore the fact that such a chip doesn’t even exist yet, just the fact that such a chip flies in the face of all conventional wisdom around GPS should have triggered off alarm bells in everyone’s heads.
As it happens, the message went viral to the extent that RBI Officials had to deny the existence of the chip at a press conference. This despite the RBI publishing a detailed description of the new notes and their security features.
Here’s the message that’s been doing the rounds and stirring so much trouble. Please just delete this forward, the next time you get it or tell your friends or family that they shouldn’t believe every WhatsApp forward that shows up on their timelines.
“Why RBI is issuing Rs 2000 Rupees Notes
How the embeded NGC Technology Works?
The unique feature of the NGC is it dosent 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 embeded 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