On November 8, 2016 Prime minister of India Shri Narendra Modi announced the withdrawal of the 500 & 1000 denomination notes, which was about 86% of the total currency by value in circulation, with immediate effect. This demonetization move by the Government of India is a widely debated subject on its positive and negative impact. There is uniform consensus that in the short term the move had a negative impact on the economy. Currency crunch, long queues before ATM’s, drop in GDP by 1-2% in the successive quarters were the short term pains. Drop in interest rates as the banks became flush with cash, drop in inflation due to low consumer demand were the short term gains. But what is of importance is the long term impact of demonetization. In a report titled 'South Asia Economic Focus - Globalization Backlash', World Bank said eliminating tax evasion and corruption -- the most talked objectives of junking old 500 and 1000 rupee notes -- is "typically a demandin