Recently, the government of India has decided to discontinue two of their most popular currency notes, the 500 and the 1000 rupee. This is supposed to be a policy to fight the corruption and tax evasion in India. Those two notes are being replaced by new 2000 Rupee note. Let’s take a look!

The purpose and design of 2000 Rupee Note

At the first look, we can see these notes are extremely pink and they are slightly smaller than the 1000 Rupee note. It looks like 1000 Rupee notes with a filter on it. There are a lot of rumors in social media that the new 2000 Rupee note has a NGC chip in it. They said it could be a nano-GPS chip that is embedded inside the note so that the government could track where all this money was. But with which power energy do those chip run? So this rumor is a just a rumor itself.

This movement of Indian government is totally trying to do detect people and businesses who are hoarding on to these cash or to eliminate the fake currency that are flowing in the market today.  It is called the biggest #surgicalStrikes against black money. As for those that all their money is “clean”, you shouldn’t be worried but take all your legitimate money and send to a bank. Each day you can exchange your money up to 4000 rupees and this limit is going to increase later on.

If you are pulling out money from the ATM, you have a limit of 2000 rupees per card per day and this limit might be increased to 4000 soon.
But, if you are doing online transactions or mobile payments or internet banking, there is no limit to the amount of money you can exchange! On the other hand, the government is also going to issue new 500 and 1000 rupee notes. These notes have a new color, a new size and a whole lot of new security features that will prevent counterfeiting.

The role of 2000 Rupee Note

If you look at the larger picture, we are going to eradicate a whole lot of black money with the hope that the economy is going to become a lot more stable and inflation will go down considerably. This also means that the future is extremely electronic for us tech guys, that is absolutely amazing because a lot more people will be using a lot more technology and buying stuff online, which means that the shopping experiences and things that you do online will become easier more refined and readily available across the country.