The hottest topic that is being discussed by everyone in the country is the ban on Rs. 500 and Rs. 1,000 notes that was announced on Tuesday by the Prime Minister Narendra Modi.
The government will introduce new Rs. 500 notes and Rs. 2,000 notes with the latter meant for limited circulation. Though this news came in as a shocking one to many in the country, the issuing of the Rs. 2,000 notes is not something new.
We say this as the pictures of these notes were making rounds all over the internet since the past few days. The pictures were accompanied with some rumors as well. Today, we show you if these rumors about the new Rs. 2,000 notes is true or just a hoax.
Rs. 2,000 note to have NGC?
Along with the pictures of the new Rs. 2,000 notes that were allegedly printed in Mysuru, the social media became viral with the rumor that these new notes will have a nano-GPS chip embedded in them by the government to track them and curb the black money transactions.
What is NGC?
Going by the rumors, the NGC (Nano-GPS Chips) are signal reflectors that help the satellites track the location of the Rs. 2,000 notes. It is claimed that they can track the notes even if these are 120 meters below the ground level. The logic behind this is that the satellites can track the accumulation of the NGC enabled notes and take immediate action to seize the money.
Its pretty expensive for the government
Though this could curb the black money acquisition and transaction, it is a far-fetched concept to be implemented by the government. If the government has to embed the NGC in every note of Rs. 2,000, then the total cost will be very high.
No official announcement from RBI
It is stated that the use of the nano-GPS chip in the new Rs. 2,000 currency notes is a rumor as neither the government nor the RBI has made an official announcement regarding the same.