Demonetization refers to Withdrawal of a particular form of currency from circulation. On eve of 8th November 2016 the government announced the demonetization of Rs.500 and Rs.1000 notes (almost 86% of the currency) which left everyone shocked. This sudden announcement led to chaos in every part of the society. Though it was a bold decision taken by the Modi government, it affected many poor daily wage workers. While some economists, politicians were in agreement with the move, some were against it. This paper aimed at reviewing the implications of demonetization on Women, Rural People and Views of Politicians, Economists, International Media on demonetization.