RBI News Today- RBI's big decision regarding old notes, now they will be used for this purpose
RBI - Recently, the Reserve Bank of India has taken a big decision regarding old notes. Let us tell you that every year, the Reserve Bank receives more than 15,000 tons of old and torn notes, which are taken out of circulation. But now they will be used for this work-
News, Digital Desk- Reserve Bank of India (RBI) will now recycle old and torn notes in an eco-friendly way instead of burning or melting them. In its recent annual report, RBI said that these notes will now be used to make particle boards.
Chairs, tables and other furniture can be made from these particle boards, which is a sustainable solution to the disposal of old notes. (RBI New Guideline)
How was settlement done till now?
Every year, the Reserve Bank receives more than 15,000 tonnes of old and mutilated notes that are taken out of circulation. Earlier, these notes were destroyed by burning or rotting, which was an expensive and environmentally harmful process. Now the RBI (RBI Latest Update) is adopting new and better methods to destroy these notes.
What will change now?
RBI has now contacted companies that make particle board. Under the scheme, the Reserve Bank will convert these damaged notes into fine shreds and sell them to these companies.
This will provide cheap and durable raw material to the companies, while the cost of destruction for RBI will also decrease. The bank will also get additional income from this process.
Beneficial for the environment-
RBI (Reserve Bank of India) has taken an important step in the interest of the environment. Now instead of burning old notes or dumping them in landfills, they will be used to make particle boards.
This decision is based on a study by the Institute of Wood Science and Technology under the Union Ministry of Environment, Forest and Climate Change.
The study found that the clippings of notes can be effectively used in the manufacture of particle boards, which will reduce the damage to the environment.
What is particle board?
Particle board is a type of engineered wood made by mixing wood shavings, sawdust and fibers with glue and resin. Now old notes will also be included in it. Durable furniture like chairs, tables and shelves can be made from it, which makes it a new and eco-friendly option.