New Delhi, Nov 8: The Prime Minster of India, Narendra Modi on Tuesday announced that the Rs 500 and 1,000 notes will be invalid from the midnight of November 8th. This means the new Rs 500 and Rs 2,000 notes would be in circulation and as per the RBI the same would be out by November 10th.
There was a lot of buzz about what features in the Rs 2,000 note. Talk regarding the Rs 2,000 note being equipped with a Nano GPS chip was doing the rounds.
The RBI has not made any announcement as yet regarding the nano GPS chips being available in the Rs 2,000 note. However, there is a possibility of the same becoming a reality.
How does the NGC technology work?
The NGC technology embedded in the note will not need a power source and would act as a signal reflector. The NGC is a safe option and cannot be tampered with
If a signal is sent out from the satellite, the NGC reflects the signal back. This will give the precise location coordinates including the serial number.
This would help in tracking and the same can be located if it is kept at 120 metres below ground level.
The satellite can track as well identify the exact amount of money stored in a particular location. If there is a large amount of money partied at a location, then it would send out the signal and this information will be passed to the Income Tax deparment.