In a hard-hitting attack on Prime Minister Narendra Modi, Kejriwal alleged that demonetisation was the "biggest scam" in Independent India, while Banerjee said the PM should not run the country through "dictatorship" and that such a "crisis" was not seen even during Emergency.
Addressing traders at Azadpur Mandi, Asia's largest vegetable and fruit market, both Kejriwal and Banerjee singularly targeted the Prime Minister accusing him of unleashing "pain" on common man in the name of unearthing black money.
"Black money is flooding the market again. Notes are being home-delivered to some people. This is independent India's biggest scam. The government wants to amass Rs 10 lakh crore by forcing the people to deposit their money in banks and use that amount to write off loans of Modiji's friends.
"The government must roll back the demonetisation decision in three days. Otherwise there will be revolt. Modiji had silently sent Vijay Mallya, who has huge debt, to London one night. But he has also brought people to the streets who are queuing up for hours," he said.
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The Delhi Chief Minister said he had "whole-heartedly" supported Modi's various initiatives like Swachh Bharat and International Yoga Day besides cross-border surgical strike, adding if it was a genuine fight against black money he and his party would have been at its fore front.
Kejriwal also took a dig at Finance Minister Arun Jaitley, wondering if he spent only Rs 2.5 lakh on his daughter's wedding recently.
The Delhi Chief Minister also made certain allegations
against Modi pertaining to his tenure as Gujarat Chief Minister, claiming to base his allegations on documents given to him by "someone sitting in a top position" in the Finance Ministry.
Calling her fight against demonetisation a fight to "save the country, a fight for the poor and hungry people", the West Bengal CM said India had not witnessed such a crisis even during Emergency.
"This decision may take the country 100 years back. The government is coming out with a decision every day. The day before yesterday it was said the limit for exchange is Rs 4,500, today you say it is Rs 2,000.
"The other day it was said indelible ink will have to be put on fingers. What is going on? Are we servants, are we thieves and you are honest. Is everybody a thief?" she said.
On plastic money, Banerjee said use of cash has been the basis of India's economy, adding if money does not reach people, there may be severe problem of food in the country.
"The Prime Minister who goes abroad so frequently, has forgotten the smell of our land...The provisions of the Constitution are being breached. We did not have this kind of a situation during Emergency," she said.
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During his address, Kejriwal also alleged that "people have already started using the new currency notes to bribe others."
"I do not understand the idea behind this move. After removing Rs 500 and Rs 1,000 notes, now Rs 2000 notes have been introduced. So, people can now stash double the money they could do earlier, or carry double the bribe, that they otherwise could carry in their pockets," he said.
Several AAP MLAs and ministers were also present at the venue and a few of them also addressed the gathering.
"The way Delhi, Punjab and Bengal had come together during 1857 revolt against unjust rule, now too the three regions are coming together against this 'Tanashahi sarkar' and its 'Tughlaqi farman'," Development Minister Gopal Rai said.
"Our government is for the poor, and we will be making a Mazdoor Kalyan Fund," he said.
"People are not able to do last rites of their family members, a woman had to sell her mangalsutra to perform last rites of her husband in Meerut, and Modiji you are asking us to be a patriot. What kind of patriotism is this," he asked.
Culture Minister Kapil Mishra alleged that this government was worse than the British Raj.