Opposition parties on Wednesday slammed the government over note ban terming the move as "disaster" and "anti-national".
Former finance minister P Chidambaram used Reserve Bank data to lash out at the central bank saying "Shame on RBI" as 99 per cent junked currency has returned.
Congress chief spokes?person Randeep Surjewala demanded an apology from prime minister Narendra Modi saying demonetisation not only dented institutional sanctity of the RBI but also India's credibility abroad.
Chidambaram questioned the Narendra Modi government whether its demonetisation decision was designed to convert black money into white.
CPI(M) general secretary Sitaram Yechury launched a stinging attack on the Centre over demonetisation, saying India can "never forgive" the Modi government for the "anti- national act", which allegedly hit the country's economy.
Samajwadi Party leader Naresh Agarwal said his party would move a privilege motion against RBI Governor Urjit Patel for misleading a parliamentary panel on the issue.
The Reserve Bank of India's (RBI) annual report for 2016- 17 has revealed that all but 1.4 per cent of the scrapped Rs 1,000 notes have returned to the banking system.
"99 pc notes legally exchanged! Was demonetisation a scheme designed to convert black money into white?," Chidambaram said on Twitter.
He also said the economists behind the demonetisation move "deserve Nobel prize" as the RBI gained Rs 16,000 crore, but lost Rs 21,000 crore in printing new notes.
"Rs 16000 cr out of demonetised notes of Rs 1544,000 cr did not come back to RBI. That is 1%. Shame on RBI which 'recommended' demonetisation. "RBI 'gained' Rs 16,000 crore, but 'lost' Rs 21,000 crore in printing new notes! The economists deserve Nobel Prize," he said in a series of tweets.
Yechury tweeted, "99.9 pc of the notes back in the banking system. 100s died in queues. The poor suffered the most. All this for what?. Lives and livelihoods lost, the Economy got a shock, workers lost their jobs. India can never forgive Modi govt for this anti-national act."
Surjewala said demonetisation is nothing but a "disaster" in which 104 innocent people were killed while 'corrupt' made 'windfall gains'.
He also said that the demonetisation scam not only dented institutional sanctity of the RBI, but also credibility of India abroad and demanded an apology from the prime minister.