This disclosure relates method and system for systematic disposal and dynamic procurement of recyclable waste resin. Typical systems for disposal and procurement of recyclable resin pose challenges such as lack of segregation and collection of different types of plastics, data on recycling centers in proximity, uncertainty over resin identification codes, and so on. The disclosed system provides a framework having multiple smart collection units that may be communicatively coupled with a server. The smart bins are capable of collecting plastic items and taking multiple images thereof. The system determines information on type, weight, and location of the plastic resin in the plastic item by means of a trained CNN model, and stores in a repository. The system further includes a route optimization model that is enables selection of a set of collection units for procurement of the resin (of a specific type and a specific quantity).