RBI cautions public against buying and selling of old banknotes, coins

RBi stated that it never seeks charges or commissions of any sort

By Rajan Nath - August 04, 2021 2:08 pm

In a major development, the Reserve Bank of India (RBI) on Wednesday raised an alert for the public to not fall prey to fictitious offers of buying or selling the old banknotes and coins.

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

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The Reserve Bank of India further clarified that it does not deal in such matters. It never seeks charges or commissions of any sort, it added.

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"RBI has not authorised any institution or firm or person etc. to collect charges or commission on its behalf for such transactions," it said.

The central bank further asked the public to remain cautious and not to fall prey to elements using the name of RBI to extract money through such fictitious or fraudulent offers.

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

"It is clarified that RBI does not deal in such matters and never seeks charges/commissions of any sort," it stated.

-PTC News

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