The Reserve Bank of India (RBI) has approached the National Institute of Design-Ahmedabad to come up with innovative ideas by suitably recycling shredded currency notes, including demonetised notes of Rs 500 and Rs 1,000 to make usable products. The NID will flag off a nation-wide design competition for college students to scout for ideas for the same.
Close to 200 kg of this shredded currency, also called ‘briquettes’ have arrived at the NID for this purpose and a team headed by NID director Pradyumna Vyas and Pravinsinh Solanki — an NID faculty of furniture and interior design discipline, have been working on the concept.
The duo has already created four-five products, including a sheet that can be used on table-top, a clock, a paper weight etc from the briquettes and will now look for “out-of-the-box” ideas from youths. “The NID… was asked by the RBI last month to see what can be done with the shredded notes which also include demonetised 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,” said Vyas.
Sources close to the development said that more recently, the RBI had approached NID for creating a security design motif for the new notes of Rs 500 and Rs 2,000 and that the NID has previously worked in designing of coins that are currently part of the currency system. “We were asked to develop something and have created a few products, but we want to ask students to come up with out-of-box ideas. Soon we will form a team, including NID students and faculty members,who will also handle 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,” said Solanki.