Here’s What Happens to Rs.14 Lakh Crore Old Notes

Here's What Happens to Rs.14 Lakh Crore Old NotesThe demonetization of Rs 500 and Rs 1000 denomination notes to get rid of corruption and black money caused quite a stir in the country generating mixed response from the public. What it also left us with is the question that what happened to the old notes of Rs 500 and Rs 1000 that were exchanged by the millions. The total number of notes taken back by the Indian government was revealed to be 18 billion and summed up to be Rs. 14 lakh crore which are now out of circulation.

Apparently, the fate of these 18 billion notes is quite modest. The Indian government let it out that the old notes of Rs 500 and Rs 1000 denominations will be sent back to the Reserve Bank of India for an environment-friendly end.

The notes will shredded into short strips and recycled to make stationery. After the recycling process, they will be made into compressed blocks which will then be used to make office stationary.



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