Demonetization is the act of stripping a currency unit of its status as legal tender. It is a process of removing a currency from general usage or circulation of money in a country. It has been a radical, unprecedented step with short term costs and long term benefits. The major reasons for the November, 2016 demonetization were to eradicate counterfeit currency, fight tax evasion, eliminate black money gotten from money laundering and terrorist financing activities, and promote a cashless economy. In the short run, the move achieved its target though it impacted the economy and various sections of the society adversely but its long term success need more stringent steps on the part of Government. This article discuss the experience of different countries and of India in the past with the demonetization, its impact on economy and society, its flaws and benefits and the view of public towards demonetization step.