New Delhi: RBI is selling Rs 500 notes at the rate of Rs 25 per tonne. RBI had invited bids from companies to buy the old notes. Kerala based Western India Plywood is one of companies that have won the bid. After tedious verification by RBI, the company was awarded the tender to dispose the old Rs 1000/500 notes. The company will first turn the old notes into pulp and then into cardboard and plywood.
The old deposited at bank branches are first verified (for fakes) then packed in bundles and sent to RBI. The RBI then gets them verified at its Chandigarh centre. After verification the notes are transferred to shredding and briquetting systems. Here the notes are first cut into strips and then compressed into briquettes of different sizes.
Then a vendor (WIP in this case) takes these briquettes to a factory where these are turned into pulp using chemicals.
Then the pulp is used to make cardboard, plywood, stationery items, souvenirs, egg trays and brown paper. So be ready to say welcome home to your old notes. (News24Bureau)