OLX Coins Selling, Is Old Coins Selling legal? RBI Guidelines

OLX Coins Selling, Is Old Coins Selling legal? RBI Guidelines

OLX Coins Selling: Old coins and notes are now sold/auctioned on many online platforms like OLX, Quikr, eBay, IndiaMart, and Coinbazaar. If you are fond of collecting old coins and notes then you have a good chance to earn lakhs of rupees sitting at home. You can sell old coins and notes in India and you can do the same on online websites like eBay etc. However, they can be sold as goods and to people such as coin collectors and will not be legal tender for exchange. The RBI cautioned the general public to “not fall prey to fictitious offers to buy/sell old notes and coins”, saying that the central bank does not deal with such matters, and “will never charge any fee/commission”. doesn’t demand.”

In Hindi: OLX Coins Selling

OLX Coins Selling: पुराने सिक्के और नोट अब OLX, Quikr, eBay, IndiaMart, और Coinbazaar जैसे कई ऑनलाइन प्लेटफॉर्म पर बेचे/नीलामी किए जाते हैं। अगर आपको पुराने सिक्के और नोट जमा करने का शौक है तो आपके पास घर बैठे लाखों रुपये कमाने का अच्छा मौका है। आप भारत में पुराने सिक्के और नोट बेच सकते हैं और आप ईबे आदि जैसी ऑनलाइन वेबसाइटों पर भी ऐसा कर सकते हैं। हालांकि, उन्हें माल के रूप में और सिक्का संग्राहक जैसे लोगों को बेचा जा सकता है और विनिमय के लिए कानूनी निविदा नहीं होगी। आरबीआई ने आम जनता को “पुराने नोटों और सिक्कों को खरीदने/बेचने के फर्जी प्रस्तावों के शिकार न होने” के लिए आगाह करते हुए कहा कि केंद्रीय बैंक ऐसे मामलों से निपटता नहीं है, और “कभी भी कोई शुल्क/कमीशन नहीं लेगा”। मांग नहीं करता।”

Also, Read- Quikr Old Coins, Quikr Old Coin Sell Benefits, Quikr Old Indian Coins… Read More

Is it illegal to sell old coins on OLX?

According to the Indian Coinage Act, it is not illegal to sell coins at their desired value, for Re 1 and above it can be sold at any price, for others, there is a restriction as long as one is not accumulating lakhs of coins and is driving up the prices, the words below can be taken from the Indian Coinage Act:

Coinage, when a legal tender:

  • Coins issued under the jurisdiction of section 6 shall be a legal tender on payment or account, –
    • [in the case of a coin of any denomination not less than one rupee], for any amount;
    • In the case of a half-rupee coin, for any amount not exceeding ten rupees;
    • In the case of any other coin, for any amount not exceeding one rupee:

Provided that the coin has not been defaced and the weight has not been reduced to be less and over such load as may be prescribed in his case.

28 of 1947:

  • All silver coins issued under this Act after the 10th day of March 1940 [and before the commencement of the Indian Coinage (Amendment) Act, 1947] To become legal tender in payment or account continue as before, –
    • In the case of a one-rupee coin, for any amount;
    • In the case of a half-rupee coin, for any amount not exceeding ten rupees;
    • And in the case of one-fourth of a rupee, for any amount not exceeding one rupee
OLX Coin Selling
OLX Coin Selling
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RBI cautions the public against online buying and selling of old coins, notes

The Reserve Bank of India (RBI) on Wednesday cautioned the general public against fraudsters using the name and logo of the Reserve Bank of India in online transactions of buying and selling old banknotes and coins, charging the public with fees, and commission or asking for taxes.

The RBI cautioned the general public to “not fall prey to fictitious offers to buy/sell old notes and coins”, saying that the central bank does not deal with such matters, and “will never charge any fee/commission”. doesn’t demand.”

“The Reserve Bank of India has not authorized any institution/firm/individual etc. And to charge fees/commissions on its behalf in such transactions,” RBI said in its notification. money through such fraudulent offers

Can you sell coins online?

Major auction firms report rising sales of rare Indian coins and dozens of record prices, even as high as seven figures. According to information from the Professional Numismatists Guild (PNG), the coin market is very healthy.

