Ever Wondered How Old Currency Notes Are Used Now Where did all your money go?
The term took the nation by storm, and it had severe repercussions when considering a common man’s life. Yes, I also had to ask the domestic helper of my house or friends or family members and even had to stand in those long lost queues when the news broke, and people were concerned about their money.
With so much happening around the world, after almost a year of demonetisation’s occurrence people have forgotten its importance and the fact that a large sum of money was acquired by the government to ensure that no old currency notes circulate in the nation.
Why was this decision actually made?
As useless as it may sound but there are still many people who don’t know why demonetisation happened in the first place. The step was primarily taken by the Prime Minister of India, Narendra Modi to stop the flow of black money in the economy and ensure that no fake cash flow is promoted.
As the news surfaced on all media portals…
…People soon began to dig deep and get all their saved money to either get it deposited or replaced with the new currency notes. The news was basically a big shock to all non-taxpayers who had hidden their money via some or the other wrong practices.
What did the banks and governmenyt do with the money?
The old currency that was submitted to the bank was sent to the Reserve Bank Of India (RBI) and then all the money was sent for recycling.
It wasn’t an easy task
Almost 18 billion 500 and 1000 rupee notes were taken from the public and used for recycling. This was not at all an easy task and doing so required a lot of manpower. So, what did the government do?
Puzhal Central Prison, Chennai
One of the Firstpost’s articles states that prisoners in the Puzhal Central Prison, Chennai have taken up the responsibility of recycling all the old currency notes and put them to some better use.
Apt way to put the three R’s to use
According to PTI (Press Trust of India), all the money that RBI collected during the time of demonetisation is recycled, and stationery is prepared out of it at this prison.
Approximately 25-30 prisoners work on this every day
The prisoners prepare note pads and other items that can be used by people out of the recycled notes.
They are also paid for doing this
The prisoners are paid INR 160-200 for preparing note-pads and diaries for 8 hours.
That’s all people.