“Amazon to Cease Accepting Rs. 2,000 Notes for Cash on Delivery Starting September 19”

 Deadline for Exchange or Deposit of Rs. 2,000 Notes Nears

In a significant update, e-commerce giant Amazon has announced that it will discontinue the acceptance of Rs. 2,000 banknotes for cash on delivery (COD) services starting September 19, 2023. This move comes as the deadline for exchanging or depositing Rs. 2,000 notes approaches its end.

As per the Reserve Bank of India’s (RBI) directive, the facility to exchange or deposit Rs. 2,000 notes is set to be available to the general public only until September 30, 2023.

Amazon made this announcement through its Frequently Asked Questions (FAQs) section related to Rs. 2,000 notes. In the statement, the company clarified, “Amazon is currently accepting Rs. 2,000 currency notes. However, from September 19, 2023, we will not be accepting Rs. 2,000 currency notes for cash loads or Cash on Delivery (COD) payments for orders Fulfilled by Amazon.”

Nevertheless, it’s worth noting that these notes may still be recognized as a valid payment method for cash on deliveries if an order is delivered through a third-party courier partner.

The decision to discontinue Rs. 2,000 notes follows the Reserve Bank of India’s announcement earlier this year regarding the discontinuation of these notes. The RBI set the deadline for exchanging or depositing these notes by September 30, 2023. These Rs. 2,000 currency notes were introduced into circulation following Prime Minister Narendra Modi’s demonetization move in November 2016, which led to the overnight discontinuation of high-value Rs. 1,000 and Rs. 500 notes.

As of September 1, 2023, the RBI reported that approximately 93 percent of Rs. 2,000 currency notes in circulation as of May 19 had already been returned to banks. The central bank further disclosed that the total value of Rs. 2,000 banknotes received back from circulation amounted to Rs. 3.32 lakh crore up to August 31.

While there is the possibility of a deadline extension, any Rs. 2,000 note remaining in circulation after the current deadline will still be considered valid legal tender.

With this move, Amazon joins the list of entities preparing to phase out the use of these high-denomination notes as the deadline for their exchange or deposit fast approaches.

Sources By Agencies

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