RBI cautions public on fraudulent offers of buying/selling old banknotes and coins

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

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

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

Further, RBI has also not authorised any institution/firm/person to collect charges/commission on its behalf in such transactions.

RBI, in a statement, advised members of public to remain cautious and not to fall prey to elements using its name to extract money through such fictitious/fraudulent offers.