What will the government do with the 2000 notes?
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When did the RBI take out the notes from circulation?
This is not the first time that the government has decided to withdraw a note from circulation. In the year 1946, the Reserve Bank of India had taken 500, 1000 and 10,000 notes out of circulation. After this, in the year 1978, RBI took 1000, 5000 and 10,000 notes out of circulation. After this, in the year 2014, this step was taken in a different way. RBI removed the notes printed before the year 2005 from the market. This was followed by the demonetisation of November 2016, which demonetised Rs 500 and Rs 1000 notes.
What does the government do with scrap notes?
At present 2000 notes are being deposited in the banks. Banks will send these notes to the regional offices of RBI. Since these notes have become useless. It was no more than a piece of paper. So RBI will dispose of these notes in such a way that no one can misuse them. Earlier these notes were also burnt.
First of all check
RBI first checks these notes. It is ascertained whether these notes are genuine or fake. This work is done by machines. These are special machines. These machines can check 60,000 currency notes per hour.
pieces are done
After checking the notes, they are cut into pieces. These pieces are made by machines only. These are properly torn. These are torn in such a way that the old notes which still have life left in them can be made into other notes and brought into currency circulation. The rest of the notes are treated in such a way that no one can ever recycle these notes to make new notes.
bricks are made
Bad notes that have been badly mutilated are pulped. Bricks are made from this pulp. If this is not the case then this waste is thrown away. Apart from this, it is also given in factories, where paper is recycled. There other things like cardboard are made from them.
What happened during demonetisation?
In the demonetisation of 2016, RBI received a large amount of 500 and 1000 notes. RBI first scrapped these notes with machines and then sold hundreds of tons of this scrap to recycling company. RBI had sold the scrapped notes to a hardboard manufacturing company in Kerala. The name of this company is Western India Plywood Limited. Currency scrap was also mixed with wood pulp to make hardboard.
What price was the waste of the notes sold
Actually the pulp of the notes is very hard. Engineers had found a solution to recycle it after research. Western India Plywood received 800 tonnes of scrap from RBI’s Thiruvananthapuram branch. The company had bought it at Rs 200 per tonne.
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