The Reserve Bank of India (RBI) has categorically dismissed rumors that the new series of Rs. 2000 notes will carry GPS-chip integrated into it. Ever since Prime Minister Narendra Modi announced the decision to discontinue the currently available Rs. 500 and Rs. 1000 notes, rumors went on about the fact that new notes will be infused with GPS chip.

Commenting on the development, RBI spokesperson Aplana Killawala revealed to a leading news portal that such a technology does not exist at the moment anywhere in the world. Hence, it is not feasible for us to implement such a feature. Killawala termed the rumors as baseless.

Meanwhile, the Government has decided to scrap Rs. 500 and Rs. 1000 notes in a bid to stop Black money and corruption. Moreover, there were news reports that newly introduced notes will be able to track illegal money transactions.

However, RBI has clarified that the newly introduced notes will have security features not found in existing notes. Killawala added that detailed information about the new features have been published in leading newspapers, social media and web. They don’t have anything to hide and ruled out the addition of GPS chip.

On November 8, Prime Minister Narendra Modi announced the decision to scrap the existing denominations of Rs. 500 and Rs. 1000 currency notes. However, soon after that rumors surfaced on the web about the GPS chip-enabled series of new currency notes.