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.

The majority, comprising Justices S Abdul Nazeer, B R Gavai, A S Bopanna, V Ramasubramanian, held that the Centre’s notification dated November 8, 2016, was valid and satisfied the test of proportionality.

Justice BV Nagarathna in her dissenting view held that though demonetisation was well-intentioned and well thought of, it has to be declared unlawful on legal grounds (and not on the basis of objects).

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.

While many have pegged it as a “bold” move, the Opposition, over the years, has criticised the BJP government, calling the decision a “failure”