RBI cautions public against online buying and selling of old coins, notes

The Reserve Bank of India (RBI) cautioned the general public on Wednesday against fraudsters using the name and logo of Reserve Bank of India seeking charges, and commission or taxes from the public in online transactions of buying and selling old bank notes and coins.

Cautioning the general public "not to fall prey to fictitious offers of buying/ selling of old banknotes and coins," the RBI said the central bank does not deal in such matters, 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, advising the public to remain cautious against fraudsters using the RBI name to extract money through such fictitious offers.