Online retailer Amazon has come out with a big announcement on Rs 2,000 notes. The e-commerce giant has said that Rs 2,000 notes will no longer be accepted for Cash on Delivery (COD) payments or Cashloads starting September 19, 2023.
“Yes, 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 FAQs on using Rs. 2,000 notes for Cash on Delivery (COD) Payments and Cashloads.
Amazon however said that if your product is delivered through a third-party courier partner, their own policies around the acceptance of Rs 2,000 currency notes will apply.
The Rs 2,000 banknotes were taken out of circulation by the Reserve Bank of India on May 19, although they will still be accepted as legal money. RBI advised banks to immediately stop issuing banknotes having a value of Rs 2,000.
According to the RBI, up until September 30, 2023, people will be able to deposit Rs 2,000 banknotes into their accounts and/or swap them for notes of other denominations at any bank branch.
The introduction of the Rs 2,000 denomination banknote in November 2016 served largely to quickly address the economy’s need for money following the loss of the legal tender status of all Rs 500 and Rs 1,000 banknotes in use at the time.