No, 2000 Rupee Note Won't Have Nano GPS for Tracking

Yesterday, after the announcements by Prime Minister, Narendra Modi, that 500 and 1000 Rupee notes will be of no use, the social media was flooded with this and many other various news. For a few days now, pictures of new Rs 2,000 notes have been floating around the internet and Modi announced that these will be issued for limited circulation soon. But those pictures also came with some rather fantastical rumours about these notes.

Out of many such news, one such news that was forwarded on WhatsApp was:

RBI to issue ₹2000 Rupees Notes coming February 2017
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 nano technology, 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 cant be 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

The theory that new Rs 2000 currency notes will come with Nano GPS chip seems just rumour only. The Reserve Bank of India (RBI) spends Rs 29 to print a Rs 1,000 note. If you plan to embed Nano GPS or any such device, it would cost additional Rs 50 to manufacture it. So if the government plans to embed GPS in every new Rs 2000 currency note, then the total costs involved would be too high that might compel the government to suspend the plan.

The RBI released a press note containing details of all the new features of the ₹2,000 note, along with its new magenta colour based design. There will be no GPS tracking chip inside the currency note, and the tweets and WhatsApp messages that say otherwise are just wrong.

Finance Secretary Ashok Lavasa said that the new notes that will be introduced will be "high security", suggesting, as is routine, that new currency paper comes with added security features that make them harder to counterfeit. But he did not mention any tracking features.

RBI issues ₹2000 note in new series pic.twitter.com/7Ob2j1t6Ab

— ReserveBankOfIndia (@RBI) November 8, 2016

So guys, please make sure you don't forward such message on any social media. And, also don't trust on any of the message you receive on such platform. Better watch news for latest updates. :)

Cheers!!!