Just after announcement by Prime Minister of India regarding demonetization of old 500 and 1000 rupees notes and legal tender of new 500 and 2000 Rupees notes, rumors are spreading on social media and news channels that the new 2000 rupees note have an inbuilt nano GPS chip (NGC) to track the location of currency if stocked in the form of unaccounted black money.
Let us discuss about the reality and possible scope for such feature in a currency Note.
The Nano GPS Technology
Since announcement of new notes circulation, everyone is talking about the new inbuilt NGC chip in the 2000 rupee note. According to the news this chip is a micro chip present in the note and capable to reflect signals coming from the Satellite in order to transfer the information regarding position and other details about currency. These can be tracked 120 meters Beneath the ground. Furthermost important thing is that the chip does not need any power source to function.
After announcement by Prime Minister RBI Published information and features of new currency notes and declined all rumors about inbuilt NGC Chip. The new currency have lots of security features which makes it almost impossible to copy.
Scope for Currency with NGC technology
Experts says yes it is possible to embed a nano chip inside a note. The note is thick enough to carry a nano chip. Nano chips can work as signal reflector without a power source. Thus every embedded currency note can be tracked with exact location in coordinates if it is in reach of the signals transmitted by Satellite. The challenge arise for such technology is cost of production of currency as well it requires a robust and high strength satellite communication system.
It will be a billion dollar idea to solve a big problem ‘black money’ in a country with majority of population transact in cash.