RBI warns! Don't fall prey to this note scam, fraud found in sale of old notes

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

“It has come to the notice of RBI that certain elements are fraudulently using the name/ logo of RBI and seeking charges/ commission/ tax from public, in transactions related to buying and selling of old banknotes and coins through various online/ offline platforms,” the RBI in a press release.

“It is clarified that RBI does not deal in such matters and never seeks charges/ commissions of any sort. RBI has also not authorised any institution/ firm/ person to collect charges/ commission on its behalf in such transactions,” the regulator said.

It has advised people to stay away from elements using its name to extract money through such fictitious/fraudulent offers.