With the September 30 deadline soon approaching, for the return of the old generation notes, some Kenyans have been wondering what happens after the money is given back to the Central Bank of Kenya.
It has now been revealed that after all the Ksh1,000 notes have been withdrawn, they will be shredded and burned into ashes in Nairobi’s Kariobangi area.
According to individuals privy to the process, the notes will be transported in trucks to the headquarters where they will be received, verified and stored in a deoxygenated room under the strict supervision of trustees and police officers.
A date will then be set within the week where the notes will be cut into finer shreds and packed in sacks before being transported to Kariobangi North, near the market.
There, the notes will be burned in the open under the watch of armed police officers.
“It is a rigorous process which leaves no room for someone to think of keeping some in his or her packets. Just like any other monies that are received at CBK, they are all under tight security,” claimed a source who divulged to The Star.
Confirming the claims, CBK communications officer Wallace Kantai noted that CBK is mandated to control the money supply and confirmed the old notes are shredded.
“The notes would be shredded just like old notes that are destroyed and replaced with new ones,” Kantai mentioned.
Following the launch of the new generation notes by President Uhuru Kenyatta and CBK Governor Patrick Njoroge during the 56th Madarak Day celebrations, Kenya has been withdrawing the old Ksh1,000 note with a new note in an exercise expected to be completed by October 1.
After which the old notes will not be recognizable through an ATM, a vending machine, or another electronic reader after the deadline.
CBK Governor Patrick Njoroge exclaimed: “By gazette notice no 4849 of May 31, 2019, all older Sh1,000 banknotes shall be withdrawn and will cease to be legal tender on October 1, 2019. All other denominations are unaffected and will continue to circulate alongside the new generation banknotes.”