Demonetized rupee notes get used for producing plywood
Posted on: 30/Nov/2016 5:07:52 PM
The Rs 500 and Rs 1000 notes that were demonetized by the centre recently are currently being used for producing plywood. It was announced on 8th November that all Rs 500 and Rs 1000 notes are banned and that new Rs 500 and Rs 2000 notes will be brought into use instead. Following this, these rupee notes worth Rs 23,000 crore were exchanged at banks.
Rather than simply burning these demonetized notes, the Reserve Bank of India has decided to make a productive use of it, claims a renowned daily. Accordingly, all the rupee notes that are withdrawn from usage will be handed over to Western India Plywood, WIPL located at Kannur in Kerala.
These rupee notes of over 140 tonne is handed over to this company. These will be burnt using machines and made into paste and used for producing plywood. About 40 tonnes of rupee notes are handed over to the firm every week. For this, the company is paying Rs 250 per tonne to the RBI. As a testing phase, about 10 to 15 bags are given to producing plywood.
