The last news we heard about Rs 2,000 notes was that the Reserve Bank of India (RBI) was pulling back the denominations from the Indian markets. The last date to exchange or deposit the notes in the bank was mentioned, but we did not know that even the denomination notes would become unacceptable in some places.
Starting today, September 19, 2023, a renowned e-commerce website has refused to accept ₹2,000 notes on Cash On Delivery (COD) orders. If you have been thinking of saving yourself from the trouble of going to banks for exchange or deposit or have been procrastinating about visiting a bank nearby, you need to plan ahead.
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Amazon Will Not Accept ₹2000 Notes On COD
From September 19, 2023, Amazon has refused to accept ₹2,000 notes ahead of their discontinuation in the Indian market. Aligning with the RBI’s strategy, this step will help the company to phase out the process of the highest-denomination notes.
It will not impact deliveries via third-party courier partners who are associated with Amazon. If you opt for these services, you can get rid of the soon-to-be-invalid currency notes.
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Last Date To Exchange, Deposit ₹2,000 Notes
As announced by the RBI earlier, the last date to exchange or deposit ₹2,000 currency notes is September 30, 2023. According to a report published by Mint, Union Minister of State for Finance, Pankaj Chaudhary, revealed that Indian banks have received ₹2.72 worth of ₹2,000 currency notes till June 30, 2023.
RBI (RBI Keeps Repo Rate Unchanged) has also reported that 76% of the denomination notes have either been exchanged or deposited in banks. About 50% of the notes returned to banks 20 days after the announcement was made on May 19, 2023.
Growth In Currency In Circulation Has Fallen To 4%
In the monthly bulletin, RBI published that the growth in Currency in Circulation (CIC) has declined to 4% from 8.2% post the withdrawal of ₹2,000 notes. Of all the denomination notes received by banks, 13% of notes were exchanged into lower-value currency notes, while 87% were deposited in banks.
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Why Is RBI Withdrawing ₹2,000 From Circulation?
Introduced in November 2016, post demonetisation, the life span of the highest-denomination notes was 4-5 years. About 89% of these notes came into existence in March 2017.
Since their introduction to the Indian market, the circulation of the notes declined from ₹6.73 crores to ₹3.62 crores only in a year. Until March 31, 2023, the circulation of ₹2,000 notes stood at 10.8% of the total that was introduced in 2016-17.
It was also observed by the RBI that these currency notes were not among the preferred modes of transactions. When RBI announced the withdrawal of the notes, a statement read, “The stock of banknotes in other denominations continues to be adequate to meet the currency requirement of the public.”
Will There Be Any Fee To Be Paid For The Exchange Of ₹2,000 Banknotes?
You have a few more days to exchange or deposit old ₹2,000 denomination notes. Indian banks will not charge any fees for the process. However, remember that the last date is September 30, 2023.
