Amazon India will not accept ??2,000 notes from today

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.