Amazon Pay is accepting cash deposits of Rs 2,000 notes at your doorstep; here's how it works

Tired of going to the bank to deposit your Rs 2,000 notes? Well, Amazon has a sort of convenient solution! The e-commerce giant has been offering Amazon Pay Cash Load option, where you can deposit cash, including those elusive Rs 2,000 notes, into your Amazon Pay balance account. It can be done right at your doorstep.

You can load cash up to Rs 50,000 per month, for your spending needs. With the loaded money you can pay for online purchases, use Scan & Pay at stores, or shop on Amazon using the balance. Amazon claims you can even transfer it to your bank account or send it to friends and family.

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How to deposit Rs 2,000 Notes?

So how does this Cash Load work? During your upcoming order delivery, simply hand over the cash you want to deposit, including those Rs 2,000 notes, to your delivery associate. The same amount is instantly deposited into your Amazon Pay balance account.

Rs 2,000 Note Withdrawal

The Reserve Bank of India (RBI) decided to withdraw Rs 2,000 notes from circulation in May. People can deposit the currency or exchange it before September 30. RBI claimed that it took this step as banknotes in other denominations are available in adequate quantities. 

RBI Governor Shaktikanta Das, has stated that a decision regarding the fate of the Rs 2,000 notes will be made closer to the September 30 deadline for deposit or exchange. Currently, it's unclear whether these notes will continue to be legal tender beyond that date. The RBI's decision will depend on the number of Rs 2,000 notes returned to the banking system.

Also read: Rs 2000 note withdrawn: Things to keep in mind while depositing cash to avoid income tax notice

Das has assured the public that the withdrawal of the highest denomination currency will not have any negative consequences on the economy. He has emphasized that any impact would be minimal and that the RBI will address any difficulties individuals face during this transition.

As of now, it is expected that the majority of Rs 2,000 notes will be returned to the banking system by the September 30 deadline. The RBI introduced this deadline to ensure the seriousness of the announcement and to provide a clear timeframe for the process. Das has reassured citizens, including senior citizens and individuals residing abroad, that their concerns will be treated with sensitivity, and remedial measures will be taken if necessary.

So, while we wait for the RBI's decision on the future of Rs 2,000 notes, Amazon's Cash Load option provides a convenient way to handle your cash, including those Rs 2,000 notes.

Also read: Withdrawal of Rs 2,000 banknotes due to increased fake currency in circulation: RBI sources