RS 2000 Note Discontinued: What You Need to Know

In a surprising turn of events, the circulation of the INR 2000 note has come to a halt. If you still possess these high-denomination bills, this news is of utmost importance to you. Some individuals, after these notes went out of circulation, refrained from depositing them in banks. Instead, they opted to use them for Cash on Delivery (COD) orders on e-commerce websites like Amazon. The reason behind this unconventional choice was Amazon’s announcement to accept INR 2000 notes during cash deliveries, post the discontinuation of their circulation.

Let’s delve deeper into this development and understand what it means for those with INR 2000 notes.

The Ceasing of INR 2000 Notes

A few days ago, Amazon informed its customers that they would accept INR 2000 notes. However, this decision comes with a deadline. Starting from September 19, 2023, Amazon will no longer accept INR 2000 notes for Cash on Delivery (COD) orders or cash loads. This move aligns with the Reserve Bank of India’s (RBI) recent decision to phase out the INR 2000 notes from circulation.

RBI’s Directive

In a recent announcement, the RBI declared that the last date to deposit INR 2000 notes in banks is September 30th. Prior to this, the RBI had reported that 93% of the INR 2000 notes had already been returned. Sources suggest that the RBI is not in the mood to alter the deadline for the return of these notes.

Implications for Consumers

The discontinuation of the INR 2000 note has several implications for consumers. If you possess INR 2000 notes and have been using them for online purchases or cash transactions, you will need to find alternative payment methods. Many online retailers and service providers, including Amazon, will no longer accept these notes.

Is There a Way Out?

If you still have INR 2000 notes and are wondering what to do with them, here are a few options:

1. Bank Deposit

You can deposit your INR 2000 notes in your bank account before the September 30th deadline. Most banks should still accept these notes, but it’s advisable to check with your bank for specific details.

2. Digital Payments

Transition to digital payment methods like UPI, debit cards, or mobile wallets for your online transactions. These are widely accepted and convenient alternatives to cash.

3. Exchange at RBI

If you are unable to deposit the notes in your bank account for some reason, you may consider visiting an RBI office or authorized bank branch to exchange them.

4. Offline Retailers

While online platforms may discontinue accepting INR 2000 notes, some offline retailers may still take them for a limited time. Check with local stores and businesses to see if they will continue to accept these notes.

5. Keep Them as Collectibles

For those who are inclined towards numismatics, keeping a few INR 2000 notes as collectibles might be an interesting option.

Conclusion

The discontinuation of the INR 2000 note and the subsequent refusal by Amazon to accept it for COD orders mark a significant change in the Indian currency landscape. It’s essential for individuals with these notes to take timely action and transition to alternative payment methods. Whether you deposit them in the bank, embrace digital payments, or explore other avenues, adapting to this change is crucial.