The Hindu : Tamil Nadu / Chennai News : Soiled currency notes recycled into eco-friendly products

Online edition of India's National Newspaper
Tuesday, Jun 23, 2009
ePaper | Mobile/PDA Version

Tamil Nadu

Tamil Nadu - Chennai

Soiled currency notes recycled into eco-friendly products

K.Lakshmi

Mutilated notes turn into various products, including files, calendars and even paper weights

— Photo: R.Shivaji Rao

Reuse: Samples of briquettes made of shredded currency notes and some of the recycled products on display at the RBI in Chennai.

CHENNAI: Ever wondered what happens to your old, soiled currency notes? Well, they could morph into pretty paper files and calendars that adorn your desk.

Officials of the Reserve Bank of India (Tamil Nadu and Puducherry) said soiled and mutilated currency notes of various denominations were withdrawn from circulation through banks and the camps organised by it.

The soiled notes are examined, sorted and the unfit among them disposed of under the currency verification and processing system (CVPS). Of the segregated notes, those considered to be worth reissuing would be given for circulation.

Nearly Rs.550 crore worth soiled notes are taken out of circulation in the Tamil Nadu region every month. Such currency notes are replaced with fresh ones as part of the RBI’s clean note policy. The recent introduction of a system to provide incentives to banks for collection of mutilated currency has also contributed to the substantial increase in the number of notes received by the RBI.

“It is the right of the consumers to demand fresh notes. They must be at least provided with re-issuable notes,” an official said.

Deputy General Manager, Issue Department, RBI, T. Ranganathan said the notes identified for disposal were shredded and made into briquettes weighing about 100 gms.

The present system has not only prevented environmental pollution but also helped in manufacturing of eco-friendly products, he said.

Until 2001, the soiled and torn currency notes that were taken back were incinerated.

The briquettes are sold for industrial use through tenders. A kg of such briquettes are sold for a minimum of Rs.6. On an average, nearly 8.28 lakh kg briquettes are manufactured every year.

The shredded currency is recycled into various products, including files, calendars and even paper weights. Such briquettes are also distributed as souvenirs to the visitors at the stalls of RBI in exhibitions.

More people must come forward to make eco-friendly products using shredded currency, Mr.Ranganathan added.

Printer friendly page
Send this article to Friends by E-Mail

Tamil Nadu