What RBI is going to do with old currency notes of 500 and 1000 rupees?
Currency Verification and Processing System of Reserve Bank of India (RBI).
Notes of Rs 500 and 1000 has been banned by Government of India with the help of RBI since November 8 2016 but they have still given chance to people to change notes till 30th December 2016. At this moment, some limit has been applied for currency exchange and you can only change Rs. 4000 per person.
But, you still might have question in your mind, what RBI is going to do with old currency notes of 500 and 1000 rupees?
In this process, RBI is first going to collect all Rs 500 and 1000 notes from various banks across country and then using currency verification and processing system (CVPS), they can identify all fake and original currencies.
Later, original currency will be given either to the contractor to fill up the lands or create new currencies.
We all know that there is huge amount of fake currencies circulated around the country so this can also be reused by RBI to create paper plate, calendar and files.
So guys, I hope you now understand what happens with old currencies.