Demonetisation: RBI asks banks not to believe social media gossip

It also said banks should not rely on other unsecured or unofficial channels like social media wherein the authenticity of the documents circulated is questionable and not verifiable. This advisory comes in the wake of recent rumours regarding fake Rs 10 coin in circulation as well as the presence of Nano-GPS chip installed in Rs 2,000 notes. Both were dismissed as rumours by the RBI. Regarding the Rs 10 coin, RBI had asked people not to give credence to such canards and continue to accept these coins as legal tender in all their transactions without any hesitation. In a statement, RBI had said, “It has been reported that some less-informed or uninformed persons who suspect the genuineness of such coins are creating doubts in the minds of ordinary people including traders, shopkeepers, etc, impeding the circulation of these coins in certain pockets of the country causing avoidable confusion.”

As for the Rs 2,000 note, a message on social media claimed these notes are embedded with Nano-GPS chips which act as a signal reflector, giving precise location coordinates of the currency in order to allow every note to be tracked. Apparently the chip is so strong that one can track these Rs 2000 notes even if they are kept 120 metres below the ground level, according to the message. This was refuted by the RBI as well.