How will India destroy 20 billion banknotes?

  |   World News

To give some idea of the amount of the currency that represents - there were more than 90 billion banknotes in circulation in India last March.

Central bank officials believe shredding 20 billion banknotes will not be a huge challenge. In 2015-16 the Reserve Bank of India destroyed more than 16 billion soiled notes. More than 14 billion were removed in 2012-2013 after nearly 500,000 fake notes were found in the system.

"Destroying so much cash is not a challenge because we have enough shredding and briquetting machines with very high capacities. These are automatic machines which shred the cash into the finest of pieces," says an official. So, India's mountain of expired currency will soon become rubbish, literally.

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