This was supposed to be one of the biggest news for banking sector, financial institutions and the common man – because it involved India’s largest currency denomination, Rs 2000.
Way back in 1938, and then again in 1954, then Governments introduced currency denomination of Rs 10,000 which was later put out of circulation in 1946 and 1978 respectively. If we leave aside Rs 10,000 currency, then Rs 2000 would be the largest denomination in the history of India.
Soon after reports emerged that Rs 2000 currency notes would be introduced by RBI, another set of rumors emerged that these notes would be embedded with nano-GPS chips which can be traced all over the world.
Is this news hoax? We will try to find out the truth..
Rs 2000 Currency Notes In India – Facts and Fiction
The Hindu published the first available report of Rs 2000 currency being printed, and about to be launched by RBI.
As per their report, currency printing press in Mysuru has already printed the first lot, and it has been dispatched to RBI headquarters for country-wide distribution.
Soon, this report by picked by social media, and images of the new Rs 2000 currency notes started to circulate. Soon, Twitter was abuzz with images of these notes – a unique shade of pink and white with a new design.
It also spread like wild fire among WhatsApp users – everyone was circulating the Rs. 2000 currency note images. Interestingly, it is not just one image, but a number of different ones have been circulating on Social Media as well as Instant messengers.
1 st in india
? 2000, New Note Relise By Reserve Bank of India pic.twitter.com/AmoHYmfKEJ— My love is gone (@allusaiharsha) November 5, 2016
New 2000 Rupees notes, will be available in a fortnight’s time
Aur yaha 1000 ka note jeb mein aye arsa ho gaya pic.twitter.com/JJaWog4cFI
— Mohit Gulati (@desimojito) November 5, 2016
Reserve Bank #RBI to issue Rs 2000 currency note in India soon pic.twitter.com/sTOMR5Um6I
— Sanjeev Kamboj (@kambojOffice) November 6, 2016
Some analysts described this move as a mistake, considering that such huge denomination of currency will encourage more cash transactions and black money market can thrive under such scenario. This goes completely opposite to what Govt. has been trying since last few months – encouraging cashless economy.
In fact, at a time when RBI has capped ATM withdrawals because they want to encourage cashless economy, this move seems like a mistake.
However, another set of views describe this step as a masterstroke, as it takes only Rs 3 to print a Rs 1000 notes, and it would take even lesser to print a Rs 2000 note. Lower the denomination, higher are the costs involved in printing them.
Hence, in proportion to the cost involved in printing money, Rs 2000 notes would be the best one.
As of March, 2016, total of Rs 16,41,500 lakh crore worth of currency notes are in circulation in India, with Rs 500 and Rs 1000 accounting for 86% of the total value of the notes.
Fact Check: There has been no official confirmation till date from RBI or Govt. regarding the printing of Rs 2000 currency notes. Considering that it’s an important news, it is indeed surprising that there has been no confirmation. In such a case, we can assume this story to be a rumor, until and unless RBI confirms it.
Nano-GPS Chips in Rs 2000 Notes: Facts and Fiction
After a day of the stories regarding Rs 2000 currency notes, a new theory started being shared across social media: The new notes are loaded with nano-GPS chips (NGC) which will enable the Govt. to easily track these notes, hence controlling black money transactions.
As per the 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 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)
Fact 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 far fetched. 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 case you have any evidence or proof regarding these two stories, do let us know by commenting right here!
I am sure their is chip in new 2000 notes…or our inidia IT department is not that smart…to catch up so many hidden black money…pliz frnds avoid 2000 notes…if u really want to save urself… Mark my word
Noops it cant be possible to print such a note with an integrated chip in it..
It is just a fiction and nothing else.
It can be RFID detector but not GPS. RFID detectors work on reflective technology and is commonly used all over the world for toll tax deductions etc. It doesn’t require power. But question remains about the cost.
Secondly, is it accepted by the people?? to whom the money belongs (actual owner of wealth i mean) is it the Govt or the Public. Govt is only providing a means of exchange not the wealth to live.
