Dubai: At a time when Indians are struggling to get rid of the banned Rs 500 and Rs 1000 notes, these might soon end up in their homes -- but as a piece of furniture or possibly a photo frame.
According to a report in the Gulf News, these scrapped notes are on their way to Dubai and are being recycled and transformed into hardboard and fibreboard products. The move was initiated by the Reserve Bank of India (RBI) to recycle demonetised notes.
The report stated that about 30 to 40 per cent of the hardboard products made by recycling of these banned notes are being shipped to India from Dubai.The boards imported from Dubai can be used in making wardrobes, shelves, drawers, photo frames and much more.
"We are exporting the fibreboards to various countries in Europe, Africa and also to Australia," said PK Mayan Mohammad, owner of Kerala-based firm chosen by RBI to recycle the notes.
Explaining the entire process behind the recycling, Mohammad said that RBI's regional office in Thiruvananthapuram had approached his firm and inquired about their capacity to recycle scrapped currency.
He said that the pulp of the banned notes is used as a raw material and is thne mixed with wood pulp for making hardboard and fibreboard.
Mohammad said that his firm was approached by the RBI on October 20, weeks before Prime Minister Narendra Modi announced demonetisation move.
"I thought they had decided to recycle the soiled notes instead of burning them. I, too, got to know about the demonetisation plan only when the Prime Minister (Narendra Modi) announced it," Mohammad said.
"We are the only facility with this technology in India. It uses high electrical energy, steam pressure and temperature. We have been picking up almost 60 tonnes of shredded notes a week," he added.
