Not OP but the Indian Central Bank estimates there are ~$239 billion in outstanding currency [0], and the national wealth of India is estimated at $3 trillion [1].
Rich people have a much lower cash:wealth ratio than poor or middle class people so I highly doubt many rich people, no matter how corrupt, are losing more than 10% of their wealth with this move.
Rich people have a much lower cash:wealth ratio than poor or middle class people so I highly doubt many rich people, no matter how corrupt, are losing more than 10% of their wealth with this move.
[0] https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=...
[1] https://en.wikipedia.org/wiki/National_wealth