Congress leader Kapil Sibal released a video on Tuesday, claiming that a 'currency exchange' was run by the ruling BJP after Prime Minister Narendra Modi announced demonetisation in November 2016. High-denomination banknotes of Rs 500 and Rs 1,000, which made up 86 percent of all cash in circulation at the time, was immediately withdrawn after the PM's announcement.

"Demonetisation is the biggest scam in the history of India. It is sad that our agencies will investigate the opposition, but not those in power," Sibal said during a press conference in New Delhi.

According to NDTV, Sibal highlighted that the currency exchange was conducted by a team of 26 officials from various departments of the central government. The detailed logistics was allegedly "controlled by" Bharatiya Janata Party chief Amit Shah. "Under it, currency from various ministers and business houses were brought in planes to Hindon air base from where it was taken to the Reserve Bank - at a charge of 35 to 40 per cent," the NDTV report said.

Sibal also claimed that PM Modi had started his tenure by fooling the people of India and is ending his five-year tenure by "traumatising the people of India". "He has used institutions to target people who oppose him," the senior Congress leader added.

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People queue up in front of an ATM kiosks in Chennai on Nov. 11, 2016.IANS

It was recently reported that the RBI has stopped printing Rs 2,000 notes. It was reported that the government wants to gradually reduce the circulation of this high denomination. According to The Print, the step would not mean that the Rs 2,000 notes in circulation will become invalid. However, the government wants to slowly phase out the currency note. The government has taken this decision with a suspicion that the high-denomination banknote is being used for hoarding, tax evasion and money laundering.

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People queue outside the Reserve Bank of India (RBI) to exchange their old high denomination bank notes in New Delhi, India, December 30, 2016.Reuters file