Rs 2,000 note return deadline nears, Amazon releases FAQ on delivery payments
Amazon, the e-commerce giant, recently issued a statement that it will stop accepting Rs 2000 notes for ‘Cash-on-delivery’ orders from September 19. It is in response to the recent RBI update of discontinuation of Rs 2000 notes in the Indian market as a legal tender.
Informing the customers in latest released FAQs, the company said, “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 cashloads or Cash on Delivery (COD) payments for orders Fulfilled by Amazon.” However, if an order is delivered through a third-party-courier partner then only the Rs 2000 notes shall be accepted as a valid payment method.
The change came into action after the central bank, Reserve Bank of India (RBI), in May, 2023 announced to discontinue the circulation of 2000 rupee note as people are facing issues in exchanging a big number on a daily basis. The RBI also informed that around 97 percent of the Rs 2000 notes have been back to the banks and the amount is worth Rs.3.32 lakh crore.
The RBI has asked to exchange or deposit the remaining Rs 2000 note to banks with a deadline of September 30, 2023. But it should be noted that the 2000 rupee note doesn’t lose its value in the market and remains a valid tender.
Approximately 87 per cent of the banknotes in the denomination of Rs 2000 that have been returned from circulation are in the form of deposits, according to data from several banks, while the remaining 13 per cent have been swapped for banknotes in other denominations.
The Rs 2000 notes were introduced in 2016 by the BJP government after the demonetisation of Rs. 500 and Rs. 1,000 notes. The 2016 note ban was aimed to tackle one of the biggest issues
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