The Reserve Bank of India has dismissed as “figments of imagination” rumours that a new series of Rs 2,000 will come with a GPS-chip that will help government track illegal money transactions.

“Such a technology does not exist at the moment in the world, then how can we introduce such a feature?” RBI spokesperson Aplana Killawala told News18.

Also read: Replacing Rs 500, Rs 1000 Notes: What to Do, What Not to Do

She said that the RBI website had detailed the security features of the new note and that there was nothing else besides what has been officially said, especially any possibly of a GPS-enabled chip.

Reports of a chip-enabled series of new currency notes had surfaced immediately after Prime Minister Narendra Modi announced on Tuesday that the government was scrapping the existing denominations of Rs 500 and Rs 1000 currency notes.

Read: Demonetisation Live: New Rs 500, Rs 2,000 Notes Will be Available From Nov 11