Sri Lankan entrepreneur devices process to put shredded currency notes to productive use

By Hiran H.Senewiratne

At a time when the world is encountering the major environmental issue of disposing of shredded currency notes, which are accumulating in the tens of thousands of tons on a daily basis, a Sri Lankan entrepreneur has devised a chemical-free method of putting such old currency notes to productive use by recycling them and using as a catalyst in the process disposable local fruits and vegetables, instead of burning or burying the latter.

“I invented this new disposable shredded currency note system by using local vegetables and fruits. The process is 100 percent environment- friendly. Out of the process a hard timber material could be manufactured as a by- product, Managing Director, Ceylon Eco Friendly Products (Pvt) Ltd Udaya Gunarathne told The Island Financial Review.

Gunarathne said that the hard timber which is manufactured is termite- resistant and out of it numerous utility items could be manufactured. Stationery items, packaging material, for example, could be turned out. The timber could be also used as a substitute for wooden planks.

Gunarathne added: ‘Currently worldwide, discarded currency is destroyed either by burning or dumping in the sea or by burying. Whatever option used, such material is harmful to the environment. Central Banks worldwide, including that in Sri Lanka, spend a lot of money to destroy shredded currency notes at the expense of the environment.

‘Our company, being a responsible company, has invested and patented the technology which could be used for the benefit of the country and mother nature. Our recycling process is chemical- free and we use only local vegetables and fruits or agricultural products in this process.

‘I have already informed the Cuban ambassador in Sri Lanka about this new invention, targeting the G-77 summit, which will be held in Havana, Cuba this month. At the event the environmental issue is going to be one of the hot topics and Sri Lankan President Ranil Wickremesinghe has already confirmed his participation in the event.

‘I could generate US $ 10 million per month as foreign currency for Sri Lanka. It is also said that in Europe such notes are heavily accumulating in high volumes, which has become a glaring environmental hazard. We could provide a service to the country by way of earning foreign reserves.

‘If this project kicks off it could overtake export revenue that comes from tourism, apparel and foreign remittances.

‘At present the Central Bank of Sri Lanka is responding positively to this project while the Export Development Board chairman Dr Kingsley Bernard is also enthusiastic to promote this concept in other countries.

‘If the government approves this project I need 2000 acres of land in the Kankesanturai area since it is close to a shipping port that could bring shredded currency notes from other countries for recycling. I could also cultivate fruits and vegetables that are exclusively use for this recycling process, which in turn could provide employment opportunities for thousands of farmers in the country.

‘If things move in the proper way, I am going to support my Alma Mater, S.Thomas’ College, Mount Lavinia, via the project, as a mark of gratitude.’