Is selling old notes legal in India?

Yes you can sell old coins and notes in India and you can do so even online websites like eBay etc. However they can be sold like goods and to people like coin collectors and won’t be a legal tender for exchange.

Is it legal to sell old coins in India?

As per the Antiquities and Art Treasures Act, 1972, any manuscript, coin, sculpture, painting etc which dates back to 100 years and above is an antique. … Although this act do not talks about selling or imitation of antique but in general it is not allowed as per criminal laws of India.

Can I sell old Indian currency?

You can sell old and rare notes on a website named Coin Bazaar. It is to be noted that old Re 1 note or Rs 2, Rs 5 notes with certain conditions can fetch you lakhs of rupees. If you own coins in the denomination of Rs 5 and Rs 10 with Mata Vaishno Devi engraved on them, you can get a huge amount of money.

THIS IS INTERESTING:  Frequent question: Why Indian accident rates are increasing?

Is it legal to sell currency?

Rare coin shops have been selling US currency and coinage forever. Yes it is legal, highly lucrative, and the hobby is enjoyed by thousands of money traders and collectors. I am sure you didn’t think of it in this manner when you asked the question.

What is the cost of 1 rupee note?

If you have one with you, there’s a chance that you can earn upto Rs 45,000 for it. There is a one rupee note that is listed for Rs 45,000 online. This unique note has the signature of former Reserve Bank of India (RBI) governor HM Patel. A 100 rupees note with serial number 000786 is being sold for Rs 1,900 online.

How do I sell my old coins?

Step 1: Visit the official website indiamart.com which facilitates buyers and sellers to trade directly. Step 3: Click a picture of your coin, and put it for sale on the website. Step 4: Talk to interested buyers who will contact you. If you have a rare coin, then you have the chance to earn a good amount of money.

How can I sell my old Indian notes?

Step 1: Open the homepage of websites where you want to sell your old note. You can visit Ebay, Click India etc. Step 2: For selling the note online in an auction, you have to click the photo of the currency note having 12345 or 123456 digits on it. Step 3: Register yourself as a seller on the bidding website.

How do I exchange old notes in 2020 RBI?

All these notes can be exchanged at the counters of any public sector bank branch, any currency chest branch of a private sector bank or any Issue Office of the Reserve Bank of India. There is no need to fill any form for doing this.

THIS IS INTERESTING:  Is Indian debit card valid in Maldives?

Is it illegal to fold money?

US Code section 331 and section 333 outlaws defacing or altering any coins or any bank bills “with intent to render such bank bill … unfit to be reissued.” Messing with coins can get you up to five years in prison, but messing with bank bills will only get you six months in prison.

Can you sell money for more than it’s worth?

You can’t sell something for more than it is worth, because as long as there is no force or fraud, that person won’t pay more for it than it is worth to him. … As long as each person values what he gets out, more than what he gives up, a trade can happen. Otherwise, it won’t.

Can a business refuse 100 dollar bills?

Yes, U.S. currency of any denomination is “legal tender FOR ALL DEBTS, public and private.” But when you go into a store you (normally) don’t owe them anything. In that case, it’s more like a barter transaction: Your currency for their soda. Meaning that they can refuse to take “your currency.”

Is 2 rupee note a legal tender?

Every banknote issued by Reserve Bank of India (₹2, ₹5, ₹10, ₹20, ₹50, ₹100, ₹200, ₹500 and ₹2000), unless withdrawn from circulation, shall be legal tender at any place in India in payment or on account for the amount expressed therein, and shall be guaranteed by the Central Government, subject to provisions of sub- …

Where can I sell old notes online?

eBay which is providing a platform for people to sell unique and old currency notes online. On this website, the sellers can also talk to buyers about the currency to sell their notes for a good amount.

THIS IS INTERESTING:  Best answer: Is it legal for unmarried couples to stay in a hotel in India?