As per an estimate, Reserve Bank of India (RBI) is likely to receive Rs 15,000 million old notes in denominations of Rs 500 and Rs 1000 by the end of demonetization scheme. Of course, the number is just around 70 percent of over Rs 14 lakh crore of old higher denominations in circulation.
Soon after the launch of demonetization, RBI began sorting, verification and shredding of banned notes has already began in three centers Fort in Mumbai, Nagpur and Belapur. Altogether, There are 40 verifying and shredding machines at 19 parts of the country. These machine which could destroy 2.5 lakh notes per hour are imported either from Japan or Germany.
Reserve Bank of India might take one year time to destroy all the defunct Rs 500 and Rs 1000 notes. Even Employees might stop destroying notes of less denomination for some time. This is for the first time RBI has faced such a huge challenge.
Soon after the launch of demonetization, RBI began sorting, verification and shredding of banned notes has already began in three centers Fort in Mumbai, Nagpur and Belapur. Altogether, There are 40 verifying and shredding machines at 19 parts of the country. These machine which could destroy 2.5 lakh notes per hour are imported either from Japan or Germany.
Reserve Bank of India might take one year time to destroy all the defunct Rs 500 and Rs 1000 notes. Even Employees might stop destroying notes of less denomination for some time. This is for the first time RBI has faced such a huge challenge.