Demonetization is the procedure of eliminating a monetary unit's lawful tender position. Each occasion the monetary system is modified, demonetization is required. A new currency unit must be introduced to replace the previous one. 200 participants were randomly chosen for samples from the Haryana district of Ambala. Four factors—gender, age, annual income, and occupation—have been found to significantly correlate with the effects of devaluation. Demonetization's role in destroying black money came in first place among respondents' rankings, which were then followed by the elimination of social evils including terrorism and corruption.