Amazon won’t accept Rs. 2000 denomination on COD: Here’s what to do with your 2000 notes

Starting on September 19, the online retailer Amazon will no longer accept Rs. 2,000 banknotes for its cash-on-delivery services.  The information is provided when the moment to exchange or deposit the Rs. 2,000 note gets near.

The general public will have access to the ability to swap or deposit Rs. 2,000 notes till September 30.

“At the moment, Amazon will take cash notes of Rs 2,000. However, starting on September 19, 2023, we will no longer accept Rs. 2,000 currency notes for cashloads or Cash on Delivery (COD) payments for goods fulfilled by Amazon, according to the e-commerce behemoth’s FAQs on the denomination.

However, if an order is delivered by a third-party courier partner, the notes can be recognized as an acceptable payment option for cash on delivery.

The Reserve Bank of India announced the retirement of the Rs. 2,000 banknotes in May, giving people till September 30 to swap or deposit them. The high-value Rs. 1,000 and Rs. 500 notes were discontinued overnight in November 2016 by Prime Minister Narendra Modi, leading to the introduction of the Rs.

Up to 93% of the Rs. 2000 currency notes in circulation on May 19 have now been returned to the banks, according to information provided by the RBI on September 1.

According to a statement from the central bank, up to August 31, there were 3.32 lakh crore rupees worth of rupee 2000 banknotes that were returned from circulation.

The current deadline of September may be extended if necessary, but even if someone has a $2,000 note after that date, it will still be accepted as payment.

According to data from many banks, 87 percent of the banknotes in the denomination of Rs. 2000 that were returned from circulation are in the form of deposits, and the remaining 13 percent have been swapped for notes in other denominations.

The public has been asked by the central bank to deposit the new Rs 2000 banknotes—introduced following the removal of Rs 500 and Rs 1000 notes during the demonetisation process six years ago—into their bank accounts or to swap them for notes of other denominations at any bank branch.

The Rs 2000 note was launched in November 2016 under Section 24(1) of The RBI Act, 1934, largely to quickly address the economy’s need for money after the Rs 500 and Rs 1000 notes lost their legal tender validity.

Here’s what to do with your Rs. 2000 according to Forbes:

1. Any bank location will let you swap your INR 2,000 banknote for notes of other denominations or deposit it into your bank account.
2. Deposits into bank accounts may be done in the ordinary way, i.e., without limits and in accordance with existing laws.
3. Starting on May 23, 2023, any bank will allow the conversion of INR 2,000 banknotes into INR 20,000 worth of other denominations at a time. All banks will offer a deposit and/or exchange service for INR 2,000 banknotes till September 30, 2023.
4. The INR 2,000 banknotes may be deposited or exchanged by citizens up to September 30, 2023.

Watch out for CODs, 2000 denominations are officially obsolete.

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