Of the gazillion Gods that exist in India, money (Goddess Lakshmi) is one. You'll never, ever, see anyone throwing away money (even the lowest denomination). A lot of people, when they pick up money from the ground, will make a holy gesture as a way to say "sorry" to the Goddess of money. Some give it away to a beggar (because they say what's not yours shouldn't be yours). Some people, like me, will pick it up and use it (not the one to believe in superstitions).
I think throwing away money is bizarre and to some extent insane. People would probably confront you in India if you did that.