SL entrepreneur obtains int’l patent to recycle shredded currency notes
For the first time in the world, a Sri Lankan entrepreneur, Udaya Gunaratne (pictured) has obtained an international patent with the file reference PCT/IB2023/057500 to recycle shredded currency notes, cheque book leaves and security paper using locally grown vegetables. He then converts them to build wood and ornaments.
It is registered under the Patent System of the World Intellectual Property Organization (WIPO). Gunaratne an inventor and entrepreneur with over 30 years experience in the paper industry said that this patent enables him and his company Ceylon Eco Friendly Products (Pvt) Ltd in Homagama (a startup venture) to go global and start this business which will give him billions of dollars.
“I have already received several invitations to this regard from European countries. In addition to setting up this operation overseas I could also sell this patent for a minimum of USD 5 billion! But being a patriotic Sri Lankan and a responsible businessman I first want to offer this new FOREX earning venture to Sri Lanka as it could muster around a USD 1 billion earning per year.”
Globally, there are now over USD 576 billion banknotes in circulation, with an average lifespan ranging from under 12 months to several years and 95% of these banknotes (547 billion banknotes) are based on natural fibres, which are recyclable. He said that 75% of these banknotes (USD 410 billion) are either burnt or buried in landfill creating major environmental issues.
It is estimated that the global potential of available shredded banknotes is more than 250,000 MT per annum. This shredded banknote waste is available at a nominal fee or even free of charge from the Central Banks.
“The shredded banknotes can be converted to a 100% environmentally friendly material by a methodology developed by us using locally grown vegetables and fruits. The estimated global income from the recycled material is over USD 1 billion per annum, whilst the value added income from finished product would generate a further USD 1 billion per annum. He said that he had forwarded this novel proposal to the Central Bank and many other top government and politicians but to no avail.”
Only Chairman Export Development Board, Dr. Kingsley Bernard responded positively. “Since I have now received this international patent I am ready to work with Sri Lanka and take the operation elsewhere or sell the patent. We are looking for investors or potential buyers for this technology, which can be used to produce paper, board, timber for the construction industry and many other applications.”
More details could be obtained from udayagunaratne69@gmail.com
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