On November 8, 2016, India has seen a few historic announcements from the Prime Minister’s office in relation to cancelling the high denomination of 500 and 1000 rupee notes. The high denomination currency notes make about ~85% of the total cash circulated in India. In the announcement, PM Narendra Modi declared that use of all 500 and 1, 000 banknotes would be invalid after midnight of that day, and announced the issuance of new 500 and 2, 000 banknotes of the New Series in exchange for the old banknotes. This paper makes an attempt to do an in-depth analysis of the strengths and weaknesses that are integral to this hard-hitting measure. This paper also analyzes the broader opportunities and threats to identify the potential problems. Here this paper would try to identify the risks and rewards hidden in this decision and what could have been a better option while implementing this sudden change without affecting the common people of India.