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‘Demonetisation Anniversary,’ RBI sells old notes

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Ever wondered, what happened to those old 500 and 1000-rupee notes that you had deposited in the banks last year on this day? Well, they have all been gathered and put to use as a revenue earner for the government and are being sold just like you would sell the old newspapers. RBI officials in Kolkata informed the old notes are being stripped in machines, made into small pieces and sold at Rs 6 per kg.

So, who are the buyers? Primarily, the plywood industry is buying truckloads of these shredded notes. Paper pulps are mixed with wood shreds to make plywood these days, that go into making decorative chairs and tables adorning your households. Well, all those 500 and 1000 notes are going into making chairs and tables. Not just that, they are finding way to the cottage industry also, where the notes are used for making paper pulps. RBI Kolkata has already sold more than 1,700 kg of such shredded notes and today they plan to sell more.