Starting today, You can’t use  ₹2,000 notes HERE

Starting today, You can’t use ₹2,000 notes HERE

  • News
  • September 19, 2023
  • No Comment
  • 7

Starting today, Amazon India will cease to accept 2,000 notes for cash-on-delivery (COD) payments for orders that are fulfilled by Amazon. This move aligns with the Reserve Bank of India’s (RBI) directive issued on May 19, which removed 2,000 banknotes from circulation and gave the public until 30 September to exchange or deposit them.

While orders fulfilled by Amazon will no longer permit 2,000 notes as payment, third-party courier services may still accept it, according to the e-commerce titan.

The RBI has set 30 September as the cut-off date for the exchange or deposit of 2,000 notes. This comes after a substantial portion of the currency has already been returned to the banks.

Union Minister of State for Finance Pankaj Chaudhary earlier revealed that 2.72 trillion worth of 2,000 banknotes were received by Indian banks by 30 June. According to RBI, 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 2,000 notes from September 19 follows a larger trend of the phasing out of the high-denomination note. However, this change will not affect those who opt for delivery through third-party courier partners associated with Amazon.

These courier services will apply their own policies regarding the acceptance of 2,000 notes, offering an alternate avenue for those still holding onto the soon-to-be-defunct currency.

The decision by Amazon and the Indian government’s previous announcements contributed to a rush among citizens to exchange their 2,000 notes. 

As the deadline for depositing or exchanging these high-value banknotes approaches, financial institutions have experienced an increase in public interest in performing these transactions.

RBI earlier disclosed that 50% of the 2,000 notes were returned to banks within just 20 days of the withdrawal announcement.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.


Updated: 19 Sep 2023, 09:49 AM IST

Source link

Related post

India needs more women workers to be a $5 tn economy: World Bank India chief

India needs more women workers to be a $5…

India’s the fastest-growing emerging market, but private investment and consumption are losing steam. What will drive India’s growth? First, let’s acknowledge…
Capex dips in Q2, may stay muted for a while

Capex dips in Q2, may stay muted for a…

Mumbai: New investment proposals continued their precipitous fall across India in the September-ended quarter, both on a sequential and a year-on-year…
Russia Blows Up Tonnes Of Ukrainian Weapons; ‘Spooked’ Zelensky Rushes To Battleground | Watch

Russia Blows Up Tonnes Of Ukrainian Weapons; ‘Spooked’ Zelensky…

Published on Oct 03, 2023 10:50 PM IST The Russian Army’s carpet-bombing in Ukraine has rattled Ukrainian President Volodymyr Zelensky. Russia…

Leave a Reply

Your email address will not be published. Required fields are marked *