The Congress and the CPI(M) also expressed apprehension that the decision would have a "drastic impact on the financial health of the middle class and small traders".
Banerjee accused the Modi government of "scripting a drama to divert the attention from its failure to bring back black money from abroad".
"Withdraw this draconian decision. While I'm strongly against black money, corruption, deeply concerned about common people, small traders. How they will buy essentials tomorrow? This is a financial chaos and disaster let loose on the common people of India. The PM could not get back the promised black money from abroad from the rich so a drama to divert (attention from) his failure," she said in a series of tweets.
"Heartless and ill-conceived blow on the common people and the middle class in the fake name of anti-corruption (drive)," she wrote on the microblogging website.
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"Rs 100 notes not available in banks. Without availability in market how will people, small farmers, all employees, labourers purchase essentials," she tweeted.
CPI(M) politburo member Mohammed Salim said, "We are always in support of unearthing black money. But, after two-and-a-half years of silence on the issue, the Centre all of a sudden decided to scrap the Rs 500 and Rs 1,000 currency notes. This is nothing but absurd. This decision will have a drastic impact on the small traders and middle class."
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