RBI warns people against online buying of old coins, notes : Here’s what you need to know

New Delhi: The Reserve Bank of India (RBI) has cautioned the public against falling prey to offers to buy or sell old banknotes and coins. 

The apex bank has issued a tweet on its official Twitter handle stating that some elements are incorrectly using the Reserve Bank of India's name and emblem and urging people to sell old banknotes and coins through various online and offline platforms. Fees, commissions, or taxes are being collected.

RBI has issued a warning that it does not deal in such things and never asks for such fees or commissions from anyone. The Reserve Bank warns the general public not to fall victim to such false and deceptive proposals.

The Reserve Bank of India has stated that it has not delegated any authority to any business, company, or individual to impose any fee or commission on such transactions on its behalf.

Demat account may be closed after March 31

If you have bought or sold shares or invested in equity funds and have not completed KYC on your demat account, do it as soon as possible or your account will be cancelled. SEBI, the market regulator, has given this until March 31. You will be unable to invest in the stock market otherwise.