RBI Cautions People Not To Fall Prey To Fraudsters Using Its Name

RBI has advised people to remain cautious and not to fall prey to elements using the name of RBI to extract money through fraudulent offers.

RBI Cautions People Not To Fall Prey To Fraudsters Using Its Name

RBI has cautioned people not to fall prey to fraudsters misusing its name

The Reserve Bank of India (RBI) has cautioned general public that it does not seek any charges or commission on exchange of old bank notes and coins through various online as well as offline platforms. Also the central bank has specifically said that it does not authorise any institution or individual to collect any such charges on its behalf.

It has also advised people to remain cautious and not to fall prey to elements using the name of RBI to extract money through such "fictitious or fraudulent offers".

"It has come to the notice of Reserve Bank of India that certain elements are fraudulently using the name or logo of RBI, and seeking charges or commission or 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 RBI does not deal in such matters and never seeks charges or commissions of any sort," the central bank said in an advisory.

The circular further said that "Reserve Bank of India has also not authorised any institution, firm or person to collect charges or commission on its behalf in such transactions".