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Home / News / India /  Don't fall prey to fraudsters! RBI alerts people against buying, selling old banknotes, coins

The Reserve Bank of India (RBI) has cautioned the public not to fall prey to fictitious offers of buying/ selling old banknotes and coins

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

"It is clarified that the Reserve Bank of India does not deal in such matters and never seeks charges/ commissions of any sort."

RBI has also not authorised any institution/ firm/ person etc. to collect charges/ commission on its behalf in such transactions.

The central bank advised members of the public to remain cautious and not to fall prey to elements using the name of the Reserve Bank of India to extract money through such fraudulent offers.

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