Ever wondered what happened to the currency notes you returned to the banks after demonetisation? In all probability, the invalid notes were shredded by a Kannur-based firm called Western India Plywoods and converted into briquettes, which may have reached the Middle East by now.
Chances are, part of the shredded notes may be converted into a piece of furniture using wood and used as a display piece in a home in Dubai.
PK Mayan Mohammad, the owner of Western India Plywood, the company that is currently recycling the invalid currency of Rs 500 and Rs 1,000 denomination notes, was chosen by the Reserve Bank of India to recycle the demonetised notes (about 22 billion notes) which were returned by the banks after the government's demonetisation move, Gulf News reported.
While speaking to the Gulf publication in Dubai, Mohammad said that about 30-40 percent of the hardboard and fire board products made by recycling and scrapped notes and bills are exported via Dubai.
"We are exporting the fibre boards to various countries in Europe, Africa and also to Australia. Products to Egypt and African countries like Ethiopia, Somalia, Djibouti, Kenya and Tanzania are re-exported via Dubai's Jebel Ali port." Some of the export quality products are bought by local manufacturers, he said.
Mohammad further explained that the locally imported boards are used for manufacturing furniture items such as shelves, drawers, photo frames, beds and partitions. "You never know if it (demonetised currency) will end up in your living room or not," he told Gulf news.
Prior to announcing the ban, the RBI had selected the 70-year-old company for pulping the redundant notes. The firm manufactures plywood, hard boards and laminates.
"They (RBI) gave us a trial mandate with some 10-15 bags of shredded soiled notes. We turned that into usable pulp in a jiffy. Convinced with our process, they retained us, promising larger consignments of shredded notes for pulping. We had no wind of what was coming," Mohamed was quoted as saying by media publications last month.
For every tonne of soiled notes, Western India Plywoods pays Rs 250 to the RBI.
