[intended]

I think the intended target doesn't matter, because the collateral damage is much larger.

I am genuinely unsure as to how this will play out - I see the good intentions and the executional hazards.

Facts about the economy - it's largely unorganized. Meaning builders and jeweler are not as large as the people doing labor and other mom/pop transactions.

Being unorganized they don't have bank accounts (also ,exams that wealth is stored in assets like gold).

M1 money, is 27 trillion. If 60% of that is in 500/1000s that's 16 trillion. Which has become useless over night, and will disproportionately affect those unorganized people who aren't on the Internet or HN.

The other effect is that yes, people are going to be unable to do black real estate transactions. But this has happened before and it didn't end those particular transactions.

I'm guessing this will be a windfall gain for PSU banks and the exchequer.