The Reserve Bank of India (RBI) on Wednesday warned the public to be wary of any bogus offer to buy or sell old banknotes and coins through various online or offline platforms citing ongoing fraudulent activities.
The regulatory financial institution in a press release advised members of the public to remain cautious and not to fall prey to fraudulent vendors or elements using its name to defraud them through such fictitious/ fraudulent offers.
The RBI was quoted by online media as stating: “It has come to the notice of the Reserve Bank of India that certain elements are fraudulently using name/logo of RBI, and seeking charges/commission/tax from the public, in transactions related to buying and selling of old banknotes & coins through various online/ offline platforms.
The news reports further clarify that RBI does not deal in such matters and never seeks charges/commissions of any sort. Reserve Bank of India has also not authorized any institution/ firm/ person etc to collect charges/ commission on its behalf in such transactions.
The apex bank’s advisory is coming against the backdrop of recent sharp practices in which it discovered that some fraudsters are using its name/logo and seeking charges/commission/tax from the public, in transactions related to buying and selling of old banknotes and coins through various online or offline platforms.
The RBI is India’s central bank and regulatory institution under the supervision of Ministry of Finance.
