Demystifier : ED Original where the content is written in such a way that it is knowledgeable and easy to comprehend at the same time.
PM Modi took the entire nation by storm when he unexpectedly announced the cessation of Rs 500 and Rs 1000 currency notes. The panic was obvious and the toll was witnessed by ATMs, pawn shops and jewellery shops. With the demonetization of Rs 500 and Rs 1000 currency notes, PM Modi also disclosed the launch of new notes in the denomination of – Rs 500 and Rs 2000.
As soon as the news broke out, internet was a buzz. Tonnes of pictures, text messages, memes and info-graphics stating the features of the new denomination note were seen circulating. But how many of them were true? Let’s sort that out, shall we?
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.
There is no NGC installed in the new currency notes.
The smallest integrated GPS chip has been designed by Origin GPS. Although the size of the chip is smaller than that of a pencil lead, it actually would increase the cost of making of a single Rs 2000 note drastically; a pain the government doesn’t want to indugle in right now.
The new currency notes will be of high security. The tracking device in the notes would help satellites to track the location of the notes – even if they are ‘120 meters’ below ground level. The satellites will track heavy accumulation of such NGC enabled notes, and will take immediate action to track and seize such money.
Since there is no NGC installed in the new currency notes, there is no scope of satellite tracking or whatever the above mentioned myth claims.
The Finance Secretary Ashok Lavasa addressed on the matter suggesting that the new currency notes will be of high security that would make them harder to counterfeit. RBI completely dismissed any rumours revolving around tracking features.
The Rs 2000 note would not be made of paper but entirely plastic.
The material used for making the new notes is different from the one used for the old ones. While it is not indeed completely paper but a mix of polymer that is used to make European currencies and normal currency paper. The new material would make the note more durable and difficult to imitate. But it is not completely plastic as the myth claims.
Some Smart Features of the Rs 2000 Note
The newest denomination note will feature a Motif of Mangalyan on its reverse, an ode to
country’s first venture into the interplanetary space. The magenta coloured note would have the portrait of Mahatma Gandhi at the centre with Ashoka Pillar emblem on right.
The portrait and the emblem along with bleed lines and identity mark are done with intaglio printing technique. This was specially done with keeping the visually impaired in mind.
The note also has a colour-shifting windowed security thread with the inscription ‘भारत’, RBI and 2,000 which changes colour from green to blue when tilted.
The new currency note would be soon issued out for the common man in exchange for old currency. As per the RBI’s twitter handle, the new currency note would start rolling out on Friday ie., within a day of the announcement of cancellation of legal tender of Rs 500 and Rs 1000 currency note.
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Views presented in the article are those of the author and not of ED.