Last year Prime minister Narendra Modi announced about demonetization which made people stand in queues for many days. The old 500 and 1000 notes were declared invalid and were replaced by the new 500 and 2000 notes. To use the invalid notes the RBI has signed a deal with a Kerela based company Western India Plywood.
These notes will now play a crucial role in the South African election that will be held in 2019. TM Bawa, the general manager of WIP said, “Shortly after demonetization was announced, the Reserve Bank based in Thiruvananthapuram approached us. They didn’t how to dispose of the notes. If burnt, it would cause massive environmental damage since the notes are made of special currency paper. We asked them to send us samples. Then our Research & Development wing found a method by which we can use the notes.”
The company will first turn into wood pulp and then into hardboards that will be shipped to South Africa where general elections are scheduled in 2019. The company has reportedly paid a Rs 128 for a tonne of these invalid notes.
Demonetization caused a lot of discomfort for the common people but this work of recycling the invalid notes is something that needs to be appreciated