Alternatives to demonetization include measures that target black money and corruption without the drastic step of withdrawing currency. These can involve strengthening tax enforcement, improving transparency in financial transactions, and implementing stricter regulations on cash transactions. Additionally, promoting digital payments and financial inclusion can help reduce reliance on cash, thereby addressing some of the issues that demonetization aims to tackle. Other strategies may include incentivizing the use of bank accounts and formal financial systems, which can help bring more economic activities into the light and reduce the prevalence of unaccounted wealth.