Demonetisation of high denomination currency notes of   Rs.500 and Rs. 1000 was a step taken by Prime Minister Narendra Modi to obliterate black Money and flush out fake currency in circulation in the economy. The objective of this paper is to have a comprehensive view of this measure, its impact on general public and economy as a whole. Various write ups of eminent personalities, recent news in newspapers and various websites have been consulted to write this paper. It concludes that this measure may act as a negative shock to the economy in the short run. The government should make efforts to improve the circulation of cash in the economy because access to cash is very-very important for marginalised sections of society. It will take time to convert cash-based economy to cash less economy.

KEYWORDS: Demonetisation, black Money, inflation, corruption