Old Coin Sell Bank, About RBI & Its Announcement Before Selling, RBI’s Functions, FAQs

Old Coin Sell Bank: For selling old banknotes and coins, people are asking for fees/commissions or taxes. The Reserve Bank has said in its statement that it is not involved in any such activity and will never ask for any fee or commission from anyone for such transactions. Cautioning the general public “not to fall prey to fictitious offers of buying/ selling of old banknotes and coins,” the RBI said the central bank does not deal in such matters, and “never seeks charges/ commissions of any sort.”

In Hindi:

पुराने नोट और सिक्के बेचने के लिए लोग फीस/कमीशन या टैक्स मांग रहे हैं। रिजर्व बैंक ने अपने बयान में कहा है कि वह ऐसी किसी भी गतिविधि में शामिल नहीं है और इस तरह के लेनदेन के लिए कभी भी किसी से कोई शुल्क या कमीशन नहीं मांगेगा।
आरबीआई ने आम जनता को “पुराने नोटों और सिक्कों की खरीद / बिक्री के काल्पनिक प्रस्तावों के शिकार न होने” के लिए आगाह करते हुए कहा कि केंद्रीय बैंक ऐसे मामलों से निपटता नहीं है, और “कभी भी किसी भी प्रकार के शुल्क / कमीशन की मांग नहीं करता है।”

Read RBI’s BIG announcement before selling your old coins, currency notes

The trend of buying and selling old coins and currency notes has been going up for the past few days. People, nowadays, are frequently selling antique coins and notes and earning money for them. Old banknotes and coins are being sold through many online and offline platforms.
The trend of buying and selling old coins and currency notes has been going up for the past few days. People, nowadays, are frequently selling antique coins and notes and earning money for them. Old banknotes and coins are being sold through many online and offline platforms.

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RBI makes a BIG announcement

However, it is important to note that the Reserve Bank of India (RBI) recently issued a piece of important information regarding this. RBI said that some fraudulent elements are using the name and logo of the central bank for the sale of old banknotes and coins on online, and offline platforms. If you are also preparing to sell or buy old coins and notes, then first definitely check this information given by RBI as online fraudsters are continually trying to deceive customers.

What did RBI say?

• In a tweet on its official Twitter handle, the RBI said, “It has come to the notice of Reserve Bank of India that certain elements are using the name and logo of Reserve Bank of India incorrectly and through various online, offline platforms.”
• For selling old banknotes and coins, people are asking for fees/commissions or taxes.
• The Reserve Bank has said in its statement that it is not involved in any such activity and will never ask for any fee or commission from anyone for such transactions. At the same time, the bank has said that it has not given any authorization of any kind to any institution or person for such activities.

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RBI does not have a deal with anyone

Notably, RBI does not deal in such cases nor does it ever ask for any such fee or commission from anyone. The bank said, “The Reserve Bank of India has not given any authority to any institution, company or person, etc., to charge any fee or commission on behalf of the Reserve Bank on such transactions. The Reserve Bank of India advises the general public not to fall into the trap of such fake and fraudulent offers.”

RBI cautions the public against online buying and selling of old coins, notes

• The RBI said the central bank does not deal in such matters, and “never seeks charges/ commissions of any sort”
• The Reserve Bank of India (RBI) cautioned the general public; against fraudsters using the name and logo of the Reserve Bank of India seeking charges, and commission or taxes from the public in online transactions of buying and selling old banknotes and coins.
• Cautioning the general public “not to fall prey to fictitious offers of buying/ selling of old banknotes and coins,” the RBI said the central bank 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,” RBI said in its notification, advising the public to remain cautious against fraudsters using the RBI name to extract money through such fictitious offers.

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What is the Reserve Bank of India (RBI)?

The Reserve Bank of India (RBI) is the central bank of India; whose primary function is to manage and govern the financial system of the country. It is a statutory body established in the year 1935 under the Reserve Bank of India Act, 1934. The central bank regulates the issue and supply of the Indian rupee. It also looks after the central government’s money. The central bank plays the role of the bankers’ bank and regulates the banking sector. It also plays an important role in India’s development story by supporting the government in its developmental projects and policies.

The head office of the RBI, in Kolkata when the bank was established, was shifted to Mumbai in 1937. Originally, the bank was privately owned. However, after Independence, it was nationalised in 1949 and is now fully owned by the Government of India.

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What are the major functions of the RBI?

The preamble of the RBI says… “to regulate the issue of Bank notes and keeping of reserves with a view to securing monetary; stability in India and generally to operate the currency and credit system of the country to its advantage; to have a modern monetary policy framework to meet the challenge of an increasingly complex economy; to maintain price stability while keeping in mind the objective of growth.”

The basic functions of the RBI

• The issuer of notes: The RBI is the only institution which has control over the printing of currency notes; (except the one rupee note, which is printed by the finance ministry).
• Banker to the government: The RBI performs banking functions for the state and central governments. It advises the government on monetary policy issues and also manages the government’s public debt.
• Banker’s bank: The central bank is also known as the banker’s bank; because it performs functions similar to what commercial banks do for their customers.
• Credit regulation: The RBI regulates the flow of money in the country’s financial system. It controls inflation in the economy and takes necessary policy decisions from time to time to address systemic concerns.
• Foreign reserves: The central bank buys and sells foreign currencies to keep the foreign exchange rates stable. It takes necessary steps as and when required.
• Role in the development of the country: The RBI performs various functions and takes necessary decisions; to support the developmental agenda of the government.

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FAQs on Old Coin Sell Bank

Does RBI accept old coins?

They should accept coins of all denominations from any member of the public without any restriction and pay the value in notes.

Does the bank buy old money?

Each year, the Fed recycles $200 billion worth of currency, and 70% of the new cash it ordered to be printed for 2017 is being used to replace old money. Banks will give excess and old money to the Federal Reserve; it’s then taken to cash offices around the United States, where it’s counted and sorted.

Which bank will take coins?

Currently, there are a few banks that we know of that will take your coins:

• Citibank (requires coin rolls and some fees may vary)
• Community Savings Banks (requirements vary)
• US Bank (no rolls but current customers only)
• Bank of America (requires coin rolls)
• First County Bank.
• Western Credit Union.
• Peoples United.

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How do I send coins to the bank?

Legally no banks, shopkeepers, or traders can refuse to accept the RBI authorized coins or bank notes. The only condition of the refusal of the bank currency is some kind of mutilation to the currency which may be due to the over usage of the currency or it’s a fake currency but, for many people, that’s not the case.

Do banks destroy old money?

When enough old bills have been collected, the Federal Reserve Banks will shred them. If you take a tour of a Federal Reserve Bank, you can sometimes take home your very own unique souvenir: a bag of shredded paper money! The recycling process isn’t a small-scale operation.

Can I deposit coins at an ATM?

Most ATMs do not take coins. If you want to deposit coins, you’ll need to go into a branch and deposit them with a teller.