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It's just a round-a-bout way of getting rid of cash so they can surveil all transactions

If they are anything like the US, then they already have a sophisticated database of financial transactions in support of their tax system and national security apparatus.

How fast is clearing and settlement in traditional Indian banking?

It depends on the system used for transaction[0]. For transaction under $1300 settlements are instant, while for amount more than that it ranges from 30 minutes to 24 hours.

[0] https://en.m.wikipedia.org/wiki/Payment_and_settlement_syste...

During working hours on week days for largers amounts RTGS is real time and minimum amount is $2500 and is few seconds fast.