The Reserve Bank has twice released its reports stating that the demonetized Notes of Rs.500 and Rs.1000 have been substantially deposited in the Banks. A widely stated comment has been that just because most of the currency came back into the Banks, the object of Demonetisation has not succeeded. Was the invalidation of the Non-deposited currency the only object of demonetization? Certainly Not… The larger purpose of demonetization was to move India from a Tax Non-compliant society to a compliant society. This necessarily involved the formalization of the Economy and a blow to the black money. How has this been achieved?