On Tuesday Prime Minister Narendra Modi announced that Rs. 500 and Rs. 1000 notes are no longer legal tender. They are now discontinued and will be replaced with new Rs. 500 and Rs. 2000 notes. The reason for this includes combating terrorism, counterfeit notes, and of course black money. On this episode of Orbital: The Gadgets 360 Podcast, host Pranay is joined by Rohan and Rishi to understand what has changed from a technology and personal standpoint.
(Also see: 1000 Rs. Note Discontinuation Hugely Welcomed by Fintech Companies)
From a surprising number of consequences for e-commerce companies and digital wallets to the short-term ruckus caused by this sudden move, we tackle the possibility of the Rs. 2000 note coming with a Nano GPS Chip (spoiler alert: it doesn't). As well as explaining why you'll be ordering online a whole lot less. Well, at least in the short term.
(Also see: 2000 Rupees Note NGC Rumour: There's No Nano GPS Chip)
And while some digital wallet providers see this a shot in the arm for the financial tech sector, there's more than meets the eye as always. Would payment gateways be able to work reliably under what is perceived to be large transaction volumes?
(Also see: 500 and 1000 Notes Demonetised: Why the Move Is Unlikely to Push Digital Payments)
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