RBI cautions the public not to fall prey to fictitious offers of buying/ selling of Old Bank notes and Coins

Last updated: 07 August 2021

Quick Summary
The Reserve Bank of India (RBI) has issued a warning to the public about fraudulent offers involving the buying and selling of old banknotes and coins. Scammers are using the RBI's name and logo to trick people into paying charges, commissions, or taxes. The RBI has clarified that it does not engage in such transactions and has not authorised any third party to do so.

It has come to the notice of Reserve Bank of India 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.

RBI Warns Against Fake Old Banknote and Coin Offers

It is clarified that Reserve Bank of India 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.

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.

(Yogesh Dayal)     
Chief General Manager

FAQ :

The RBI is warning the public about fraudulent offers related to buying and selling old banknotes and coins, where scammers are using the RBI's name to demand money.

No, the RBI has clarified that it does not deal in such matters and has not authorised any institution, firm, or person to conduct these transactions on its behalf.

The RBI explicitly states that it never seeks or charges any commissions or fees of any sort for transactions involving old banknotes and coins.

The public is advised to remain cautious and not fall prey to these fictitious offers. Do not pay any charges or commissions to individuals or entities claiming to represent the RBI for these transactions.

This warning is being issued by the Reserve Bank of India, as stated by Yogesh Dayal, Chief General Manager.



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