Dear MEL
Topic Readers,
How will
India destroy 20 billion banknotes?
In Topic
Reading-Vol.1677, India’s scraping 500 and 1,000 rupee bank notes overnight was
introduced. This bold move was to crack down on "black money" or
illegal cash holdings. It created long lines in front of the banks as well as confusions
and worries among people who have had enough cash to exchange.
To
prepare new banknotes to replace the currently-circulated ones in this
magnitude in complete secret was an astonishing job, though the printing the
new banknotes was delayed due to the shortage of ink! Also, transporting them
to the banks across the country and storing them in the vaults in safe must
have taken considerable efforts by many.
But what
about the replaced banknotes? The estimated number of expired banknotes is somewhere
around 20 billion. Will they be recycled, burned to ashes or used as toilet
paper?
Enjoy
reading and learning what the fates of soiled, damaged or replaced banknotes are
once they are collected.
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