A Constitution Bench of the Supreme Court Monday upheld by a 4:1 majority the decision taken by the central government six years ago in 2016 to demonetise currency notes of Rs 500 and Rs 1,000 denominations.
Six years ago, on this day, November 8, the Government of India announced the demonetisation of all banknotes of Rs 500 and Rs 1,000, as a step against accumulation and circulation of domestic black money.
Prime Minister Narendra Modi, in his televised address to the nation on November 8, 2016, said that the two banknotes will be “just worthless piece of paper,” with immediate effect, and went on to introduce new notes of Rs 2,000 and Rs 500 for public circulation.