Prime Minister Narendra Modi may have amazed India after he announced on Tuesday that Rs 500 and Rs 1,000 notes would now not be legal smooth, but one a part of the new approach didn’t come thoroughly abruptly. For just a few days now, images of latest Rs 2,000 notes were floating around the web and Modi introduced that these will likely be issued for restrained circulation soon. But these pictures also got here with some instead fantastical rumours about these notes.
In line with these rumours which have been circulating on WhatsApp even before the demonetisation announcement, the brand new notes would include what is variously described as a “micro nano GPS chip”, which is supposed to be in a position to help track man or woman notes via satellite tv for pc.
The technological know-how even has its possess critical-sounding abbreviation, NGC, and the rumours – a few of which made their way to the mainstream media, like this Zee information submit – “the chip has been geared up in such a method that it will probably realize Rs 2000 notes even from one hundred twenty meters under the ground.”
that will be amazing, if it were real. Besides it isn’t. On Wednesday, the RBI brushed aside the rumours utterly announcing that such technological know-how does not exist anywhere on the planet.
In step with the rumours, the technological know-how would have intended that piles of cash would be detectable from house, making lifestyles so much simpler for police forces (and anti-corruption crusaders). And it’s no longer not possible, even if it may sound so. American engineers have developed approaches to embed radio frequency identification chips on paper in methods that might support tracking.
Finance Secretary Ashok Lavasa said that the brand new notes in an effort to be presented might be “excessive safety”, suggesting, as is routine, that new forex paper comes with added security features that make them harder to counterfeit. But he didn’t mention any tracking features.