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This is what govt. will do with old notes
While there are 16 more days left to exchange the old notes with that of the new notes in the banks, the government now hinted about the utilization of the old notes.
Reportedly, the Centre is going to sell off these notes to a Kerala based Plywood manufacturing company “Western India Plywoods”. The news is officially confirmed the company’s managing director, Mr Mayan Kutty Mohammed.
Reportedly, on October 20th, (which is 18 days before the demonetization announcement), RBI officials in Kerala performed a trail to condense the notes using “Thermo-dynamical Pulping Method”.
Western India Plywoods, is a popular manufacturing company which exports products like book shelfs, cupboards, table drawers and many to Europe, Australia, and Africa via Dubai. In this regard, the company had a deal with RBI to buy all the old notes at Rs. 250 per Metric ton.
