RBI Cautions Against Fictitious Offers Of Buying/Selling Of Old Banknotes, Coins

Amid rising incidents of fraudulent activities, the country's central bank Reserve Bank of India (RBI) has cautioned its citizens against any fraudulent/fictitious offers of buying or selling of old banknotes and coins.

For the same, the RBI release said that "It has come to the notice of Reserve Bank of India that certain elements are fraudulently using the name/ logo of Reserve Bank of India, and seeking charges/ commission/ tax from public, in transactions related to buying and selling of old banknotes and coins through various online/ offline platforms".

RBI cautions the public not to fall prey to fictitious offers of buying/ selling of Old Banknotes and Coinshttps://t.co/y0e9KfSb0G

— ReserveBankOfIndia (@RBI) August 4, 2021

"It is clarified that Reserve Bank of India does not deal in such matters and never seeks charges/ commissions of any sort. The RBI has not authorised any institution/ firm/ person to collect charges/ commission on its behalf in such transactions", added the release.

RBI has alerted the countrymen not to fall prey to fradulents citing the name of Reserve Bank of India for duping via such fictitious offers. Every time such incidents come to the notice of the RBI, it comes into action and cautions citizens.

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