New Delhi, Nov 8 The Prime Minster of India, Narendra Modi today 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 Res 2,000 notes would be in circulation and as per the RBI the same would be out by November 10th. These are expected to have embedded NGC.
Here is something that you need to know about the new Rs 500 and 2,000 notes. For starters the move to take out of circulation the Rs 500 and 1,000 notes is to curb black money and the fake currency racket. What will the new notes look like and what would its features be. New notes with NGC technology embedded with a Nano GPS chip:
- The NGC 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 meters 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 department.