RBI cautions on bogus offers related to selling or buying of old banknotes and coins

The Reserve Bank of India on Wednesday cautioned the public against any bogus offer to buy or sell old banknotes and coins through various online or offline platforms citing ongoing fraudulent activities. In its press release, the RBI advised members of the public to remain cautious and not to fall prey to elements using the name of Reserve Bank of India to extract money through such fictitious/ fraudulent offers.

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

It has come to the notice of Reserve Bank of India that certain elements are fraudulently using name/logo of RBI, and seeking charges/commission/tax from public, in transactions related to buying and selling of old banknotes & coins through various online/ offline platforms: RBI pic.twitter.com/tUcpsylRcM

— ANI (@ANI) August 4, 2021

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

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