New Delhi, March 3 (IANS): Congress Vice President Rahul Gandhi has said the Narendra Modi government's decision to demonetise high-value currency notes was a "fundamental failure of policy design".

Gandhi's statement was read out by Congress' legal cell head K.C. Mittal in a party-organised seminar titled "Untold stories of Demonetisation - its impact on Indian Economy" here on Friday as he was busy with other political meetings.

"In a country, where most transaction are on cash, and majority of population are without access to banking services, the decision to suddenly remove 86 percent of currency in circulation without adequate preparation and consultation has been a fundamental failure of policy design," said Gandhi.

Expressing support for any "credible effort to curb corruption, black money and counterfeit currency" taken by the government, he said: "But we cannot support ill-conceived policies that are devised for political reasons and without understanding the consequences of the majority of the people."

Attacking Modi's policy, Gandhi said that "two months after the conclusion of demonetisation drive, the government has failed to provide even estimate of black money unearthed".

"Meanwhile black money hoarders continue to flourish, fake currency continues to flourish, and bulk of black money in real estates and other forms remain untouched," he said in his message.