"The Prime Minister had promised that black money, terror funding, and fake currency will be eradicated by demonetisation. But the RBI annual report proves that all its objectives have failed," Gandhi said while referring to the RBI's report on the outcome of the note ban exercise.
"Why did he (Prime Minister Narendra Modi) do it (demonetization)? His 15-20 big industrialist friends had accumulated NPAs worth thousands of crore. So through demonetisation your (common man's) money was taken out of your pocket and put directly in the pockets of the country's biggest crony capitalists," Gandhi told the media.
"It is manifested in the case of a Gujarat Cooperative Bank, of which BJP President Amit Shah is a Director, where Rs 700 crore worth of money was deposited," he alleged.
The Congress chief said Modi should answer why he inflicted a deep wound like demonetisation when issues like unemployment and low GDP rate remained.
In a stinging attack, Gandhi also alleged that demonetisation was not a mistake and was done deliberately to attack the people.
"Indeed, Prime Minister Modi did what had not been done in the last 70 years... He did it and devastated the economy (through demonetization)," Gandhi said.
Gandhi also attacked Modi over Rafale deal and asked why an aircraft costing around Rs 520 crore was bought at Rs 1,600 crore.
"Why did you buy an aircraft of Rs 520 crore at the cost of Rs 1,600 crore? Who were you (Modi) trying to benefit?" he asked.
"There are clear facts in Rafale case. Anil Ambani has Rs. 45,000 crore debt. He formed the company 10 days before the deal. What is the deal between Anil Ambani and PM Modi?" he questioned.
Gandhi said the India-France joint statement on the deal clearly states that the 36 aircraft in question will be of the same configuration.
He also demanded a joint parliamentary committee (JPC) probe on the Rafale deal. Slamming Finance Minister Arun Jaitley, Gandhi said he was blogging but not saying anything on a probe by a JPC.