New Delhi, Nov 15 (IANS): The Congress on Tuesday tore into the demonetisation scheme, saying that it was in reality a move meant to bail out those with black money.

Congress spokesman Kapil Sibal launched a blistering attack on Prime Minister Narendra Modi, accusing him of being out of sync with the woes of the common man now battling for cash.

Sibal said Modi's pledge that the situation caused by the November 8 spiking of 500 and 1,000 rupees notes will stabilise in 50 days cannot be believed because his earlier promises had also fallen flat.

"All this has nothing to do with battling black money or corruption," he told the media. 

Saying Modi had "collaborated" with those who have black money, he said it were the poor who were facing the brunt of his decision that has resulted in serpentine queues outside banks and ATMs across the country.

Sibal said the demonetisation was aimed at wiping out the Non-Performing Assets of banks.

The Congress leader said Modi had no understanding of the plight of the ordinary men and women who were struggling to exchange or deposit the old currency or withdraw money from their accounts.

"He makes fun of people... It looks like he is far removed from ordinary people's problems." 

Commenting on the Prime Minister's comment that he had sacrificed everything for the country, Sibal asked: "Which palace he was living in that he gave up? Which property did he donate to the public? What sacrifices did he do for the country?"

Sibal added: "Please understand the pain of the ordinary people. Stop your whims and fancies..."

He also hit out at the limits placed on bank withdrawals.

"What kind of law is this? The money is mine, the bank account is mine, it is taxable income... Why can't I withdraw it? It is not Modi's money."