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Ever wondered what happens to demonetised currency? Read to know
This time most of the newly demonetised currency notes will reach the yards of Western India Plywood (WIPL) on the banks of Valapattanam river in Kannur, Kerala, for pulping. Out of every 100 kg of pulp compound pressed, only 7 kg is shredded notes; the rest is wood chips. The company intends to stick to this ratio even though its yards are stacked with tonnes of shredded currency notes. This is, perhaps, the reason why RBI has tendered out the mandate to a plywood company, the person said. WIPL, having an annual turnover of Rs 150 crore, is one of the very few hard board manufacturing companies in South India.
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