The highest denomination banknote in India and Argentina

Due to the decision of the Reserve Bank of India (RBI) to withdraw banknotes with a denomination of 2,000 rupees, the country experienced a surge in demand for gold. Gold jewellery sales jumped 10-20% on the third weekend of May as Indians sought a secure investment. Consumers will likely use the 2,000 rupee notes to hoard precious metals, valuable household items, and real estate. The withdrawn banknotes, with the highest denomination in the country, were the preferred choice in cases of corruption and illegal and unsettled monetary transactions. The banknotes must be deposited in bank accounts or exchanged for other denominations by September 30 2023.

Argentina has introduced a 2,000 pesos banknote as it struggles with one of the world’s highest inflation rates. The note is worth twice as much as the previous highest one on the market  – over $8 according to the official exchange rate and $4 on the black market [as of May 23 this year – editor’s note.]. With an annual inflation rate reaching 109% in April, businesses and banks complain about operating difficulties, and ATMs regularly run out of money. The new banknote commemorates the history of the development of Argentine medicine and presents, among others, Dr Ramón Carrillo, the first Minister of Public Health, accused of having Nazi connections. He was to hire Carl Vaernet, a Nazi doctor who experimented on homosexual prisoners in concentration camps and fled to Argentina after the war.