Amazon, the e-commerce behemoth, has dropped a significant update for its Indian customers. Starting September 19, 2023, the platform will no longer accept ₹2000 notes for its Cash on Delivery (COD) services.
But here’s the catch: if your order is being delivered by a third-party courier, they might still accept the ₹2000 note, depending on their individual policies.
Now, if you’re wondering why this sudden move, it’s tied to a larger decision by the Reserve Bank of India (RBI). Back in May 2023, the RBI announced the withdrawal of ₹2000 notes from circulation. Since the announcement, a whopping 50% of these notes have already made their way back to the banks.
By June 30, banks had amassed a staggering ₹2.72 trillion in ₹2000 notes. The RBI’s data reveals that, to date, 76% of these high-denomination notes have either been deposited or exchanged.
For those still holding onto these notes, there’s a ticking clock. The RBI has set a deadline of September 30, 2023, for the public to either deposit or exchange their ₹2000 notes. So, if you’ve got a stash of them, it’s time to head to your nearest bank branch.
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