The International Monetary Fund or the IMF plays an important role in its global response to economic crises. It was created in 1944 to maintain the standard of fixed exchange rates which were established at the end of World War II. Since the abandonment of the gold standard in 1971, the IMF has adopted a new core mission, providing loans to economically troubled countries. The IMF is primarily governed by an executive board that consists of representatives of the IMF member countries, with a heavier weighting to countries that provide more money to the Fund. The executive board sets the broad policy and approves loans. The IMF has the potential to play a strategic and crucial role in stabilizing and supervising the global economy, it has its limitations due to the dynamic changes which are happening around the world’s financial markets. Since countries have shifted to the flexible exchange rate system, financial independence and autonomy have increased. This development is bound to make the role of the IMF ineffective. For this research, I have collected real information by conducting a survey. I interviewed approximately 85 respondents living in Mumbai in order to fulfill the objectives of this research.