The trend of buying and selling old coins and currency notes has been going up for the past few days. People, nowadays, are frequently selling antique coins and notes and earning money for them. Old banknotes and coins are being sold through many online and offline platforms.
The trend of buying and selling old coins and currency notes has been going up for the past few days. People, nowadays, are frequently selling antique coins and notes and earning money for them. Old banknotes and coins are being sold through many online and offline platforms.
RBI makes a BIG announcement
However, it is important to note that the Reserve Bank of India (RBI) recently issued a piece of important information regarding this. RBI said that some fraudulent elements are using the name and logo of the central bank for the sale of old banknotes and coins on online, offline platforms. If you are also preparing to sell or buy old coins and notes, then first definitely check this information given by RBI as online fraudsters are continually trying to deceive customers.
What did RBI say?
In a tweet on its official Twitter handle, the RBI said, "It has come to the notice of Reserve Bank of India that certain elements are using the name and logo of Reserve Bank of India incorrectly and through various online, offline platforms."
For selling old banknotes and coins, people are asking for fees/commissions or taxes.
The Reserve Bank has said in its statement that it is not involved in any such activity and will never ask for any fee or commission from anyone for such transactions. At the same time, the bank has said that it has not given any authorization of any kind to any institution or person for such activities.
RBI does not have a deal with anyone
Notably, RBI does not deal in such cases nor does it ever ask for any such fee or commission from anyone. The bank said, "The Reserve Bank of India has not given any authority to any institution, company or person, etc., to charge any fee or commission on behalf of the Reserve Bank on such transactions. The Reserve Bank of India advises the general public not to fall into the trap of such fake and fraudulent offers."
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 "Read RBI's BIG announcement before selling your old coins, currency notes")
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