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After Demonetisation, Scrapped Indian Rs 500 and Rs 1,000 Currency Notes sail to Dubai to end up as Furniture

The firm started using the pulp of the invalid notes as one of the raw materials that are mixed with wood pulp for making hardboard and fibreboard

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Indian currency notes. Pixabay

Dubai, Dec 13, 2016: After demonetisation, Indias 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.

About 30 to 40 percent of the hardboard and fibreboard products made by recycling the scrapped notes are being exported through Dubai, P.K. Mayan Mohammad, whose firm in Kerela was chosen by the Reserve Bank of India (RBI) to recycle the demonetised currency notes, told the Dubai-based newspaper.

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“We are exporting the fibreboards to various countries in Europe, Africa and also to Australia,” the paper quoted Mohammad, who was in Dubai, as saying.

The locally imported boards are used for making furniture such as wardrobes, shelves, drawer bottoms, photo frames and mirror frame backing and for making partitions.

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 demonetization announcement.

The RBI approached Mohammad on October 20. However, he said he had no idea a demonetisation move was afoot at that time.

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“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,” he was quoted by Gulf News as saying.

The company made use of the thermomechanical pulping method. “We are the only facility with this technology (in India). It uses high electrical energy, steam pressure and temperature,” he said.

The firm started using the pulp of the invalid notes as one of the raw materials that are mixed with wood pulp for making hardboard and fibreboard.

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Once that became a success, the RBI asked the company to lift more truckloads of shredded notes.

“We have been picking up almost 60 tonnes of shredded notes a week,” Mohammad told the paper. (IANS)

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Nepal’s Central Bank Announces Ban of Indian Notes Above Rs 100

Currently, only the notes with a denomination of Rs 100 and below are freely exchangeable in Nepal

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Indian Currency. Pixabay

Nepal’s central bank has announced the ban of Indian currency notes with denominations above Rs 100.

The Nepal Rastra Bank (NRB) on Sunday issued a circular for the institutions licensed by it notifying them about the ban, reports Xinhua news agency.

Authorised to Issue Currency Notes.
Rs. 2000 note was issued by RBI who maynot ahve been Authorised to Issue Currency Notes. Wikimedia.

Nepal’s cabinet in December had decided to ban the use of these currency notes.

The decision to ban these notes has come a time when the NRB has requested the Reserve Bank of India (RBI) arequesting the latter to allow Nepal to use currency notes with all denominations.

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Currently, only the notes with a denomination of Rs 100 and below are freely exchangeable in Nepal. (IANS)