Rs 500 and Rs 1000 currency notes banned from today Midnight | New Rs 2000 Now will be issued from 10 November 2016.
The big step to end black money in the country -this will follow with removal of 1000 rupee note
*RBI to issue ₹2000 Rupees Notes coming February 2017*
RBI to issue ₹500 Rupees Notes coming February 2017
*Not just a piece of paper There is much more in this note Read the full content of this message*
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 embeded NGC Technology Works?*
The unique feature of the NGC is it dosent 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 embeded 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*
Currency notes of Rs 500 and Rs 1,000 won’t be valid from midnight, PM Narendra Modi says in an address to the nation.
“Currency notes of Rs 1000 and Rs 500 will be just paper with no value,” the PM says.
Modi says the citizens’ money will be safe as they can deposit the notes in the bank before December 30, 2016.
All other coins and notes can continued to be used.
On November 9 and in some places November 10, ATMs will not work: PM Narendra Modi
For 72 hours, until Nov 11 midnight, we have made special arrangements. All government hospitals will accept old Rs 500 and Rs 1000 notes: PM Modi