6 years of demonetisation: Do you know the journey of note making to its destruction?
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Who takes the decision to print the notes, on what basis it is decided and how does the currency return to the RBI after leaving the printing press? Know the answers to these questions…
NewsNCR | Edited By: Ankit Gupta
Updated on: Nov 08, 2022, 1:00 PM IST
According to the RBI report, till March 2021, only 24,510 lakh notes for two thousand were in circulation in the country. Now only 500 notes are replacing 2000 notes. In such a situation, the question arises that who takes the decision to print the notes, on what basis it is decided and how does the currency return to the RBI after coming out of the printing press? Know how is the journey of a currency note from its creation to its destruction…
The decision of how many notes of 100, 500 or 2 thousand should be printed is taken by the Reserve Bank of India (RBI), the Central Board and the Central Government together. Its decision is taken keeping in mind the need of the people. After the data is fixed, the currency is sent to print in the printing press. At present RBI places printing orders for currency printing presses located at Nashik (Maharashtra), Dewas (MP), Mysore (Karnataka) and Salvani (West Bengal).
After printing the note in the printing press made in different parts of the country, the work of distributing it starts. RBI has currency issue offices in 19 cities of the country. Apart from this, notes are also given to banks through 3054 branches of scheduled banks. From here, the work of delivering new currency notes to the banks is done. According to the need of the people, banks issue new notes.
When new notes reach the people, then gradually the damages start coming in them. For example, 500-2000 notes usually last for 5 to 7 years. If during this time more mutilated notes reach the banks, then it is sent to RBI. RBI experts decide whether that note should be brought back into circulation or destroyed.
According to the Economic Times report, the RBI destroys the note if its condition is very bad. To destroy the note, it is cut into very small pieces. These are so small pieces that they cannot be put back together. It is passed through a humidifier. After this the remaining part is buried in the ground.
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