E-commerce company Amazon will stop accepting Rs 2,000 notes on Cash on Delivery (COD) payments or Cashloads from September 19.
The announcement comes as the September 30 deadline for depositing and/or exchanging the Rs 2,000 banknote nears.
The Reserve Bank on September 1 said that as much as 93% of Rs 2,000 currency notes that were in circulation on May 19 -- the day when the currency was withdrawn from circulation -- have been returned to banks.
"We are currently accepting Rs 2,000 currency notes. Starting September 19, 2023, we will not be accepting Rs 2,000 currency notes for Cash on Delivery (COD) orders or Cashloads. This is in accordance with the directions issued by the Reserve Bank of India on May 19, 2023," Amazon said in its FAQ section.
Here are some of the FAQs answered by Amazon:
Is there a maximum value or limit up to which a customer can use Rs 2,000 notes?
Amazon says that customers can pay the entire order value using Rs 2,000 currency notes. However, starting September 19, the company will no longer accept payments through Rs 2,000 currency notes.
A customer has placed a Cash on Delivery (COD) order and had planned to pay for it using Rs 2,000 notes. The Delivery Associate is not accepting these notes. What should they do?
According to Amazon, if the customer's product is delivered through a third-party courier partner, their own policies around the acceptance of Rs 2,000 currency notes will apply.
RBI Says 93% Of Rs 2,000 Notes Returned To Banks
According to the data received from the banks, the total value of Rs 2,000 banknotes received back from circulation is Rs 3.32 lakh crore up to Aug. 31, 2023, the apex bank said in a statement on September 1.
"Consequently, Rs 2,000 banknotes in circulation as at the close of business on August 31, 2023 stood at Rs 0.24 lakh crore. Thus, 93% of the Rs 2000 banknotes in circulation as on May 19, 2023, have since been returned," it said.
The RBI had announced the withdrawal of Rs 2,000 banknotes from circulation on May 19, 2023.
RBI requested the members of the public holding the high-value banknote to utilise the remaining period until Sept. 30, 2023, to deposit and/or exchange them.
(With PTI inputs)
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