RBI cautions public: Don’t fall prey to offers on old banknotes and coins

The Reserve Bank of India (RBI) on Wednesday advised people to remain cautious and not fall prey to elements using the name of the institution to extract money through such fictitious and/or fraudulent offers.

“It has come to the notice of Reserve Bank of India that certain elements are fraudulently using name/logo of RBI, and seeking charges/commission/tax from public, in transactions related to buying and selling of old banknotes and coins through various online/ offline platforms,” ANI quoted RBI. 

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The central bank further added that it 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,” RBI added.

This news comes a week after the Delhi High Court said online lending platforms offering short-term personal loans through mobile apps cannot be allowed to charge exorbitant interest and processing fees and asked the Centre and RBI to look into the issue.

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An expert body is required to look into the issue, the high court said, added that it expects that the Centre and RBI will come out with some solution by the next date of hearing, August 27.

“Rate of interest should not be exorbitant. Just look at the difficulties. An expert body is required. If you people are so slow in taking action, we will do it with our order with the help of an expert committee,” a bench of Chief Justice D N Patel and Justice Jyoti Singh said.