No GPS-enabled chip in Rs 2000 note: RBI

By : |November 10, 2016 0

The demonetization of Rs 500 and Rs 1000 notes not only came in as a big shock for many but also set the rumor mill buzzing with new stories and rumors coming in every hour.

Amongst all these rumors, one that had been causing a lot of anticipation and curiosity was regarding the new Rs 2000 note that was rumored to be equipped with GPS-enabled chips that can transmit their location via satellite. The stories were so viral that RBI had to come out and issue a clarification.

CIOL No GPS enabled chip in Rs2000 note: RBI

Speaking to The Hindu, An official of the Reserve Bank of India said, “The only security features of the Rs. 2,000 note are the ones we have mentioned in our releases regarding the note. The release is also on our Twitter account and it does not mention any chip.”

The security features of the Rs. 2,000 notes include latent images, colored strip security threads, watermarks and several other features which will make their copying impossible according to intelligence agencies.

Meanwhile, allaying common man’s fears and misconceptions, Finance Minister Arun Jailtley today said, “Nobody will face questions or harassment for small deposits.”

He added that people might face problems initially but in the medium, to long run, they will definitely benefit from the government’s policy of demonetizing large currency notes in a bid to curb corruption, unaccounted wealth and terror financing.

Importantly, Government also plans to re-introduce Rs 1,000 bank notes in a few months and also issue new series of lower denomination bills with enhanced security features. “In a few months, Rs 1,000 notes with new features will be brought into the market,” said economic affairs secretary Shaktikanta Das said.

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