RBI warns against fake offers to sell/buy old banknotes, coins

Informist, Wednesday, Aug 4, 2021


NEW DELHI – The Reserve Bank of India has advised the public to exercise caution and not fall prey to elements using its name through fictitious claims and fraudulent offers to extract money, the RBI said in a release today.


The RBI said that it does not deal in transactions related to buying and selling of old banknotes and coins, and never seeks charges or commissions of any sort.


Recently, several media outlets reported that certain platforms are offering as much as 100,000-300,000 rupees in exchange for old banknotes and coins.


The RBI said that is has not authorised any entity to collect charges or commission on its behalf for such transactions.


The advisory comes after the RBI noticed that certain elements are using its name and logo fraudulently to seek charges, commission or tax from the public on such transactions.  End


Reported by Vaibhav Chakraborty

Edited by Aditya Sakorkar


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