Demonetised Rs 500 and Rs 1,000 notes, which have been counted and processed for genuineness, are shredded and briquetted before being disposed of through a tendering process, the RBI has said.
The central bank had earlier estimated the value of old Rs 500 and Rs 1,000 notes received, as on June 30, 2017, at Rs 15.28 trillion.
“Old currency notes which include demonetized Rs 500 and Rs 1,000 notes are counted and processed in sophisticated currency verification and processing system. The notes processed are shredded and briquettes in the shredding and briquetting system installed in various RBI offices,” the RBI said in reply to an RTI query filed by a PTI correspondent.
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Once compressed into ‘bricks’, the shredded notes are disposed of through a tendering process, according to the reply. “RBI does not recycle such processed notes,” the RBI said. The bricks will later be used for making calendars, paperweights…
At least 59 sophisticated Currency Verification and Processing (CVPS) machines are in operation in various branches of RBI across the country to process demonetized notes for their arithmetical accuracy and genuineness.
The government had on November 8, 2016, banned the use of Rs 500 and Rs 1,000 notes and allowed the holders of these currency bills to deposit them with banks or use them at certain notified utilities.
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