Thursday, November 10, 2016

The Money Story

The Indian prime minister Mr. Narendra Modi has declared that ₹500 and ₹1000 notes would be out of circulation soon. The 'demonetization' of these 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 NGC- Nano GPS Chip
When a satellite sends a signal requesting location of these notes, the NGC reflects back the signal from the location, giving precise location coordinates. Thus the serial number of the currency is sent back to the satellite. In this way every NGC embedded note can be easily tracked & located even if it is kept 120 meters below ground level. The NGC cannot be tampered with or removed without damaging the currency note.
Since every NGC embedded 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.
The latest in this news being the Income Tax Department conducting surveys of jewellers and hawala operators who were discounting these notes at 40%. These survey and search operations are being conducted in the country's capital and in the areas surrounding it.
It will adversely affect the following sectors:
1) Black money hoarders: These will be easily tracked as they begin to deposit or exchange these huge sums of money.
2) Fake money: Fake money which is being exchanged and being used by groups that threaten the security of the nation will easily be overthrown with this change.
3) Domestic sector: People who earn daily wages cannot stand in long queues to exchange these notes.
4) Rural economy: The villages of India thrive on cash for their daily transactions. This will have a huge impact on the existing transactions.

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