In a notification issued on November 8, 2016, the Bharatiya Janata Party-led Central government demonetised Rs 500 and Rs 1,000 currency notes. The move was aimed at fighting black money and incentivise the use of electronic modes of payment. On January 2, 2023, the Supreme Court upheld the Centre's decision in a 4:1 majority verdict, saying that the move “does not suffer from any flaws in the decision-making process”. A dissenting judge, Justice B V Nagarathna, however, said that the Government should have brought an ordinance or a law in Parliament to implement the noteban. Demonetisation is a radical monetary step in which a currency unit’s status as a legal tender is declared invalid. This is usually done whenever there is a change of national currency, replacing the old unit with a new one. In India, it was first implemented in 1946 when the Reserve Bank of India demonetised the then circulated Rs 1,000 and Rs 10,000 notes.