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View photos Prime Minister Narendra Modi may have surprised India after he announced on Tuesday that Rs 500 and Rs 1,000 notes would no longer be legal tender, but one part of the new system didn't come completely out of the blue. For a few days now, pictures of new Rs 2,000 notes have been floating around the internet and Modi announced that these will be issued for limited circulation soon. But those pictures also came with some rather fantastical rumours about these notes. Trending No, the RBI hasn't announced a Rs 2,000 note with a 'nano GPS chip' that it can track Why Narendra Modi is taking away your Rs 500 and Rs 1,000 notes Note demonetisation: 86% of Indian currency and 12% of GDP has been frozen overnight According to these rumours, which were circulating on WhatsApp even before the demonetisation announcement, the new notes would come with what is variously described as a "micro nano GPS chip",

Puzzled Over Demonetisation of Old Currency Notes? RBI is Here to Help A file image of the new 2000 rupee note. The Reserve Bank of India has issued a release with Frequently Asked Questions (FAQs) about the demonetisation of Rs 1,000 and Rs 500. Why? The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even though no security feature has been copied. The fake notes are used for antinational and illegal activities. High denomination notes have been misused by terrorists and for hoarding black money. India remains a cash based economy hence the circulation of fake Indian currency notes continues to be a menace. In order to contain the rising incidence of fake notes and black money, the scheme to withdraw has been introduced. What is this scheme? The legal tender character of the notes in denominations of ₹ 500 and ₹ 1000 stands withdrawn. The withdrawn old high denomination (OHD) notes c