Dubai: India’s invalid currency notes are now on their way to Dubai and may end up in your living room as a piece of furniture or a photo frame.
P.K. Mayan Mohammad, owner of a company that is currently recycling the demonetised currency notes of 500 and 1,000 denomination, can tell you how.
His firm, Western India Plywoods in Kannur district of the south Indian state of Kerala, was chosen by the Reserve Bank of India to recycle the demonetised notes that are being returned to the RBI as pieces of paper with no value.
According to Indian media, a whopping 22 billion currency notes of Rs500 and Rs1,000 denomination were in circulation in India as of March 31 and all these will have to be safely disposed of after the ban.
During his Dubai trip this week, Mohammad said 30 to 40 per cent of the hardboard and fibreboard products made by recycling the scrapped bills are being exported through Dubai.