So if coin selling is on your mind, there can be no better time to give it a try. Also, one of the best ways to find buyers is to sell your coins online. This opens up your coin collection to a larger audience and gives you the ability to close deals faster. It also ensures that if you have rare coins, they go for fair market value.

Nowadays it is easy to sell coins online. You can use a public auction platform, knock on the door of a certified online dealer, or launch your online store and sell coins everywhere.

Old Coins (OLX Coin Selling)

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How much can you earn by selling old notes and coins in India?

One can get a good amount by selling old coins and notes in India. The 25 paise and 50 paise coins, which have been demonetised, were available for purchase in the country for up to Rs 1.5 lakh last year. Some people are interested in spending thousands and lakhs of rupees on such restricted currencies for collection purposes. You need to contact them directly by listing your old coins or notes on some online platforms.

Which old coins are available for sale in India?

10 paise coins, issued between 1957 and 1963. So these were the first coins issued in the Republic of India. The old coins were made of copper-nickel metal weighing about 5 grams and 23 mm in diameter. The Ashoka Pillar was inscribed and on one side was written Bharat and Bharat, while on the other side 10 new paise in Devanagari script, on which “one-tenth of a rupee” is inscribed. The year of minting is inscribed with the mint on the bottom of the coin. If media reports are to be believed, then these 10 paise old coins can get you around 1000 rupees online.

Old Anna Coin of India
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How to Sell Old Coins and Notes on OLX?

OLX is a well-known marketplace for buying and selling used and second-hand goods. So many people are also using this platform to sell their old coins. Here’s how you can do it too.

  • Visit OLX.in
  • To register as a seller, click “Sell” on the top right corner
  • Then enter your mobile number or proceed by simply signing up with your Google Account
  • Once done, you will be registered on the platform
  • To list coins, take clear pictures of coins and fill in the desired value and additional details
  • When someone shows interest, they will contact you via OLX or phone call

OLX Mata Vaishno Devi Coin Sell

A special Mata Vaishno Devi coin is being sold for up to Rs 10 lakh on the online classifieds platform. Also, a coin with a face value of Rs 5 or Rs 10 and a coin of Mata Vaishno Devi on it is being sold at an impressive price online. Coins 2020 were issued.

As per reports, the coin is considered lucky as it has an inscription of Vaishno Devi. Some people are ready to give up to Rs 10 lakh to try their hand at a special Mata Vaishno Devi coin.

If you have a special Mata Vaishno Devi coin, you can sell it online on classified portals such as Quikr, OLX, or eBay. You will need to create your account or log in to an existing account and create an inventory for your coin.

You will need to upload clear photos of the coin to make sure the listing looks genuine. Once your listing goes live, interested buyers will start contacting you soon. Before selling the coin, you can negotiate the price with the buyer to make sure you get a good amount.

Old Mata Vaishno Devi Coin

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FAQs on OLX Coins Selling

What is the cost of 25 paise coins?

You have a chance to get 1.5 lakh rupees on these coins. And this may sound strange to you, but it is true. You can earn up to Rs 1.5 lakh by selling these old coins to people who love to collect them and are willing to spend big bucks in return.

Does RBI buy old coins?

The RBI cautioned the general public to “not fall prey to fictitious offers to buy/sell old notes and coins”, saying that the central bank does not deal with such matters, and “will never charge any fee/commission”. doesn’t demand.”

What is the cost of 50 paise coins?

For example, an old 50 paise coin is currently selling online for up to Rs 1 lakh. Old 50 paise coin is currently selling online for up to Rs 1 lakh. So this offer is available on OLX online classifieds portal. 2011, 50 paise coin has now become a collector’s item.

Also, Read- Old Currency, Are you interested in selling or buying antique coins?, FAQs… Read More

Can I sell old coins to the bank?

People are asking for fees/commissions or taxes for selling old notes and coins. So 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.

Can I sell 10 paise coins?

If you have any 10 paise coins between 1957 to 1963; then you can sell them online and earn a lot. Also, It should be noted that 10 paise coins were the first coins issued in the Republic of India.