RBI Now Has 18 Billion Old 500 & 1000 Rupee Notes and This Is What Will Happen with Them
Ever since Prime Minister Narendra Modi demonetized old note of Rs 500 and Rs 1000, citizens are making a beeline outside the banks to get them either exchanged with new legal tender or deposit them in their bank accounts.
According to reports, nearly 18 billion 500 and 1,000 rupee notes valued at Rs. 14 lakh crore has been deposited in banks so far. With so many notes being deposited, people are now wondering about the fate of these illegal tender.
The Reserve Bank of India (RBI), the printer and issuer of currency, will collect the notes from the banks across the country and then send it to regional offices for shredding.
The bundles of notes will be then turned into heaps of short strips.Some of them will be used to make office stationary like calendars, paper weights, files, and boards.