Mumbai, Aug 4 (PTI) The Reserve Bank on Wednesday cautioned the public not to fall prey to fictitious offers of buying or selling of old banknotes and coins on commission basis by unauthorised entities.

In a statement, the RBI said it has come to its notice that certain elements are fraudulently using the name/logo of the Reserve Bank of India and seeking charges/ commission/ tax from public for transactions related to buying and selling of old banknotes and coins through various online/ offline platforms.

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"It is clarified that Reserve Bank of India 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," it said.

RBI advised the public to remain cautious and not to fall prey to elements using its name to extract money through such fraudulent offers.

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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)