So you want government to change the entire Indian mindset. While addressing nothing about why that mindset exists?
Hoarding or investing call it whatever you like these things look differently from everybody's personal perspective.
Indians save wealth because there is a inherent feeling of scarcity. You can pass as many laws as you want, but you won't be able to force people to spend money they think they need for the future. This is simply because they don't want to spend it.
It just comes down to the fact that you can't force anybody to some thing they don't want to do.
Beyond that the government did try some gold investment schemes, which were extreme flops.
With the current move I see gold buying at a never ending high in India.
Demonetization may turn out in hindsight to be a master stroke, but there are too many variables that are hidden.
There remains anonymous routes such as p-notes that are still open for "black-money" routing. Hawala is likely to be hit very hard by this. See Swamy's latest lecture,
The only thing that is not clear is what steps if any the government will take to make sure black money hoarding doesn't start again. I am hopeful we will see something by the budget session.