Six years and two months after news that made us stop and check if we heard it right, of a sudden ban on currency notes of high-value, this daring bit of ‘shock therapy’ for a cleaner economy refuses to diminish in India’s rear-view mirror. Views of its value vary vastly, usually by the weights assigned to what it did or did not do, but also politically, given its variable impact. Demonetization, on balance, was an error, though less drastic than made out by critics. As a move, it was also legitimate, according to the 4:1 majority ruling of India’s Supreme Court that has placed it back in the limelight. The judiciary found it neither too harsh an action taken in proportion to its goals, nor in violation of any statute. As the Centre and Reserve Bank of India (RBI) had discussed the idea over six months, the proposal’s first mover was held irrelevant. The sole vote of dissent on the five-judge bench, however, found the process invalid for being undertaken at the Centre’s initiation and devoid of “independent application of mind” by RBI. In the context of an overt role played by politics, in contrast with economics, this opinion is backed by readings of RBI-Centre interaction that suggest the latter was left with no choice. What’s done is done, but clarity on the purpose and limits of central bank freedom has surely risen in relevance.