The Shiv Sena on Friday through an editorial published in the Sena's Saamana accused Prime Minister Narendra Modi-led government of the debated failure of demonetization.

It claimed that the one per cent bank notes that didn't return to the banking system were probably not black money, as generally, the middle class didn't deposit the money, because either they got tired standing in the queues at banks or were simply ignorant.

"In fact, most of the black money was invested in the real estate of cities like Mumbai. It need not be named who were the affluent lot," it added.

"Thus, Rs. 21,000 crore were drained away in the 'wisdom account' of fame and advertising," mocked the editorial.

The results of demonetization were contrary to what was claimed, said the Shiv Sena, adding that it instead "reduced the smooth flow of economy to a puddle", and resulted in an increased price and many businesses facing heavy losses.

"The money was used in the Municipality election, District Council, and Uttar Pradesh Vidhan Sabha election, and the atmosphere of 'pink notes' opened the doors of victory," Saamana commented.

The Reserve Bank of India recently published a report that stated that 99 per cent of the old currency notes were returned to the banking system. 

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