Can An Old Rs 100 Currency Note Really Be Sold For Rs 5 Lakh Online?

New Delhi: A viral post circulating online claims that an ordinary Rs 100 banknote can be sold for up to Rs 5 lakh if it meets certain conditions, like having a specific serial number and being listed for sale on a website like OLX. The idea is spreading fast on social platforms, prompting curiosity and concern among many people across India. 

What's Being Claimed?

There is currently a high demand for old currency notes and rare coins in the international market. Many people are earning lakhs of rupees by selling such currency. 

The posts say that an Rs 100 note with the unique serial number 786, considered lucky by some, and other features like Mahatma Gandhi’s image and the Ashoka Pillar can fetch a huge price from online buyers. Sellers allegedly only need to upload photos of the note on marketplaces like OLX, and interested collectors will contact them, willing to pay lakhs for these notes. 

Notes with this famous number, 786, are particularly popular among members of the Muslim community, who often seek out items with this number. These stories even suggest multiple notes could multiply earnings, with three such notes fetching up to Rs 15 lakh. 

Is It Legitimate?

Financial and currency experts, however, warn that there's no official market or legal system where RBI-issued banknotes are bought or sold for profit. The Reserve Bank of India (RBI) does not allow old or current notes to be traded as collectible items in a way that converts them into huge sums of cash. Any banknote, whether rare or old, is officially only redeemable at face value at banks, where it can be exchanged or deposited.