The Supreme Court has upheld the decision of the Union government taken in 2016 to demonetise the currency notes of Rs 500 and Rs 1000 denominations.
While dismissing a batch of pleas challenging the note ban, the Supreme Court said the decision could not be faulted just because the centre initiated it.
"The demonetisation exercise cannot be struck down on grounds of proportionality," the top court said.
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The Union government is required to take action after consultation with the Central Board of the Reserve Bank of India and there was a consultation between the two for six months, the court observed.
The top court had, on December 7, directed the Centre and the Reserve Bank of India (RBI) to put on record the relevant records relating to the government's 2016 decision and reserved its verdict.
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