Introduces world’s first agro based shredded currency recycling technology

For the first time in the world a Sri Lankan entrepreneur, Udaya Gunaratne, (PICTURED) an innovator with several patented products has designed and executed a project to recycle shredded currency notes using natural resources.

Gunaratne who is also the Chairman Ceylon Eco Friendly Products [Pvt] Ltd, a recycling company in Sri Lanka with more than 30 years in the paper industry said that shredded money consists of damaged or discarded currency notes that are machine cut by central banks all over the world and are discarded by burning, or dumping into the sea/earth.

The central banks worldwide including Sri Lanka spend a lot of money for this process. The estimated quantity of discarded currency notes worldwide is around millions of tons.

“In most occasions contractors take this money at a fee from central banks either burn or bury them creating a major economical hazard as the chemicals substances in currency notes when not discarded properly can cause environmental issues. Due to this huge international lobby is being created by environmental groups against burning and buried shredded currency.”

“Our recycling process is chemical free and we use only agricultural produce for our manufacturing activities.”

Gunaratne said that after doing research he developed a special solution made out of natural fruits freely available in Sri Lanka along with some locally made substance to dissolve these shredded currency notes.

He said that through the Central Bank he received some shredded notes (legally) and did several other tests which all proved to be a major success.

“To this I must thank superintendent of currency P.D.R Dayananda and the staff of the currency department of Central Bank for the support they provided towards this endeavor.”

He said that armed with the successful test report he obtained a local parent and then applied for an international patent which was ACCEPTED and now being processed.

“With this positive feedback from the global patent body now I am planning to open a factory in Kankesanturai and is seeking government assistance to obtain a 30 acre land on a long term lease.”

“When I get the global patent this year I will first approach Indian and other regional banks to send their shredded currency to me for recycling, opening up a new historical export income generator for the country.”

After the first year of operation I will get orders from European Central banks for this operation. “I can guarantee after three years of successful operation, the foreign income I earn to Sri Lanka will surpass the total revenue earned from total local exports, earnings from tourism and remittances!”

Innovative Shredded currency notes recycleAsked why he opted for KKS he said firstly it will benefit the underprivileged people in the areas and this project will definitely brighten the lives of over 5,000 people and through import of shredded currency from Global banks the KKS harbor will automatically become international.

Giving another economic benefit for the region he said that he will also have a farmer out grower model for around 2,000 acres to grow the two basic fruits used as the main raw material (which cannot be divulged) and also have a forward buying agreement with farmers.

“I have also presented my proposal to the Export Development Board and met E.D.B Chairman Dr. Kingsley Bernard who knows the value of this and is now pushing me to make this commercial venture as soon as possible.”

Gunaratne said that after the shredded currency notes are recycled the waste would be used to make wood which can be used for making furniture, engraving and for several other users.

Ceylon Eco Friendly Products [Pvt] Ltd has already manufactured wooden products using shredded currency notes and will be put to the local market soon.

“One advantage of this product is unlike traditional wood it is termite resistant and also fire resistant to a certain extent.”

“We also make stationary, packaging, souvenir items, substitute for wooden planks from shredded currency notes.”

A former Thomian, he also said he plans to provide some of these products to schools as well.

Currently Ceylon Eco friendly Products manufacture biodegradable, packaging material for manufacturing industry, stationary, souvenirs and for the food industry and also provide solutions in paper recycling.

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