RBI earlier disclosed that 50% of the ₹2,000 notes were returned to banks...
From today, Amazon India will not accept ₹2,000 notes for cash-on-delivery (COD) payments for orders which are fulfilled by Amazon. This move aligns with the Reserve Bank of India's (RBI) directive issued on May 19, which removed ₹2,000 banknotes from circulation and gave the public until 30 September to exchange or deposit them.
While orders fulfilled by Amazon will no longer permit ₹2,000 notes as payment, third-party courier services may still accept it, according to the e-commerce titan.
The RBI has set 30 September as the cut-off date for the exchange or deposit of ₹2,000 notes. This comes after a substantial portion of the currency has already been returned to the banks.
Union Minister of State for Finance Pankaj Chaudhary earlier revealed that ₹2.72 trillion worth of ₹2,000 banknotes were received by Indian banks by 30 June. According to RBI, as much as 76% of these high-denomination notes have either been deposited or exchanged at banks.
Amazon's decision to discontinue the acceptance of ₹2,000 notes from September 19 follows a larger trend of the phasing out of the high-denomination note. However, this change will not affect those who opt for delivery through third-party courier partners associated with Amazon.
These courier services will apply their own policies regarding the acceptance of ₹2,000 notes, offering an alternate avenue for those still holding onto the soon-to-be-defunct currency.
The decision by Amazon and the Indian government's previous announcements contributed to a rush among citizens to exchange their ₹2,000 notes.
As the deadline for depositing or exchanging these high-value banknotes approaches, financial institutions have experienced an increase in public interest in performing these transactions.
RBI earlier disclosed that 50% of the ₹2,000 notes were returned to banks within just 20 days of the withdrawal announcement.
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