How do you explain the actual change that has occured in the real estate market then?
> What is going to be a bigger surprise to you is discovering a few years down the lane that a full scale parallel unregulated economy is in motion.
Of course. Nobody says that this will kill all illegal activity for all time in this country of 1.25 billion people. But there was a big positive effect due to demonetisation. Even if it dents the black economy for 5 years, that's good enough. We'll take more such actions when needed.
> Middle class these days is like people who make a good 30-40K a month. These people see a lot of high value notes.
https://www.livemint.com/Opinion/TvcFydQcN6KEFkvdW7BprM/Indi...
From the article: vast majority of middle class in india earns less than $4 per day. A ₹2000 note is 10 days wages. Yeah, I don't think those guys will ever save that much while still surviving.
> The rich don't exactly keep their money beneath their mattress these days.
Yup, they were forced to move it from there in 2016. Some moved it to bitcoin, as described in TFA.
> Before you implement all these pie in the sky electronic transaction ideas. Please ensure people get electricity.
Bullshit. Electrification and economic reforms can happen simultaneously in the world's seventh largest economy. For example, 2018 was the first year when all villages satisfied the criteria for being electrified. Long way from 24x7 electricity, but hey, it's a start.