What will RBI do with the 2000 notes that are closed and deposited in banks? Will she sell them in scrap or will new notes be made from them?
It has been more than 2 weeks since the 2000 note exchange started. In such a situation, about 50 percent 2000 notes have reached the banks so far. Ever since the process of demonetisation started, people have been bringing notes in droves to the banks and depositing or getting them exchanged. Recently, Reserve Bank of India Governor Shaktikanta Das told that about 1.80 lakh crore 2000 notes have come back to the banks.
Now the question arises that what will the bank or the Reserve Bank of India do with these returned notes? Will she sell them as scrap or will new notes be printed from them? Let us know what RBI does with the notes that have become useless…
What will RBI do with the notes?
According to the information, the bank first sends the closed or useless notes to the regional office of RBI. Then from here these notes are sometimes burnt to save them from misuse. Some notes are checked to see if they are fake notes. Special machines are used for this.
After this the notes are cut into pieces through the machine. If the life of the notes is good, then they are recycled and new circulation notes are made from them.
These are collected after breaking the bad notes. Then their bricks are made. Pieces of these notes are also given in the factory to make cardboard.
800 tons of notes were sold in scrap at the rate of 200 rupees
When demonetisation took place in the year 2016, banks had deposited the notes in the RBI office for disposal of old notes. After which the waste of notes was sold to the factories at the rate of junk. At that time about 800 tonnes of waste was received by the factories. Which the company had bought at the rate of Rs 200 per ton. That means, the amount of note that is not printed, its waste is given to the factories at a lower rate than that.
How much does it cost to print a note?
The printing of a 2000 note used to cost about 4 rupees. RBI has stopped the circulation of 2000 notes. In such a situation, now money is not spent in their printing. However, in case of printing of Rs 500 note, Rs 500 note is printed at a cost of Re 1. However, after the circulation of notes stops and after reaching the banks, their cost keeps decreasing. Then only their recycling process is spent.
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