The Indian government’s decision to ban notes of 500 and 1,000 denominations and bring in currency with a denomination 2,000 has come as a shock to many. Indeed, despite its repeated assurances that the notes can be exchanged at banks after a couple of days, cash based transactions have dramatically slowed down — while the opposite is true for cashless transfers, which have seen an exponential growth in the country.
That said, everyone is eager for the paper notes to come back into circulation. While the INR 500 note will be coming back to join us shortly, the 1,000 denomination note is going out for good. Have no fears about carrying sacks of cash when you are buying something particularly expensive though, as the Indian government is launching notes of denomination 2,000.
Interestingly enough, the upcoming 2,000 notes have been preceded by some strange rumors. For example, the social media has virtually been swamped with statements that the 2,000 denomination notes will be equipped with GPS enables chips that will be able to transmit their location via satellite. The rumors went so viral that RBI had to come out and issue a clarification.
Speaking with The Hindu, An official of the Reserve Bank of India said,
The only security features of the Rs. 2,000 note are the ones we have mentioned in our releases regarding the note. The release is also on our Twitter account and it does not mention any chip.
Meanwhile, the chips have also been the butt of many jokes. For example, there has been a pretty hilarious meme doing the rounds of social media according to which, the notes will be also equipped with an AMOLED screen, a front camera that will grab a picture of whoever tries his hand at corruption, along with the chip. That is a phone folks! The 2,000 denomination notes are going to be paper and ink — that is it.
There will definitely be some pretty impressive security features inbuilt into the new notes. By impressive, we are talking about latent images, colored strip security threads, watermarks and so on. But certainly no chips or SIM cards or GPS modules or front facing cameras.
I mean come on! Do you really want to have to charge your money before you can actually use it?