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Too much chaos for nothing. New Rs 500 and Rs 2000 will be introduced. Off the book transcations will resume as usual. I find Modi giving terrorism as one of e

Too much chaos for nothing. New Rs 500 and Rs 2000 will be introduced. Off the book transcations will resume as usual. I find Modi giving terrorism as one of excuses, very disingenuous.

statictype 10y ago
The new notes have tracking chips in them, do they not?
- legolas2412 10y ago
  Na, that's a dumb whatsapp hoax. Makes no sense to have an entire computing device with battery in a bank note.
  - Dayshine 10y ago
    RFID tags don't need a battery.
    - detaro 10y ago
      If you want to do any serious "tracking" with them (the rumours I've read talked about them having GPS and being widely traceable), then yes they do. Passive RFID that fits in a bank note might be readable for a tens of meters at the very most, and is trivially shielded by putting it in a metal box. They might put RFID in them, but it won't be the "tracking chip" people imagine.
  - devnonymous 10y ago
    Forget about technical feasibility for a moment, people who are falling for this do not understand the basic concept of currency. The manufacturing cost of a note cannot be higher than the face value of the note. Else the currency press would be in a loss for every note printed and eventually would need to be shut down (this has happened before). This is the reason why low value notes eventually end up as coins which are cheaper to manufacture. Embedding an electronic tracker into a Rs. 500 or even a Rs. 2000 note would cost more than those amounts unless the Indian Government decides to outsource the currency printing to some place like China!
  - deleted 10y ago
    [deleted]
legolas2412 10y ago
But old black money will come to the notice of authorities. Unless corruption allows it, this can be a reset the slate change, and tax much of the underground economy for once. Of course it will start again, hopefully we push for a cashless economy before that becomes a problem;

Too much chaos for nothing. New Rs 500 and Rs 2000 will be introduced. Off the book transcations will resume as usual. I find Modi giving terrorism as one of excuses, very disingenuous.

statictype 10y ago

The new notes have tracking chips in them, do they not?

legolas2412 10y ago
Na, that's a dumb whatsapp hoax. Makes no sense to have an entire computing device with battery in a bank note.
- Dayshine 10y ago
  RFID tags don't need a battery.
  - detaro 10y ago
    If you want to do any serious "tracking" with them (the rumours I've read talked about them having GPS and being widely traceable), then yes they do. Passive RFID that fits in a bank note might be readable for a tens of meters at the very most, and is trivially shielded by putting it in a metal box. They might put RFID in them, but it won't be the "tracking chip" people imagine.
- devnonymous 10y ago
  Forget about technical feasibility for a moment, people who are falling for this do not understand the basic concept of currency. The manufacturing cost of a note cannot be higher than the face value of the note. Else the currency press would be in a loss for every note printed and eventually would need to be shut down (this has happened before). This is the reason why low value notes eventually end up as coins which are cheaper to manufacture. Embedding an electronic tracker into a Rs. 500 or even a Rs. 2000 note would cost more than those amounts unless the Indian Government decides to outsource the currency printing to some place like China!
- deleted 10y ago
  [deleted]

legolas2412 10y ago

But old black money will come to the notice of authorities. Unless corruption allows it, this can be a reset the slate change, and tax much of the underground economy for once. Of course it will start again, hopefully we push for a cashless economy before that becomes a problem;