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Do not fall into the trap of those who sell old notes and coins, RBI issued a warning to the people

These old notes and coins are being bought and sold in the name of Reserve Bank on many online and offline platforms. People are also falling prey to this fraud. The Reserve Bank has issued an alert regarding this.

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RBI on Old Notes and Coins: Many news are coming out these days regarding the sale of old notes and coins, on many online and offline platforms, these old notes and coins are being bought and sold in the name of Reserve Bank. People are also falling prey to this fraud. The Reserve Bank has issued an alert regarding this. The Reserve Bank of India cautioned that some fraudulent elements are using the name and logo of the Reserve Bank for the sale of old banknotes and coins on online, offline platforms.

RBI warned people by tweeting

RBI on Old Notes and Coins: The Reserve Bank has also made a tweet on this matter. In which RBI has said that – It has come to the notice of Reserve Bank of India that some elements are wrongly using the name and logo of Reserve Bank of India and old banknotes and coins through many online, offline platforms. Asking people for fees/commissions or taxes for selling. RBI has made it clear that it does not interfere in any such matter nor does it charge fees and commission in such matters. He has not given authority to anyone on his behalf.

RBI doesn’t work like this

The Reserve Bank has said that – It is clarified that the Reserve Bank does not deal with such matters and never demands any kind of fee/commission. The Reserve Bank has also not authorized any entity/firm/individual etc. to charge fees or commission in such transactions on its behalf. The Reserve Bank of India advises the public to be vigilant and not fall prey to elements laundering money through such bogus/fraudulent offers using the name of the Reserve Bank of India.

Actually, on such online and offline platforms, an attempt is made to create trust in the minds of the people by using the logo and the name of the Reserve Bank. They are told that the fee or commission they are charging is legal and reasonable, when this matter came before the Reserve Bank, the central bank itself took cognizance of it and issued an alert to warn people about this fraud.

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