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Here's what will happen to 18 billion old 500 and 1,000 rupee notes that RBI has collected so far!
From the very next day after Prime Minister Narendra Modi announced that Rs 500 and Rs 1,000 currency notes were no longer legal tender, people started rushing to banks to get their old notes exchanged with new ones.

Although almost a month has passed since the announcement which came on November 8, the queues outside banks have barely reduced. According to reports, banks across the country have so far received nearly 18 billion 500 and 1,000 rupee currency notes valued at Rs 14 lakh crore.

With so much of discontinued currency notes getting collected which are no more than trash now, you must be wondering what would be their eventual fate! Well, the Reserve Bank of India (RBI) which is the issuer of these notes, will collect these notes from various banks and send them to regional offices for shredding.

After shredding, these notes will turn into short strips of paper. These strips would then be passed through a humidifier and converted into briquettes. Some of these briquettes would be recycled and used for making calendars, paper weights, file covers and boards.

Previously, the RBI had a practice of burning such old discontinued notes but considering the harmful effects on the environment it had, this practice was discontinued.

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