The paper aims to study the impact of Indian “demonetization” after five years of its implementation, November 8, 2016, on the local retailers in the state of Rajasthan. Almost 86 percent of the currency in circulation was demonetized and it affected the retailers, among others, immensely. On top of dealing with demonetized currency for transactions, the lack of knowledge as well as tools required for digital transactions made the transition from cash to cashless model a real challenge. After five years many changes have been observed in the Indian economy like direct tax to GDP ratio has seen a trend reversal, increase in digital transactions and less dependency on cash. Therefore, the study aims to assess if there have been changes for small retailers too. The main objective of the study is to understand the implications of demonetization, during the past five years on the local retailers in Rajasthan and to assess the changes, if any, in their business transactions pre- and post-demonetization.

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Keywords: Demonetization, Indian Economy, Retailers, Cashless Transactions.