RBI cautions against buying or selling old notes

The Reserve Bank of India (RBI) has cautioned the public from falling prey to offers of buying or selling of old bank notes and coins. In a statement, the central bank said that certain elements are fraudulently using the name and logo of the Reserve Bank of India, and seeking charges, commission and tax from public, in transactions related to buying and selling of old banknotes and coins through various online and offline platforms.

"It is clarified that Reserve Bank of India does not deal in such matters and never seeks charges or commissions of any sort. The Reserve Bank of India has also not authorised any institution or firm or person etc to collect charges/commission on its behalf in such transactions," it said. The RBI has advised members of public to remain cautious and not to fall prey to elements using its name to extract money through such fictitious and fraudulent offers.