Amazon To Stop Accepting Rs 2,000 Note For Cash On Delivery From September 19

Amazon in its FAQ page regarding the use of Rs 2,000 notes for COD payments and cash loads said that the company will stop accepting Rs 2,000 notes starting from September 19, 2023

Following the RBI order, Amazon introduced cash load feature enabling customers to deposit withdrawn Rs 2000 notes into their Amazon Pay balance, in addition to using them for Cash on Delivery (CoD) orders. ( Image Source :Getty )

The e-commerce behemoth Amazon has revealed the last date for accepting Rs 2,000 currency notes for Cash on Delivery (COD) orders. This comes ahead of the September 30 deadline to exchange or deposit Rs.2,000 banknotes set by the RBI. Amazon in its Frequently Asked Questions (FAQ) page regarding the use of Rs 2,000 notes for COD payments and cash loads said that the company will stop accepting Rs 2,000 notes starting from September 19, 2023.

“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," the e-commerce giant said in its FAQs section on Rs.2,000 notes. 

On May 19, the Reserve Bank of India (RBI) declared the withdrawal of Rs 2,000 banknotes, setting a deadline of September 30 for the exchange or deposit of these notes. Following the RBI directive, Amazon introduced cash load feature enabling customers to deposit withdrawn Rs 2000 notes into their Amazon Pay balance, in addition to using them for Cash on Delivery (CoD) orders. Amazon permited users to load a maximum of Rs 50,000 per month into their Amazon Pay balance when making cash-on-delivery orders.

Now the e-commerce giant has said that it will cease to accept Rs 2,000 notes starting from September 19, 2023.

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According to RBI release dated September 1, approximately 93 per cent of the Rs. 2000 currency notes in circulation as of May 19 had already been returned to banks. In a statement, the central bank disclosed that the total value of Rs. 2000 banknotes received back from circulation amounted to Rs. 3.32 lakh crore as of August 31. Data from various banks indicated that of the total Rs. 2,000 denomination banknotes returned from circulation, approximately 87 per cent were deposited, while the remaining 13 per cent were exchanged for banknotes of other denominations.

Notably, the RBI has said that even after withdrawal Rs 2,000 banknote will continue to remain legal tender.