Demonetisation has pushed country 10 years back: Kejriwal

New Delhi: Dubbing the Prime Minister Narendra Modi government's ambitious decision of demonetisation a "flop", Delhi Chief Minister Arvind Kejriwal on Monday claimed that the PM's "arrogance and stubbornness" had dragged the country 10 years back.

He went on claiming that the step has majorly failed to eradicate black money, corruption, circulation of counterfeit currency and terror financing. Demanding for lodging a fraud case against those responsible for creating all this mess, the Aam Aadmi Party (AAP) chief alleged that the corruption has risen 10 times ever since the demonetisation was imposed.

The Delhi CM also claimed that the BJP, before introducing demonetisation, settled its black money by buying lands in Bihar and other states.

"Today, after 20 days of scrapping of high denomination currency notes, the government has failed completely to curb black money, funding to terrorism, fake notes and corruption. Demonetisation has flopped badly," he claimed during a press conference.

Kejriwal also alleged that counterfeit notes are being churned out even faster than what RBI is doing which clearly raises suspicion that is it a way of converting black money into white.

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"Since the announcement of demonetisation, Rs 8 lakh crore have been deposited in the banks by the people of India and according to our information, that amount doesn’t contain a single penny of black money. The PM's arrogance and stubbornness has pulled the country 10 years back.

"Comparing to October, the level of corruption and generation of black money have increased by 10 times. Legally, US dollar is available for Rs 70, but it is being sold for Rs 116 per dollar in the black market.

"Gold is also available at Rs 30,000 per 10 gm legally, but in the black market, it is being bought for Rs 56,000 per 10 gm," he claimed.

The Delhi CM also alleged that the Centre had also introduced huge cut in fixed deposit interest rate which will surely pile misery on the elderly.

"PM Modi is apparently avoiding Parliament as he wants to dodge certain allegations that would be imposed on him," Kejriwal said.