The Reserve Bank of India (RBI) has taken the help of National Institute of Design, Ahmedabad to come up with ideas for suitable recycling shredded currency notes, which included now banned notes of Rs 500 and Rs 1,000, to make useful products, a report by Indian Express has said. The institute will organise a nationwide competition for college students to come out with ideas for the same.
About 200 kg of shredded currency, has arrived at the institute for the purpose. A team lead by NID director Pradyumna Vyas and a faculty member Pravinsinh Solanki have been working on the concept.
The team has already created a couple of products, including a sheet that can be used as a table-top, a paper weight etc from the briquettes and will now look for new ideas from college students.
Last month, the central bank had asked the NID to see if anything can be done with the shredded notes, that notably also includes banned currency notes.
“The RBI’s brief to us was to look into that what can be done with the notes and what can be the right use. The shredded currency sent to us by the RBI also includes damaged and soiled notes of other denominations as well as the demonetised currency. We want to experiment with the ‘briquettes’ and come up with some products. We have plans to flag off a national level design competition to scout ideas from students on what can be done with them soon,” Vyas was quoted as saying by the paper.
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The report further said that more recently, the central bank had approached the institute for creating a security design motif for the new notes of Rs 500 and Rs 2,000 and that the NID has earlier worked in designing coins.
Speaking to the Indian Express, Solanki said that though NID has created a few products, students too have been asked to come up with new ideas.
“Soon we will form a team, including NID students and faculty members, who will also handle a few nitty-gritty of the competition. The only specification would be that the visibility of notes be intact, that it could be useful to humans and have value,” he added.