Starting from September 19, Amazon India will no longer accept Rs 2,000 notes for cash-on-delivery (COD) payments on orders fulfilled by Amazon. This decision aligns with the Reserve Bank of India’s (RBI) directive issued on May 19, which phased out Rs 2,000 banknotes from circulation, allowing the public until September 30 to exchange or deposit them. While Amazon orders fulfilled by the company itself will not allow the use of Rs 2,000 notes as payment, third-party courier services may still accept them, as indicated by media reports.
The RBI has set September 30 as the cutoff date for exchanging or depositing Rs 2,000 notes, prompted by a significant return of these notes to banks. By June 30, Indian banks had received Rs 2.72 trillion worth of Rs 2,000 banknotes. According to Union Minister of State for Finance Pankaj Chaudhary, as much as 76% of these high-denomination notes have either been deposited or exchanged at banks.
Amazon’s decision to discontinue the acceptance of Rs 2,000 notes from September 19 is in line with the broader trend of phasing out these high-denomination notes. However, individuals who choose delivery through third-party courier partners affiliated with Amazon will still have the option to use Rs 2,000 notes. These courier services will establish their own policies regarding the acceptance of these notes, providing an alternative avenue for individuals who still possess them. As the deadline for depositing or exchanging these high-value banknotes approaches, financial institutions have observed increased public interest in carrying out these transactions. The RBI had previously reported that 50% of the Rs 2,000 notes were returned to banks within just 20 days of the withdrawal announcement.
