The paper looks at the recent demonetization exercise that the government of India imposed on its people. The demonetization exercise was marketed from a Public Interest perspective as a way to eliminate corruption, increase the tax base and to fight terrorism. However, the Public Choice perspective brings out the political self-interest involved in the demonetization exercise. The role of foreign and domestic interest groups involved in pushing for demonetization is explored. Insights from Austrian Economics shows why top down planning fails and results in more controls. Insights from Public Policy shows that the lasting impact of demonetization is an increased interest in digital payments.