What RBI Will Do With 18 Billion 500 and 1,000 Rupee Notes
What RBI Will Do With 18 Billion 500 and 1,000 Rupee Notes
Most RBI branches house shredding centres and the notes will be recycled for office and industrial use
New Delhi: Old notes can be used till December 15 at petrol pumps and government utilities and deposited in banks till the end of that month. But what happens to the 500 and 1,000 rupee notes that Prime Minister Narendra Modi banned earlier this month to combat corruption and black money?
The demonetisation exercise sucked 18 billion 500 and 1,000 rupee notes valued at Rs 14 lakh crore out of circulation. The Reserve Bank of India, the printer and issuer of currency, has inherited that mountain of paper and will now shred and pulp it for recycling, said government sources.
Most RBI branches house shredding centres and banks will send the old notes there in neat stacks and bundles to be turned into heaps of short strips. Much of that will be recycled into pulp and then either fashioned into briquettes or compressed blocks, or then will be used to make office stationary like calendars, paper weights, files and boards.
Most RBI branches house shredding centres and banks will send the old notes there in neat stacks and bundles to be turned into heaps of short strips. Much of that will be recycled into pulp and then either fashioned into briquettes or compressed blocks, or then will be used to make office stationary like calendars, paper weights, files and boards.
on Wednesday, 30 November 2016
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