On Wednesday (August 4, 2021) Reserve Bank cautioned the members of the public to remain alert and not to fall prey to elements using the name of Reserve Bank of India to extract money through such fictitious/ fraudulent offers.
“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 the public, in transactions related to buying and selling of old banknotes and coins through various online/ offline platforms”, the notification said.
The Central Bank said that it does not deal in such matters and on no occasion seeks charges or commission for any sort. We have not authorised any institution/ firm/ person etc. to collect charges/ commission on its behalf in such transactions, the regulator clarified.
The government of India vide their Notification dated November 8, 2016, has withdrawn the Legal Tender status of ₹ 500 and ₹ 1,000 denominations of banknotes of the Mahatma Gandhi Series issued by the Reserve Bank till 8th November 2016.
The communique states that the above step was necessitated to tackle counterfeiting Indian banknotes, to effectively nullify black money hoarded in cash, and curb funding of terrorism with fake notes.
