Online selling and buying of old notes, coins: Know what RBI's caution message says

New Delhi: The Reserve Bank of India has issued caution messgae regarding the online selling and buying of old notes and coins.

"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," an RBI statement said.

The Reserve Bank of India has further clarified that it does not deal in such matters and never seeks charges/ commissions of any sort. The RBI has also not authorised any institution/ firm/ person etc. to collect charges/ commission on its behalf in such transactions, said the Central Bank.

RBI has further advised the people 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.