New Delhi, Nov 9 (IANS): Calling the government decision to demonetize higher denomination notes as a "gimmick", the CPI-M on Wednesday demanded the cost of withdrawing currency notes to be made public.

"This demonetization is attempted as a gimmick to divert attention from serious social and political failures of this government in the past 2.5 years," CPI-M General Secretary Sitaram Yechury tweeted.

"What is the cost of withdrawing currency notes and replacing them with Rs 2,000 notes? Also, its economic and social costs must be made public," he said, dubbing the move to be another "jumla".

"What are the estimates of black money that will be curbed by this move? Government should make the figures public," said the leader of the Communist Party of India-Marxist.

As part of sweeping steps to battle black money, Prime Minister Narendra Modi announced on Tuesday that Rs 500 and Rs 1,000 currency notes will cease to be legal tender from midnight of Tuesday.

Yechury said the move was "poorly planned and not thought-through" and did not address the major sources of black money abroad or those invested in property, gold and such instruments.

"To uncover the illicit money trail, we demand that the government release the name of top 100 defaulters of bank loans," added Yechury.