"Lakhs of crores of rupees of black marketeers have turned into waste after demonetisation. It has also taken away the gleam from the faces of Mayawati and Mulayam," he said.
Addressing BJP's 'parivartan yatra' in poll-bound Uttar Pradesh, Shah said those who lost their black money were upset by the move.
"Even Mulayam and Mayawati have lost their sleep after demonetisation," he said.
"I know you are facing problems as you have to stand for hours, but good is going to happen. What do you prefer--black money or country...?" he said.
More From This Section
In a surprise move, the Centre had on November 8 banned the high-denomination Rs 500 and Rs 1,000 notes as part of its crackdown on black money.
The BJP leader also hit out at the "theatrics" of Congress vice-president Rahul Gandhi for reaching an ATM in Delhi to withdraw Rs 4,000 in a car worth Rs 4 crore.
Shah also slammed Gandhi for criticising the government over the recent PoK strikes by the Army.
"For soldiers you use words like 'khoon ki dalali'," he said.
"Contrary to Congress regime, now we give reply of 'goli' (bullet) with 'gola' (bomb) and our soldiers have stormed their territory and returned after attacking them," he said amid applause from the crowd.
The crucial Uttar Pradesh Assembly elections are slated for next year.