Nano-GPS Chips (NGc) in Rs 2000 Notes: It might be hoax as production cost is too high
New Delhi, November 10: A day after, stories regarding Rs 2000 currency notes, a new theory started being shared across social media, NGC: The new 2000 Rs notes are loaded with nano-GPS chips (NGC) which will enable the Govt. to easily track these notes, hence controlling black money transactions.
According to rumors, NGC chips are actually ‘signal-reflectors’ which would help satellites to track the location of the notes – even if they are ‘120 meters’ below ground level. The logic behind this is that, the satellites will track heavy accumulation of such NGC enabled notes, and will take immediate action to track and seize such money (assuming they are black money)
Facts and figure check: This theory cannot be put aside all-together. World’s smallest fully integrated GPS receiver has been developed by OriginGPS Nano Spider, which measures 4x4x2.1mm. Comparably, this device is smaller than a pencil lead, and can open a new avenue of wearable devices – now this chip can track clothes, watches, electronic appliances and more.
But stating that a NGC can track a currency note is a bit too farfetched. At a bare minimum, such a device would cost atleast Rs 50 to manufacture, and if Govt. embed every currency note of Rs 2000, then the total costs involved would be too high to even consider the plan.
Hence, we would term this theory as another rumor, which has been attributed to an ongoing rumor of Rs 2000 currency note. As we shared earlier, until and unless Govt. and RBI comes out with an official announcement, we would consider both of these theories as rumor.
In order to put a full stop on the circulation of black money in the country, Prime Minister Narendra Modi on Tuesday evening announced to abolish the currency notes of Rs 500 and Rs 1000.
While the specimen of Rs 500 and Rs 2,000 notes have been released by the Reserve Bank of India (RBI), there is no clarity about what will happen to the denomination of Rs 1,000.
Meanwhile, people are confused why RBI is issuing Rs 2,000 notes. It has come to light that this currency is designed keeping in mind to eradicate the prevailing issue of black money. Only time will say if this could lead to another black money collection issue or not in the future.
The new denominations that will be issued by the RBI now will use the art indigenous nanotechnology which means every Rs 2000 note is embedded with a Nano GPS Chip (NGC). Thus, the note of Rs 2,000 will be easily traceable.
As the currency will now be traceable, the satellite will be able to identify the exact amount of money stored at a certain location. The move will help in keeping the black money in check as the authorities will come to know if a relatively high amount of the Rs 2000 notes are accommodated at a certain location for a longer period other than banks or other financial institutions.
NGC confirmation is still pending from the Government of India, till now don’t believe in any HOAX.