With the presence of a majority of people on various social media platforms like X, Facebook, WhatsApp, Instagram, etc., spreading information has become a lot easier. However, not every information received is genuine and true to the fact. Recently, a receipt allegedly issued by the Reserve Bank of India (RBI) is doing the rounds on social media.
The receipt is for the payment of ₹57,200 as Foreign Exchange Conversion Fee and is fake. PIB Fact Check, under the Ministry of Information & Broadcasting, has said that the RBI has not issued any such receipts.
Informing about the receipt, PIB Fact Check shared on X, “A receipt allegedly issued by the Reserve Bank of India for payment of ₹57,200 as Foreign Exchange Conversion Fee is doing the rounds on social media
#PIBFactCheck:
✔️This receipt is #Fake
✔️@RBI does not issue any such receipts.”
What is a Foreign Exchange Conversion Fee
A foreign exchange conversion fee is a charge incurred when one currency is converted into another. This fee is typically applied while engaging in foreign currency transactions like international travel, online purchases in a foreign currency, or conduct business transactions across borders. It is designed to cover the costs associated with currency conversion and may also include a profit margin for the financial institution providing the service.
The entity that issues the forex conversion fee can vary depending on the specific transaction. It is generally levied by credit card companies (such as Visa, MasterCard, or American Express) or the ATM network in the case of cash withdrawals. Banks and financial institutions can also charge foreign transaction fees which can include the currency conversion fee.
It is important to be aware of currency conversion fees when conducting transactions involving foreign currencies, as they can add to the overall cost of your transaction.
The apex bank has on several occasions in the past, cautioned people not to fall prey to fictitious offers/lottery winnings/remittances of cheap funds in foreign currency from abroad. RBI also never contacts via unsolicited phone calls or emails asking for money or any other type of personal information.
Misinformation on social media
In today’s digitalised world, information is at our fingertips. Social media platforms have become the primary sources of news and knowledge for many. However, amidst the convenience of instant updates and real-time connections, there lies a growing concern — misinformation. The rapid spread of false or misleading information on social media has profound implications for society, raising questions about the credibility of information sources, the consequences of sharing unverified content, and the need for critical media literacy.
One of the reasons misinformation thrives on social media is its ability to spread quickly and reach a vast audience. Users, in their quest for likes, shares, and comments, unwittingly amplify the reach of misinformation. Spread of false information can manipulate public perception, making it difficult to discern fact from fiction.
Here are some of the precautions one can take to avoid frauds:
- Crosscheck the information on the official website: Once you receive any such information or message on any social media platform, you are advised to crosscheck the same on the official website of the bank before acting upon it.
- Never transfer money or share your personal details with anyone: No bank asks to transfer money or your personal details via emails, calls, or messages or social media posts.
- Be informed: Be aware of the fraud cases and techniques the fraudsters are using to lure people in order to avoid them.