Besides the black money earners, there will be hundreds of thousands of people who earned it honestly, why should they tell anyone or the Govt about their wealth?
if you r using nano tech than why you are not mention about high tech plastic circuit with flexible rotation and energy receiver would be a single strip flexible nano lion battery you defiantly . If we focusing high tech nano signal receiver definitely it work out …………………………………………………. it may be possible
ITS VERY BOLD STEP TOWARDS THE PEOPLE WHO HAVE STORED BLACK MONEY
THANKS MODHI JI
It may be possible.
We know: 1 nanometer = 0.0000010 millimeters (mm) in length
“According to Stanford researchers, the use of nano technology in chip making can be commercially viable in the next 5 to 10 years. Even IBM reportedly projects its nano chips to be ready by 2020. However, researchers differ in their opinions about the time span required for bringing nano chips into real usage, given the technical complexities involved in controlling the electron flow at 7 nanometers thickness. This remains a drawback owing to high costs incurred by companies which perform such research. It requires huge investment, which limits the number of companies willing to take up research work.
However, IBM is not the only company researching in the field of nano technology. Companies like Intel Corporation (INTC – Free Report) , Taiwan Semiconductor Manufacturing and Russian joint venture Crocus Nano Electronics are also in the game. However, the current standard production for these companies is limited to 14 nanometers process and Intel is currently working on 10 nanometer chips, which leaves less competition for IBM in this field.
We believe IBM’s success in transistor technology currently depends on how fast it can bring 7 nanometer transistors into use, since it involves replacing the current standard of 14 and 22 nanometer transistors and skipping 10nm altogether. Will this be cost effective? Can it become the next standard in the semiconductor space? Time will tell.”
let it be rumor and do not try to clarify it. at least because of this rumor people will be in fear of keeping huge cash at home. so ultimately it will stop the corruption and reduce black money
Ya it’s right. Let this be kept secret
Really nice think ………I love india
It is a big hoax but do not use logic to argue with bhakts. At least being a technology blog, you should know it is not possible.
Saurabh – What do you have to say now?? Rs. 2000 notes have been officially declared yesterday…
he is not a techie i think, uparse modika rival lagta hay :)
Yes, they have declared it but there is no information that it has any feature that will make it possible to detect its presence from satellite. I was watching live RBI governor press conference. He and his colleagues never mentioned anything like it. Unless some authoritative source discloses or proves this 2000 note has such a feature, I will not believe it. WhatsApp, Facebook and Twitter have become a big source of rumor mongering. People keep sharing such false contents without trying to research the subject on their own.
The smallest radio sharing technology without battery that can be incorporated in a thin sheet of a currency note is NFC chip. Even this one is not suitable for a thing like currency note. The chip requires a hard protective cover and will be prone to damage if placed inside a thing like currency note that undergoes heavy use. But this technology, as the name makes it clear, cannot be tracked from satellite. Its range is only 4 cm and theoretical range is 22 ft. It requires a nearby detection machine.
There are some technologies and machines like metal detectors and GPR (ground penetrating radar) that can detect presence of notes inside walls and inside the ground. The detection is possible because of presence of trace metal in notes and use of concrete X-ray technique in ground penetrating radar. Even these technologies require close proximity of detector machine to the wall and ground.
Looks like you are bitten by the ‘bhakt’ syndrome. The issue is not about bhakts, it is about technology, which i agree is not possible. For you kind info, a large nos. of people(bhakts, anti-bhakts included) have started believing this rumours. And shockingly, today in some channels they are openly discussing about how satellites will track money hidden deep undeground ! They forget even Tata Sky does not work when the sky gets cloudy !
Every thing is possible in this contemporary world of technology but this time is false because putting a nano chip in an indian currency will cost 50 to 6 rupees per chip which is very high and the current cost of printing one note is just 3.17 rupees.
The OriginGPS nano spider you mentioned in the article needs microwatts of power. It’s not completely energy-free.
It’s technically not possible, at such scale.
Please read this:
https://trak.in/tags/business/2016/11/08/rupees-2000-currency-note-circulation-hoax/#comment-546995
Not possible even at small scale, the gps need power to operate.
Time to update the article