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RBI issued alert, beware of frauds issued in the name of old notes and coins

RBI issued alert, beware of frauds issued in the name of old notes and coins
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RBI issued alert, beware of frauds issued in the name of old notes and coins

RBI issued alert, beware of frauds issued in the name of old notes and coins

The Reserve Bank of India (RBI) has asked people to beware of frauds issued in the name of buying and selling old notes and coins. Failure to do so may result in great loss to the people.

New Delhi. The Reserve Bank of India has taken serious note of the openly issued fraud in the name of buying and selling of old banknotes and coins in online or offline mode in the betting and counterfeiting market. Now RBI has issued a statement regarding this business. RBI has issued an alert and made it clear that the central bank has nothing to do with such matters. The apex bank has asked people to beware of frauds in the name of buying and selling old notes and coins. Failure to do so may result in great loss to the people.

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Tips to avoid fraud

RBI has said in a statement issued on Wednesday that the central bank never demands any kind of fee or commission. The Bank has not authorized any entity, firm, individual, etc. to charge fees in such transactions on its behalf. In such a situation, the Reserve Bank of India has cautioned the public not to become a victim of money laundering elements through such fraudulent and fraudulent offers using the name of RBI.

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Even before this, RBI had alerted people about any kind of fraud. RBI has issued rules regarding outsourcing of activities of Payment System Operators (PSOs). Under this, PSOs will not outsource key managerial functions. These include ensuring compliance under KYC norms such as risk management and internal audit, compliance and decision-making functions.

Despite the clarification issued by the RBI, if you are also pursuing the dream of becoming a millionaire through old notes and coins, then be a little careful. Now many fake players have also joined this game. Such players can take advantage of your wish.

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