Anil Bokil, founder of Pune-based think tank ArthaKranti, who was part of the team that claims to have suggested demonetisation to the government on Sunday said "no fake currency is in circulation in the system" after the note ban.
"The whole thing is now transparent. One more serious thing is that there is no consideration of fake currency.
Another thing what banks have received is white money. So the whole purpose for the exercise is yet to be ascertained and some time is required to examine and after that only we can say," Bokil said in an interactive session organised by Junior Chamber International (JCI) here.
During his presentation he suggested that there should not be any note with denomination higher than Rs 50.
He said the main reason for banning currency notes with high value denomination is that the notes were not serving the intended purpose but had turned into a hoardable commodity.
"There are three main reasons for note ban. One is the currency note has not become medium. Second is the currency notes are not sustainable and the third is it has become source for counterfeit notes," he said.
He further said that in cash transactions, there is no trail and it is unaccountable whereas in digital payments are transparent and traceable.