In compliance with the guidelines set forth by the Reserve Bank of India (RBI), the e-commerce giant Amazon has announced that it will cease accepting Rs 2,000 currency notes as payment for ‘Cash On Delivery’ (COD) orders starting from 19 September 2023. The RBI had earlier declared the withdrawal of India’s highest denomination, the Rs 2,000 note, in May. However, it granted a window until 30 September 30 for returning these banknotes to the banking system.
According to information provided in Amazon’s FAQs, it currently accepts Rs. 2,000 currency notes. However, beginning 19 September 2023, it will no longer accept these notes as payment for Cash on Delivery (COD) orders or Cashloads, as mandated by the Reserve Bank of India’s directive issued on 19 May 2023.
In response to queries regarding the maximum value or limit for using Rs 2,000 notes, the FAQs state that customers can pay the entire order value using Rs 2,000 currency notes. Nevertheless, as of 19 September, Amazon will no longer accept Rs 2,000 currency notes for Cash on Delivery (COD) payments or cash loads. Customers are advised to check the product detail page for any COD limits added at the cart level before placing their orders.
Amazon also clarified that starting from 19 September 2023, they will not accept Rs 2,000 currency notes for cash loads or Cash on Delivery (COD) payments for orders fulfilled by Amazon. However, if a product is delivered through a third-party courier partner, the partner’s policies regarding the acceptance of Rs 2,000 currency notes will apply.
RBI’s decision to withdraw the Rs 2,000 denomination banknotes is in alignment with the “Clean Note Policy.” Consequently, RBI directed the public to deposit Rs 2,000 banknotes into their bank accounts or exchange them for banknotes of other denominations at any bank branch. Deposits into bank accounts can be made without restrictions and in accordance with existing instructions and applicable statutory provisions.
To facilitate this process and ensure operational ease for bank branches, the exchange of Rs 2,000 banknotes for banknotes of other denominations can be carried out up to a limit of Rs 20,000 at a time at any bank branch, effective from 23 May 2023. To allow ample time for the public to complete this task, RBI set 30 September 2023, as the deadline for returning Rs 2,000 notes in the form of deposits or exchanges within the banking system.