New 500 and 2000 Rupee Note Will Be Released Soon! Why and What Change In New Currency Note?

Why is RBI issuing Rs 2000 notes

• 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 RFID tag.

How the embedded RFID tag works?

• The unique feature of the RFID is it doesn’t need any power source.
• It only acts as a signal reflector.
• When a satellite sends a signal requesting location, the RFID 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 RFID tag currency can be easily tracked and located even if it is kept 120 meters below ground level.
• The RFID tag can’t be tampered with or removed without damaging the currency note.

How will this help eradicate black money menace?

• Since every RFID tagged 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 and other financial institutions.
• The information will be passed on to the Income Tax Department for further investigation.