Monday , April 6 2020
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South African Reserve Bank warns the public that it is not withdrawing banknotes and coin

Summary:
Trust human beings to do anything. When humanity is facing one of its worst crisis, we still see some people tying to find a way to cheat people. See this case in South Africa: The South African Reserve Bank (SARB) has been made aware of fake news that involve a scam claiming that it is “recalling” money from the public. It is believed that criminal elements are visiting the homes of members of the public telling them to hand over banknotes in their possession because the banknotes have been contaminated with the Corona virus. These criminal elements carry fake SARB identification and provide false receipts in lieu of the banknotes “collected” which they purport can be collected from any of the banks. The SARB has neither withdrawn any banknotes or coins nor issued any instruction to

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Trust human beings to do anything. When humanity is facing one of its worst crisis, we still see some people tying to find a way to cheat people.

See this case in South Africa:

The South African Reserve Bank (SARB) has been made aware of fake news that involve a scam claiming that it is “recalling” money from the public. It is believed that criminal elements are visiting the homes of members of the public telling them to hand over banknotes in their possession because the banknotes have been contaminated with the Corona virus. These criminal elements carry fake SARB identification and provide false receipts in lieu of the banknotes “collected” which they purport can be collected from any of the banks.

The SARB has neither withdrawn any banknotes or coins nor issued any instruction to hand in banknotes or coins that may be contaminated with the COVID-19 virus. The SARB will NOT, under any circumstances, send employees or representatives to collect cash from the public. If members of the public are approached by individuals purporting to be SARB employees or representatives, to hand in their cash, they should refuse and contact local police.

Amol Agrawal
I am currently pursuing my PhD in economics. I have work-ex of nearly 10 years with most of those years spent figuring economic research in Mumbai’s financial sector.

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