How will the RBI dispose off ₹500 and ₹1000 notes?
The RBI will dispose off the ₹500 and ₹1000 notes by examining whether they are 'fit' and genuine or 'unfit' and fake, using a Currency Verification and Processing System (CVPS). The 'fit' notes will be recycled to form the new currency papers, while the 'unfit' notes will be recycled into various products including paper weights, calendars and files.