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Rs 2000 note: Will RBI burn ‘those’ 2000 notes or what will they do with it? know in detail

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2000 rupee note: After depositing Rs 2,000 notes in the bank, they will be deposited with the Reserve Bank. But there are many questions in everyone’s mind about this, whether after withdrawing these 2000 notes, will they be completely finished? Will they just end up as junk? Let’s try to find out the answers to these questions.

The Reserve Bank of India has announced its decision to withdraw the Rs 2000 note from circulation. All common citizens have been allowed to deposit these two thousand rupee notes in any bank till 30 September. All Rs 2,000 notes deposited in all banks in India till September 30 will be sent back to the RBI.

What happens to the notes deposited earlier?

The notes collected in all the banks are deposited with the RBI. After this all these notes will be put in the Currency Verification and Processing System (CVPS). This CVPS machine can process 50 thousand to 60 thousand notes in an hour. This machine counts the notes and checking of notes is also done by this machine. The notes are then classified into fit and unfit categories based on whether they are true or false. Notes which are false or unsuitable are cut, torn into pieces. But all notes that fit or fit are molded in such a way that they can be reused or recycled into newly minted notes.

Are the notes burnt?

Earlier when such a decision was taken, the accumulated notes were burnt, but this was found to cause too much pollution, the unusable notes are sent to the briquetting system, where they are processed into briquettes, which are used industrially. Can be done in furnaces. Also they can be used to make paper boards.

 

Tender is sought from RBI to make these briquettes. In 2016, when 500 and 1000 notes were out of circulation, the broken or cut notes were sold to Western India Plywoods Limited. Experts estimate that this time also some similar process can be adopted.

Let us know what will happen to the 2000 rupee note. But other burnt, cut, torn notes are deposited in the bank and good notes are given in return. RBI collects all the soiled notes and sends them to the CVPS and the same system as mentioned above is used for all soiled notes. According to the RBI’s annual report for 2021-22, 1,878.01 crore bad notes were destroyed this year, which was 88.4 per cent more than in 2020-21.