No this is not how middle class women in India drape their sarees especially when they are atending a party. They tuck the end of the pallu at the waist only when they dont want the pallu to get in the way when they are working at home . They drape their saree pallu beautifully or pin it up with pleats when they go to events or to work outside of home. And you are right about the bra style of blouses or one boob showing drape.
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