Cash Evolution: Amazon's Bold Move with Rs.2,000 Notes, What's Next?

Commencing today, Amazon India will no longer be accepting Rs.2,000 notes as payment for cash-on-delivery (COD) orders fulfilled directly by Amazon. This action corresponds to the directive issued by the Reserve Bank of India (RBI) on May 19, which removed Rs.2,000 banknotes from circulation and granted the public until September 30 to exchange or deposit them.

While Amazon will discontinue the acceptance of Rs.2,000 notes for orders they fulfill, it's important to note that third-party courier services may still choose to accept these notes, as confirmed by the e-commerce giant.

The deadline for exchanging or depositing Rs.2,000 notes at banks is rapidly approaching, set by the RBI as September 30. A substantial portion of these high-denomination notes has already been returned to the banks.

According to Union Minister of State for Finance Pankaj Chaudhary, Indian banks received Rs.2.72 trillion worth of Rs.2,000 banknotes by June 30. The RBI reports that a significant 76% of these high-denomination notes have either been deposited or exchanged at banks.

Amazon's decision to discontinue accepting Rs.2,000 notes, effective September 19, aligns with the broader trend of phasing out these high-denomination notes. However, this change will not impact customers who opt for delivery through third-party courier partners affiliated with Amazon.

These courier services will establish their own policies regarding the acceptance of Rs.2,000 notes, providing an alternative avenue for individuals still holding onto this soon-to-be-obsolete currency.

Amazon's decision, coupled with previous announcements by the Indian government, has prompted a surge in citizens rushing to exchange their Rs.2,000 notes. As the deadline for depositing or exchanging these high-value banknotes draws near, financial institutions have witnessed a heightened public interest in completing these transactions.

RBI previously disclosed that 50% of the Rs.2,000 notes were returned to banks within just 20 days of the withdrawal announcement.

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