RBI has cautioned people not to fall prey to fraudsters misusing its nameThe 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 variousonline as well as offline platforms.
Also the central bankhas 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 orcommission ortax from public, in transactions related to buying and selling of old banknotes and coins through various online andoffline platforms.
It is clarified that RBIdoes not deal in such matters and never seeks charges orcommissions 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 orperson to collect charges orcommission on its behalf in such transactions".