On Tuesday evening, Prime Minister Narendra Modi has announced that the government will be de-monetizing 500 and 1000 rupee notes for trade in the country. All those existing cash holders in this denomination, they have the chance to return all such notes to the bank branches within the stipulated time.
With this taking a step ahead, the government will be issuing fresh notes of Rupees 500 and 2000 denomination. To the curiosity, we were listening or reading a lot more about the chip being used in the new 2000 rupee note which will be used as a tracking to avoid fraudulent notes. We have seen lot many stories and images talking about this on social media platforms like WhatsApp and facebook.
But on the official announcement made by PM Narendra Modi and the news shared by the RBI governor, there was nothing to mention about the chip. So the whole story of chip usage is going to be mere rumour and nothing more than that.
We can barely get a GPS signal indoors, and if you believe the forward, the RBI has packed every single 2000 rupees note with a wafer-thin nano GPS chip that can get a signal even "120 metres below ground level", which makes absolutely no sense. Not to mention the only chips that can be powered by a 'reflective signal' - like RFID chips - can transmit data only over very short distances, and not across hundreds of thousands of kilometres like the forward suggests.
What to do with Rs. 500 and Rs. 1000 currency Notes?
