1 yr of Notebandi: When there was chip rumour in new currency

New Delhi, Nov 5: Prime Minister Narendra Modi announced on 8 November the biggest-ever demonetisation exercise India has ever witnessed by suddenly withdrawing Rs 500 and Rs 1,000 notes from circulation in order to check black money, terror funding and corruption.  The PM said there are certain exemptions for the first 72 hours, including permission to use old currency in government hospitals, for buying fuel, medicines, train tickets, airline tickets, in government buses and for paying utility bills. 

However, when the new currency of Rs 500 and Rs 2000 came into circulation another rumour began doing the round. Some reports erroneously suggested that the government had embedded a 'nano GPS chip for easy tracking of the notes' and that India's regional satellite navigation system Navic would do the needful. 

The rumours suggested that the chip would alert authorities if black money was hoarded. 

According to the rumours, the technology would have meant that piles of cash would be detectable from space, making life much easier for police forces and and anti-corruption crusaders. 

Kiran Kumar, chairman ISRO had immediately called the bluff telling "this was a figment of someone's fertile imagination". 

Later, it was confirmed by the PM Modi government that there is no embedded chip in the new currency note.