Ever Wondered What Happened to The Banned Notes? Watch to Find Out
NID (A) has received 200 Kgs of scrapped notes from the RBI, to come up with new products.
Old currency notes that were scrapped by the Centre in November 2016 may return in a new form, thanks to the students and faculty at the National Institute of Design, Ahmedabad. The premier design institute has declared a national-level competition in which students can use shredded currency notes of Rs 500 and Rs 1,000 to create art and decorative products. For the purpose, NID has received around 200 kgs of shredded notes in four consignments of 50 kg each from the Reserve Bank of India.
From pillows to table tops, young designers are leaving no stone unturned to craft out new products made from currency scrap. What’s more, the idea is eco-friendly as it promotes recycling of paper.
Lower the Carbon Footprint
Faculty member Pravinsinh Solanki, who spearheads the project, says that people often nurse an attachment to old currency. The idea, he hopes, will not only bring young minds together, but also have a calming effect on those who use these products.
Over 17 Lakh Crore Worth of Notes Scrapped
Prime Minister Narendra Modi, had in a televised address In November 2016, declared demonetisation of old currency notes worth Rs 500 and Rs 1,000. The move was considered a step by the government to curb black money in the country. At the time of scrapping, Rs 17,54,000 crore worth of notes were in circulation according to the RBI’s database on the Indian economy. "In terms of value: Of this Rs 500 notes constituted almost 45% of the currency in circulation while 39% of the notes were of the Rs 1,000 denomination," reported Business Standard, a financial daily.
Video Editor: Sandeep Suman
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