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RBI cautions against online buying and selling of old bank notes and coins Reserve Bank of India

RBI cautions against online buying and selling of old bank notes and coins

India Blooms News Service | @indiablooms | 04 Aug 2021, 09:37 pm

Mumbai/IBNS: The Reserve Bank of India (RBI) has warned people on Wednesday against fraudsters using Reserve Bank of India's name and logo to seek charges, and commission or taxes from the public in online transactions of buying and selling old bank coins and notes.

The central bank cautioned the public "not to fall prey to fictitious offers of buying/ selling of old banknotes and coins," adding that it does not deal in buying and selling of old bank notes and coins, 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," RBI said in its notification.