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Date: 31/07/2018
Cautionary advice on Rice pulling Scam

It has been brought to the notice of the Reserve Bank of India that some unscrupulous persons are marketing a device termed “Rice Puller” made up of copper/iridium, that is claimed to possess magical properties of attracting grains of rice towards it. The persons associated have been reportedly misrepresenting the Government Securities auction circulars/Notifications issued by RBI/GoI as proof of RBI sourcing funds for such activities on behalf of the sellers of these articles.

Reserve Bank of India, hereby, cautions the public in general not to fall prey to such claims and that they should report such incidences to the investigating authorities. It is reiterated that associating with such unscrupulous persons can result in direct financial losses and public in their own interest should refrain from responding to such offers in any manner.

Ajit Prasad
Assistant Adviser

Press Release : 2018-2019/270

 
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