This is the first study to investigate the psychosocial impact of demonetization of 2016 in India in two opposing strata of women in the context of their social backgrounds. It provides valuable insights into the social behavior of women before, during, and after demonetization. It attempts to analyze the reasons behind the observed social behavior as well. This study demonstrates that irrespective of the social strata, difficulties encountered by women in the aftermath of demonetization were similar in the community surveyed but responses appeared to be dictated by social background and awareness. In addition, this study underscores a need for greater awareness creation with respect to various social schemes launched by the government among the women, particularly those working in unorganized sector for their greater financial inclusion.