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18 Days Before, A Hint On Demonitization

18 Days Before, A Hint On Demonitization

The discussion or debate after demonetization is probably the greatest one, pertaining to money, at any time in India since the Independence. Out of all such discussions, lot of people had their views on what Centre is going to do with banned 500s and 1000 notes. And, here is what the Modi-led government is going to do with that currency. Read on...

The Centre is reportedly going to sell off these notes to a Kerala-based Plywood manufacturing company 'Western India Plywoods' and this was officially confirmed its managing director Mr Mayan Kutty Mohammed while speaking to media at a press meet in Dubai.

18 days before PM Modi's demonetization announcement, i.e on 20th October, the RBI officials in Kerala performed a trail to condense the notes using 'Thermo-dynamical Pulping Method'.

Western India Plywoods, which is a well-known brand in the timber and plywood manufacturing 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 Reserve Bank of India with buy all the old notes at 250 rs per Metric ton.

At the press meet, Mayan tells media that they would be able to recycle 60 Metric tons of old notes in a month. While answering whether he's aware of cash-ban in prior to Modi's announcement on 8th November, Mayan tells he got to know about demonetization along with rest of the Indians.

Established in 1945, the Western India Plywoods company make 10% of sales in India too and this eventually get us to conclusion that someday, we may also receive a table or a cupboard made of old currency notes.

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