RBI cautions against fraudulent buy or sale of old banknotes

The Reserve Bank of India cautioned citizens against any bogus offer to buy or sell old banknotes and coins citing on-going fraudulent activities.

It has come to the notice of Reserve that 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 in a notification.

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

The RBI has not authorised any institution/ firm/ person to collect charges/ commission on its behalf in such transactions.
The central bank suggested, citizens should not fall prey to elements using the name of Reserve Bank of India to extract money through such fictitious/ fraudulent offers.

After 2016, when New Delhi had ordered a currency swap programme some unscrupulous elements have been trying to manipulate the system using the RBI's name. The central bank has swung into action from time to time when such incidents have been reported.