Demonetization means a change in National currency in which the government replaced the old currency with new notes. Demonetization was announced on 8th November 2016 by the Government of India. The main objective was to take out black money from the people. Black money is that money that includes all funds earned illegally or legal income that is not recorded for tax purposes. The motive of Demonetization is to put a complete full stop to corruption. Prime Minister Narendra Modi announced that 500 and 1000 rupee notes are no more legal in India but on the other hand there are some disadvantages also, everyone was rushing to exchange their notes at the bank after Demonetization people used to deposit their cash in the bank rather than at home. In the exchange of 500 and 1000 notes government introduced currency of 2000 rupees notes and 500 rupee new design and color notes by the end of the year.