"It (The demonetisation) might curb militancy, but I don't think it will take them (fraudsters) very long to come out with a counterfeit Rs 2,000 note," he told reporters on the sidelines of an event organised to discuss "Kashmir Flashpoint - 4 point formula" here.
To a query, Aiyar said people who did not even know about black money were being troubled on a scale never before.
I don't see any Ambani, Adani or any big bureaucrats or any big politician standing in any of these queues," he said.
On Modi threatening to open the files in a rally at Ghazipur, Aiyar said he welcom the Prime Minister to do so, but also reminded his rhetoric of opening the files of Netaji Subhash Chandra Bose, which has not revealed anything so far.
Modi earlier in Ghazipur announced that on the occasion of Nehru's birth anniversary, as a tribute, he will open those files that no one has bothered about since the death of the former primeminister.
On how he would see Indo-Pak relations following the victory of Donald Trump in the US elections, Aiyar said the Indian government needs to talk to the President-Elect.
Aiyar further said India should talk to Pakistan to resolve Kashmir problem.
"Instead of blaming Pakistan or India, the way forward is hold talks with Pakistan. The reason I am stressing (on) India is that Pakistan keeps saying they are ready to talk to us," he said.
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