The present study discusses about the valorous step Demonetization taken by the Government of India. The major issues in India are corruption and Terrorism and the root cause of these issues is black money, which is the major cause for deprivation of the nation. There was a need to unearth audacious step to tackle the various issues regarding black money, corruption and terrorism. The central government of India has decided the Demonetization of Rs.500 and Rs.1000 currency notes on 8th November

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... 2016. However, 87% of total currency was constituted by these notes, being the reason for scrapping of these high denomination notes as legal tender. The current research is based on secondary data assembled from different sources. The present study makes an attempt to study the history of demonetization in different countries and point out the overall consequences of Demonetization and its inferences for sustainable development of the country.