Winning Bizness Desk
Mumbai. The Reserve Bank of India has announced the decision to withdraw the Rs 2000 note from circulation and due to this, a huge trunk of Rs 2000 note being returned to the RBI chest ever since the apex bank announced about the non-continuation of the pink notes. But there are many questions in everyone's mind about this: after taking back these 2000 notes will they be completely destroyed? Will they just remain as junk? Let's try to know the answers to these questions. All ordinary citizens have been allowed to deposit these two thousand rupee notes in any bank till September 30. All the Rs 2000 notes deposited in all the banks in India till September 30 will be sent back to the RBI.
Cutting and shredding
The notes collected in all the banks are deposited with the RBI. All these notes will then be fed into the Currency Verification and Processing System (CVPS). This CVPS machine can process 50 thousand to 60 thousand notes in an hour. This machine counts the notes and the notes are also checked by this machine. The notes are then classified into fit and unfit categories as to whether they are true or false. Notes that are false or unfit are cut, shredded. But all notes that are fit are minted in such a way that they can be reused or recycled into newly minted currency notes.
Notes are briquetted
Earlier when such a decision was taken, the accumulated notes were incinerated, but this was found to cause a lot of pollution. Therefore, the unfit notes are sent to the briquetting system where they are processed into briquettes which can be used in industrial furnaces At the same time they can also be used to make paper boards. A tender is called from the RBI to make these briquettes. When 500 and 1000 notes came out of circulation in demonetisation in 2016, the broken or cut notes were sold to Western India Plywoods Limited. Experts predict that a similar process can be followed this time as well.
Bad notes are destroyed
Here is a prediction of what will happen to the Rs 2000 note. But the other burnt, cut, torn notes are deposited in the bank and good notes are given in return. RBI collects all the bad notes and sends them to CVPS and the same system as mentioned above is used for all those bad notes. According to RBI's annual report for 2021-22, 1,878.01 crore bad notes were destroyed this year, which was 88.4 per cent higher than the 2020-21 comparison.
