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The National Institute of Design (NID) here today launched a competition, inviting college students to develop innovative products using shredded demonetised Rs 500 and Rs 1,000 currency notes.
Participating students will need to register on the website 'keprize.Nid.Edu' and submit entries by June 29.
Three winning designs will be awarded prizes of Rs 1 lakh, Rs 75,000 and Rs 50,000, on September 14.
"Tonnes of shredded demonetised currency notes with face value of an estimated Rs 60 crore were given to us by the RBI which also asked us to make products out of it. We decided to hold a competition alongwith Netherlands' Royal Dutch Kusters Engineering Company whose machine was used to shred these notes," NID director Pradyumna Vyas said.
Royal Dutch Kusters Engineering is also the sponsor of the awards.
Gujarat Chief Minister Vijay Rupani, who launched the competition, also promised government's help in setting up Design Museum and India Design Centre in Ahmedabad.