The Forum of Free Enterprise is a non-political organization founded in 1956 by A. D. Shroff, and has been established to educate public opinion in India on free enterprise and a democratic way of life. The Forum publishes booklets to further its objects. The following booklet titled “Rising Prices, Black Money and Demonetisation” was published on October 14, 1973 and was authored by Prof. B P Adarkar. The author here argues that inflation does not cause increase in black money, nor is the reverse true. He further argues that demonetisation is not a solution for either of the issues. He analyses the Wanchoo Committee Report on Direct Taxes and Black Money, and the recommendations given by the committee. His article is divided into distinct sections each devoted to a critical analysis of important aspects of this report and its concerns. The first section deals with the issue of inflation, the second focuses on black money and the third addresses the topic of demonetization. He finally concludes by proposing what ought to alternatively be done to tackle the issue of inflation and black money.