In this century, we have witnessed tremendous growth in the application of technology in our day-to-day life. One such life influencing factor is social media. In a manner or other, each individual's life is influenced by social media. Individuals and organizations rely more on social media to interact with people, acquire knowledge, promote business, gather information, news telecast, and for many other professional and personal purposes. Researchers use social media as one of the primary data sources for studies related to people's behavior and for various prediction purposes. This empirical study identifies the importance of social media data in recognizing any event's influence on the public. In October 2016 Indian government had demonetarized some active currency, and it created mixed reactions in public. For this research, tweet data was used to determine the impact of demonetarization on India's people. The study results demonstrate that tweet data can be relied on identifying or extracting general public opinions on any given topic or event.