Here's What Happened to the Old 500 and 1000 Rupee Notes 5 Years After Demonetization
On the night of November 8, 2016, Prime Minister Narendra Modi demonetized all 500 and 1000 rupee notes. The Reserve Bank of India (RBI) reported in 2018 that 99.3 percent of the old notes have been handed to the banking system. Today, more than 5 years after that historic announcement, when tens of thousands of people queued outside banks to exchange their old notes for new ones, one issue remains unanswered: what occurred to those old notes? What did the Reserve Bank of India (RBI) and the government do with the old banknotes? What did they do with them? Did they reuse them or other? What Happened to the Notes That Were Demonetized? The demonetized currency gathered from banks is processed through a monetary authentication and processing system that can distinguish between real and phoney notes, according to prior assertions by RBI officials. After that, the demonetized currencies are shredded and turned into coals, which are compressed garbage blocks. Tenders ...