Fact Check: Claims about RBI buying old notes and coins is false
Reserve Bank of India (RBI) in 2021, in a press release, clarified that the central bank did not authorise anyone to collect commissions or charges on buying and selling old notes and coins.
By Md Mahfooz Alam Published on 7 Sep 2023 8:51 AM GMT
A video claiming that exchanging old banknotes and coins can fetch lakhs of rupee is doing the rounds on social media. In the video, a person, Kuldeep Sharma claims that he has been in the business of buying and selling old notes and coins for four years. He also claims that exchange could be done at numismatic exhibitions and from buyers in different cities.
(Image Credit: Facebook)
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Fact Check
NewsMeter probe found that the Reserve Bank of India (RBI) in 2021, in a press release, clarified that the central bank did not authorise anyone to collect commission or charges on buying and selling of old notes and coins.
We ran a relevant keyword search and came across a 2021 report by The Economic Times titled “RBI cautions against offers of buying or selling old notes.”
It said that the central bank issued a statement stating that certain elements are fraudulently using the name and logo of the Reserve Bank of India and seeking charges, commission and tax from the public in exchange for buying and selling old banknotes and coins through various online and offline platforms.
We also searched on the RBI website and found a press release dated August 4, 2021, titled “RBI cautions the public not to fall prey to fictitious offers of buying/ selling of Old Banknotes and Coins.”
It cautioned people from falling prey to such offers and clarified that it has not authorised any institution, firm, or person to collect commission on its behalf.
However, it is important to note that certain old or rare banknotes and coins may have collector’s value. The buying and selling occur in the numismatic or collectors’ market but not through the official government channels. E-commerce sites like Indiamart, Coin Bazaar, OLX, etc., are also involved in the business of old coins and notes as a third party and are not responsible for any transactions or fraud in this business.
Hence, we conclude that the government of India or RBI has not issued any notice regarding the buying or selling of old banknotes or coins.
