scorecardresearch
RBI cautions public against fraudulent offers for buying, selling old notes, coins

RBI cautions public against fraudulent offers for buying, selling old notes, coins

RBI said it has not authorised any institution, firm or person to collect charges and commission on its behalf in such transactions

RBI clarified that it does not deal with such matters (Source:PTI) RBI clarified that it does not deal with such matters (Source:PTI)

The Reserve Bank of India (RBI) on Wednesday cautioned the general public against the fraudulent use of its name and logo by some people seeking charges and commission for transactions related to buying and selling old banknotes and coins.

RBI said "certain elements are fraudulently using the name/ logo of Reserve Bank of India, 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 central bank said it does not deal with such matters. "It is clarified that Reserve Bank of India does not deal in such matters and never seeks charges/ commissions of any sort," RBI said in a statement.

It further added that it has not authorised any institution, firm or person to collect charges and commission on its behalf in such transactions.

"Reserve Bank of India advises members of public to remain cautious and not to fall prey to elements using the name of Reserve Bank of India to extract money through such fictitious/ fraudulent offers," it said.

Since demonetisation in 2016, several fraudulent elements have been trying to manipulate the system using the name of RBI. The central bank has taken action from time to time as and when such incidents have come to its notice.

Also Read: RBI needs helping hand from Centre, states in fighting inflation

Also Read: RBI slaps Rs 50.35 lakh penalty on Janalaxmi Co-operative Bank