Things you should know about the new Indian Currency!

Things you should know about the new Indian Currency!

Prime Minister Narendra Modi, took the nation by surprise, by announcing demonetization of Rs 1000 and Rs 500 currency notes, which have made these notes invalid in the assault of fake currency, black money and corruption!!
However, he also said that these notes can be exchanged in banks and post offices from November 10 to December 30! the new 500 and 1000 rupees currency notes will be made available soon and this shall surely turn out to be a strong move to curb corruption and dig out the black money! While the social media is addressing this as a surgical strike for the ones holding humongous amounts of black money, this move has given way to a lot of opportunities and eliminating fake currency issues!

For the very first time, the RBI will be issuing currency notes of rupees 2000 which will prove to be the highest legal tender in the country! But, the issuing of the new notes not the only news we have!! There may be technology involved in the new notes which will help in making a note of the money!

The involvement of technology!!

There have been estimations that the new currency notes have been embedded with an NGC (Nano GPS Chip), which functions without any power source. In a layman’s language, the NGC is like a tracker, which is directly connected to a satellite which can detect its exact location. The tracker is said to have following specifications:

  • The tracker shall detect paper currency, no matter how remotely a person places it!
  • Since every note can be tracked, the satellite will be able to detect if there is an unusually high concentration of notes at a specific place.
  • If the number of notes is unusually high and the place of location is not any bank or other financial institution, it hints at the possibility of black money being hoarded.
  • The appropriate authorities will then take action based on the data gathered from the satellite.