Abstract
Demonetization is the act of stripping a currency unit of its status as legal tender. Demonetisation is necessary whenever there is a change of national currency. The old unit of currency must be retired and replaced with a new currency unit. November the 8th, 2016 - the date has become a landmark for the Indian economy. It was an ordinary day for any Indian, but then the clock struck 8:15 p.m. and there was our Prime Minister addressing the countrymen. In a 25-minute long speech, the Prime Minister had waged a war against black money by withdrawing legal tender character of Rupees 500 and Rupees 1000 notes with effect from midnight, and issuing new Rupees 500 and Rupees 2000 in place. The surging menace of fake currency, especially in high denomination, cannot be stressed enough. This in turn, is hoarded as black money, and is misused by terrorists for anti-national and illegal activities. India is still known as a cash-based economy. Keywords: Demonetization, Black Money, cashless transactions, GDP.
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