What will happen to the old notes of 500 and 1000
Bangalore: definitely it would be interesting to know regarding what will happen to the notes of 1000 and 500 domination once they are out of the market.
For so long in our life’s We have saved them and preserved them like the best we can and hide them from possible stole.
As the bank starts exchanging this notes with the new ones, they will be all collected and destroyed to such a extent so that they can never be reconstructed.
Collected from different banks and branches this notes will be send to the RBI, where they would be shredded. The notes will be passing through humidifier to convert them into briquettes. Later it will be given to contractor for land filling.
This will be happening over months as the number of this notes are too high.
500 notes = 15707 million
1000 notes = 6326 million
There are chances that other notes might also get modified.