The demonetisationSee Demonetised banknote. More
of the two highest and most used banknotes in India led to a withdrawal of 86% of currencyThe money used in a particular country at a particular time, like dollar, yen, euro, etc., consisting of banknotes and coins, that does not require endorsement as a medium of exchange. More
in circulation in the country, Reserve BankSee Central bank. More
of India data show. Once removed, the notes need to be destroyed by special machines at the central bank’s cashMoney in physical form such as banknotes and coins. More
centres, a process that generates a large volume of waste. Indeed, Kusters Engineering – a global provider of banknoteA banknote (or ‘bill’ as it is often referred to in the US) is a type of negotiable promissory note, issued by a bank or other licensed authority, payable to the bearer on demand. More
disintegration systems – estimates that an average of 7 tonnes of currency waste is generated at each centre daily.
To face this challenge, Kusters Engineering and the National Institute of Design jointly launched a nationwide competition to seek innovative solutions to dispose of the generated waste in a productive and environmentally-friendly way. The competition “Value of MoneyFrom the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More
” invites art and design students to submit creative industrial solutions for banknote recyclingThe process of converting waste materials into new materials and objects. Banknotes are increasingly recycled after destruction, and the waste is often used for landfills, isolation material etc. Polymer notes are melted into pellets which are recycled into new products. Recycling is often incorrectly used instead of recirculation. See Recirculation. More
. Kusters Engineering is committed to implement the winning design ideas, which will be examined on June 20th.
In 2016 alone, 22,033 million of both 500 and 1,000 rupee notes were in circulation. The total amount of banknotes to be destroyed is estimated at 57,259 million. According to Kusters Engineering, the destruction of the entire volume might take around two years.