The withdrawal of Rs.2000 rupee notes in India, has left many worried and stressed. But, here is solution to those who failed to find an easy way to exchange the notes with merchants refusal to exchange this note during transactions.
The ecomm giant Amazon has announced a convenient solution , as its plan to collect these soon-to-be-discontinued currency bills from customers and credit the equivalent amount to their online wallets.
Last month, the Reserve Bank of India (RBI) made the decision to withdraw the highest denomination notes from circulation. The last date to exchange, deposit the withdrawn Rs 2000 banknotes is September 30, 2023, according to the Reserve Bank of India even though the notes will continue to be valid as legal tender after that date.
Addressing the concerns surrounding the exchange process, Amazon stated that its customers could hand over up to 50,000 rupees’ worth of 2,000 rupee notes to delivery agents while making cash payments for their orders. Subsequently, the credited amount would be added to their Amazon Pay wallets.
“Don’t fret if merchants are declining 2,000 rupee notes for transactions,” assured the e-commerce giant in a statement.
Notably, unlike the currency change in 2016, the current withdrawal of 2,000 rupee notes has not caused disruptions in the markets.
Since the RBI’s directive on May 19, Indians have been utilizing the soon-to-be-phased-out notes to make payments for daily necessities, premium brands, and online purchases. This surge in cash payments also led to a significant increase in Zomato’s food delivery sales during the initial days of the transition.
Vikas Bansal, the whole-time director at Amazon Pay India, highlighted the company’s unique service in the country, stating, “The option to add funds to your Amazon Pay balance with cash handed to delivery agents at your doorstep is one of our distinctive offerings.”
Amazon’s initiative aims to alleviate the challenges faced by individuals during the currency transition, providing a user-friendly solution for exchanging the soon-to-be-discontinued Rs.2000 notes.
Video KYC on the Amazon app to exchange Rs.2000 Notes
To avail this facility, customers have to complete video KYC on the Amazon app which takes approximately 5-10 minutes. Once done, during their next cash-on-delivery order, they can simply hand over the currency notes to the delivery agent.
With Amazon Pay’s ‘cash load at doorstep’ service, KYCed customers can hand over additional cash or leftover change to the delivery agent to load the same to their Amazon Pay balance during a cash-on-delivery order. Customers can deposit cash of up to ₹50,000 per month, including notes of Rs.2000 denomination
According to the RBI Governor, Shaktikanta Das, the main goal of the introduction of the Rs.2000 note was to immediately replace the value of the currency that was being removed from circulation as a result of demonetisation.