After demonetisation, India’s invalid Rs. 500 and Rs. 1,000 currency notes are now on their way to Dubai and may end up in your living room as a piece of furniture or a photo frame, says a report in Gulf News.
According to the report, these scrapped notes are on their way to Dubai and are being recycled and transformed into hardboard and fibreboard products. The move was initiated by the Reserve Bank of India (RBI) to recycle demonetised notes.
About 30 to 40 per cent of the hardboard products made by recycling of these banned notes are being shipped to India from Dubai.The boards imported from Dubai can be used in making wardrobes, shelves, drawers, photo frames and much more.
“We are exporting the fibreboards to various countries in Europe, Africa and also to Australia,” said PK Mayan Mohammad, owner of Kerala-based firm chosen by RBI to recycle the notes.
Explaining to the newspaper how it all started, Mohammad said the RBI’s regional office in Thiruvananthapuram inquired about his firm’s capability to recycle shredded currency notes a couple of weeks before the government made the demonetisation announcement.
The RBI approached Mohammad on October 20. However, he said he had no idea a demonetisation move was afoot at that time.
“I thought they had decided to recycle the soiled notes instead of burning them. I, too, got to know about the demonetisation plan only when the Prime Minister (Narendra Modi) announced it,” Mohammad said.
He said that the pulp of the banned notes is used as a raw material and is thne mixed with wood pulp for making hardboard and fibreboard.
“We are the only facility with this technology in India. It uses high electrical energy, steam pressure and temperature. We have been picking up almost 60 tonnes of shredded notes a week,” he added.