The entire discussion is with respect to Indian context

I joined IIM Lucknow in my mid-thirties and have been living with my family in the Institute campus since 1990. I spend $500 during the course of each day, and always pay in cash. It is difficult for me to get to the bank where I maintain salary account during office hours, so I only visit the campus branch of the bank once a week on Saturdays when the Institute office remains closed. I withdraw all the money I needed for the coming seven days. Now it is the 2000s, and an ATM has been installed in the campus by the bank, which means I can withdraw money at night-time. I still spend exactly $500 every day. Now i go to the ATM every three days, withdrawing all the money I need until the next time I go to the ATM. Now it is the 2010s. Credit and debit cards are commonly accepted. Now I rarely pay in cash, and just keep $300 in my wallet for emergencies. a) If everyone in our country had a similar experience to that of mine in terms of their demand for money (cash balance), and all other things remain constant, what would have happened to the velocity of money? Justify your answer with the support of relevant theory. b) Explain the relationship between velocity and elasticity of money, and how do they guide the central bank to fix money supply and liquidity growth. Provide adequate proof. c) Do you think the Pradhan Mantri Jan-Dhan Yojana which is being implemented by the Government of India under National Mission for Financial Inclusion can improve the effectiveness of monetary policy? Explain your answer with at least two critical economic benefits of the scheme in a larger context. (3x5=15 marks)