RBI Alert! Central bank cautions people against fake deals for buying, selling old coins, banknotes


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RBI Alert! Central bank cautions public against buying, selling of old banknotes, coins

The Reserve Bank of India (RBI) on Wednesday cautioned the public to not fall prey to fictitious offers of buying or selling of old banknotes and coins.

This advisory comes in the wake of RBI coming across certain elements fraudulently using its name or logo and seeking charges or commission or tax from the public, in transactions related to buying and selling of old banknotes and coins through various online or offline platforms.

The central bank further clarified that it does not deal in such matters and never seeks charges or commissions of any sort.

“Reserve Bank of India has also not authorised any institution or firm or person etc. to collect charges or commission on its behalf in such transactions,” it said.

RBI further advises members of the public to remain cautious and not to fall prey to elements using the name of RBI to extract money through such fictitious or fraudulent offers.

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