RBI to issue ₹2000 Rupees Notes coming February 2017*
*Not just a piece of paper There is much more in this note Read the full content of this message*
India is all set to add one more denomination to its currencies shortly. The Reserve Bank of India (RBI) will be issuing Rs 2,000 currency notes, the highest to come into circulation, even as some experts feel7 high-value denominations should be discontinued to curb black money.
The Rs 2000 currency is designed keeping in mind to eradicate the black money issues using state of the art indigenous nanotechnology, every Rs. 2000 currency note is embedded with a *NGC (Nano GPS Chip)*
*How the embedded NGC Technology Works?*
The unique feature of the NGC is it doesn’t need any power source. It only acts as a signal reflector. When a Satellite sends a signal requesting location the NGC reflects back the signal from the location, giving precise location coordinates, and the serial number of the currency back to the satellite, this way every NGC embedded currency can be easily tracked & located even if it is kept 120 meters below ground level. The NGC can’t is tampered with or removed without damaging the currency note
*How will this help eradicate black money menace?*
Since every NGC embedded currency can be tracked. The satellite can identify the exact amount of money stored at a certain location. If a relatively high concentration of currency is found a certain location for a longer period of time at suspicious locations other than banks & other financial institutions. The information will be passed on to the Income Tax Department for further investigation
*Just a beginning of the end of black money in India*
They were addressing a press conference to details next steps after Prime Minister Narendra Modi announced in an address to the nation that Rs. 500 and Rs. 1,000 denomination notes are being withdrawn from midnight. He said that such notes will become “mere paper”.
PM Modi said this was being done to tackle the menace of black money in the country, which has sapped the economy.
The new series of Rs. 500 notes, said economic affairs secretary Shaktikanta Das, will be called the Mahatma Gandhi series of bank notes and they also carry a picture of Delhi’s Red Fort.
The 2000 rupee note that is being introduced carries an image of the Mangalyaan to celebrate India’s Mars mission, he said.
Control rooms are being set up at the Reserve Bank and the Department of Economic affairs in the finance ministry to help in the transition.
Tomorrow, Wednesday, the officials said, will be a bank holiday and the treasury will also be closed. Mr Patel said the production of the new high denomination notes had been ramped up “as of today and over the past months… hence it was decided to introduce the scheme that the PM has announced.
Mr Das called the government’s decision to cancel the Rs. 500 and 1000 notes “a very bold, powerful and decisive step” to fight black money.
In an surprise address to the nation today Prime Minister Narendra Modi announced that currencies with denomination of Rs 1000 and Rs 500 will not be legal tender from midnight tonight. Prime Minister also said that hospitals will be allowed to take currencies of these denominations till November 11.
Prime Minister said these notes can be exchanged in banks and post offices from November 10 to December 30.