Modi abolishes Rs. 500, Rs. 1000 notes effective immediately


Congratulations to the Government of India and Modi for taking the bold step of banning Rs. 500 and Rs. 1000 currency, with effect from midnight tonight. This will deal a body blow to the generation of Black Money inside India as detailed in our post of March 9, 2016.

6 COMMENTS

  1. Quote
    “This move will take India towards cashless economy; It doesn’t merely nudge the economy in that direction, but significantly pushes it. States will also benefit from this: Arun Jaitley ”

    Before even moving forward the public must be made aware that any account in a bank is secure only for Rs 1 lakh , which limit was fixed in 1993 and which is ABSOLUTE NONSENSE. Every bank insures for only 1 lakh for each customer account with the Deposit Insurance Corpn of India, a Govt company . Additional insurance is also not available to any individual who wishes to insure for more . The Gov has no business to limit cash holdings and transactions without providing safety first.There being no protection for any customer, the Govt is taking the public for a ride. Talk of banks being safe is nonsense as the customer does not look at the bank’s balance sheet which changes constantly. Cashless Economy indeed, without any protection for one’s money in a bank. This is what the Indian public gets when they have a lawyer acting as Finance Minister.
    To those who are shocked at this info: READ
    https://rbi.org.in/scripts/FAQView.aspx?Id=64

  2. Sorry to have sounded rude about patents but as an alternative to MSM you should have a better quality, please find out how many KW transmission power is needed for detection below 120m below ground, the article no where talks about rfid it talks about nano gps. Please accept it is poorly written and improve, I end this debate here. IPhone is a lowest common denominator for technical discussions

    • We had a chance to look at what appears to be a 2000 Rupee note and it does not appear to have signs of technology built into it. Till we can verify NGC, we have decided to take down the video from this post. We got this one WRONG and will strive to be accurate.

  3. Please understand how GPS works first before writing Gibberish. GPS needs Line of sight visibility – it is the need for all microwaves. Secondly any device needs power, do you mean to say 2000 rupee note can generate power on its own to power the device. Understand the difference between RFID and GPS they are not the same, some one claiming to have several patents should be more prudent in writing or publishing about technical stuff.

    • Mr. KK, you are absolutely wrong. You can have passive technology that can be detected (NFC, RF Id have been in vogue for several years). As to how a satellite thousands of km above can see the currency, there has to be an enabler on the ground which detects the presence of notes (say either iPhone/ Android etc.) This is not only feasible, it has been proven to work. If you have an iPhone, check out the Find my iPhone feature. Debate on the merits of the post, not how many patents one of the author has.

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