Hey Guys , Here we Told You what is NGC (Nano GPS Chip).But first of all why we going to tell you where this term come and why.
Today Indian Prime minister Shri Narendar Modi take a Big Decision To Ban Rs 500 and Rs 1000 Notes from 9 Nov 2016. It is Really Big Decison to curb black money and Terrorism.
What Is NGC..?
NGC is commonly know as Nano GPS Chip .This Chip comes with two advance technology which is Nano and GPS. From Nano Chip You can perform advanced features of storing tracking details etc.
GPS is known as GLOBAL POSTILION SYSTEM Technology .Which Use satellite to measure exact location of any thing and it is used Indian new Rs 2000 Currency notes.
Here it is Quick FAQ about all ?
- why RBI is issuing ₹2000 Rupees 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)*
- How the embedded 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*
Highlights of Banning Notes :
1. Currency notes of Rs 500 and Rs 1000 denominations will not be legal beginning November 9
2. New notes of Rs 500 and Rs 2,000 would be released and circulated soon
3. ATMs will not work on November 9, and at some places on November 10 as well
4. Those unable to deposit Rs 1000, Rs 500 notes by December 30 for some reason, can change them till March 31, 2017 by furnishing ID proof
5. People can deposit notes of Rs 1000 and Rs 500 in their banks from November 10 till December 30, 2016
6. Currency notes of Rs 1000 and Rs 500 will be just paper with no value
7. Banks will remain closed on 9th November
8. All banks and post offices will remain shut tomorrow
9. Cashless fund transfer won’t be affected by this
Respite for people for the initial 72 hours, Govt hospitals will accept old Rs 500 and 1000 notes till 11 November midnight
11. Some medical facilities will be exempted from this for the time being
12. Rs 20,000 weekly cap on exchange of Rs 500 & Rs 1,000 notes