With the demonetization of 500 and 100 rupee notes, RBI has now come out with the fresh 2000 currency notes.
It was believed that the new Rs. 2000 notes issued by RBI would have a GPS chip to enable its tracing via satellites. GPS tracking is the surveillance of location through use of the Global Positioning System (GPS ) to track the location of an entity or object remotely. The technology can pinpoint longitude, latitude, ground speed, and course direction of the target.
However, the Finance Ministry has now confirmed that it is only the rumours that are floated through WhatsApp and other social media that RBI’s new notes will have a NEAR FIELD GPS or NGS CHIP used for tracking these notes, which is not feasible. Now, the new denomination currency of Rs. 2000 notes which is the highest to come into circulation will be issued by RBI, is felt, would increase the black money circulation.
However, it is essential to understand that the Rs. 2000 currency is planned keeping in mind the elimination of black money issue by using state of the art indigenous nano technology, through a NGC (Nano GPS Chip) embedded into every Rs. 2000 currency.
Let us now understand as to how this embedded NGS Technology works?
- There is no requirement of any Power source for this unique NGC technology which is said possesses its unique feature. It acts simply as a signal reflector.
- In order to track the location, when a signal is sent by the satellite, the NGC would reflect back the signal from the location, resulting in its providing the exact location matches and the serial number of the currency, in return to the satellite.
- Thus, every NGC embedded currency will be easily tacked and found, even if they are placed at 120 meters below the ground level.
- More so, tinkering NGC or removing it without damaging the currency note would not be possible.
Now the question is as to how this would be beneficial in Black Money eradication? Yes of course it can..
- The satellite is capable of recognizing the exact amount of money that is stored at a particular location/area.
- If a high volume of currency is found at a particular location, other than a bank or other financial institutions, for a longer period, which creates suspicion the satellite would immediately pass on the information to the Income Tax Department for further enquiry. This would of course work an initial step towards curbing black money.
- It may be noted that the WhatsApp messages do not carry any meaning and there is no GPS tracking chip of any sort of kind in the new Rs. 2000 notes.