Starting on September 19, the online retailer Amazon will no longer accept Rs. 2,000 banknotes for its cash-on-delivery services. The information is provided when the moment to exchange or deposit the Rs. 2,000 note gets closer.
The general public will have access to the ability to swap or deposit Rs. 2,000 notes until September 30.
“At the moment, Amazon will accept cash notes worth Rs 2,000. However, starting on September 19, 2023, we will no longer accept Rs. 2,000 currency notes for cashloads or Cash on Delivery (COD) payments for goods fulfilled by Amazon, according to the e-commerce behemoth’s FAQs on the denomination.
However, if an order is delivered by a third-party courier partner, the notes can be recognised as an acceptable payment option for cash on deliveries.
The Reserve Bank of India announced the retirement of the Rs. 2,000 banknotes in May, giving people till September 30 to swap or deposit them. The high-value Rs. 1,000 and Rs. 500 notes were discontinued overnight in November 2016 by Prime Minister Narendra Modi, leading to the introduction of the Rs.
Up to 93% of the Rs. 2000 currency notes in circulation on May 19 have now been returned to the banks, according to information provided by the RBI on September 1.
According to a statement from the central bank, up to August 31 there were 3.32 lakh crore rupees worth of rupee 2000 banknotes that were returned from circulation.
The current deadline of September may be extended if necessary, but even if someone has a $2,000 note after that date, it will still be accepted as payment.
According to data from several banks, 87 percent of the banknotes in the denomination of Rs. 2000 that were returned from circulation are in the form of deposits, and the remaining 13 percent have been swapped for notes in other denominations.