Stay tuned with CashEssentials news ! - beyond payments
By subscribing, you accept our Privacy Policy.

Tonnes of currency waste to be recycled in India

Categories : Innovation contributes to the efficiency of cash
June 6, 2017
Tags : Cash recycling, India, Innovation
The destruction of large volumes of Indian banknotes following the demonetisation of 86% of currency in circulation poses new challenges for involved companies.
Communication Team / Equipo de Comunicación
The demonetisation of the two highest and most used banknotes in India led to a withdrawal of 86% of currency in circulation in the country, Reserve Bank of India data show. Once removed, the notes need to be destroyed by special machines at the central bank’s cash centres, a process that generates a large volume of waste. Indeed, Kusters Engineering – a global provider of banknote 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 Money” invites art and design students to submit creative industrial solutions for banknote recycling. 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. 
To read the original article, please click here