Here is why RBI is issuing Rs 2000 notes and technology hidden in currency. | DigiTech Geeks

The new denominations that will be issued by the RBI now will use the art indigenous nano technology which means every Rs 2000 note is embedded with a Nano GPS

New Delhi, November 9: 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.

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.

The NGC does not require any power and acts as a signal reflector. According to information, When a Satellite sends a signal requesting location the NGC reflects back the signal from the location. This provides with the precise location coordinates along with the serial number of the note back to the satellite.

Thus, making every NGC embedded currency can be easily tracked and located even if it is kept 120 meters below the ground level. Also, if one tries to remove or tamper the chip, it cannot be done without harming the note.

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.