The CPI-M, in its ongoing Politburo and Central Committee meeting here, on Saturday decided to launch a nationwide movement demanding freedom for cash withdrawal, said party General Secretary Sitaram Yechury.

Addressing a public meeting of party workers and sympathisers, he said that demonetisation has ruined millions of people, while the BJP national executive, held in Delhi has claimed it was a success.

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"If they claim it as a success, then remove the restrictions on withdrawal of money that are in force now. We are going to go forward to launch a nationwide movement demanding the clamp on withdrawals be removed. What's being done is the money that we deposited in to our accounts in banks and lying in banks are ours and we are not allowed to handle it. This has to change and for that we will launch the protest," said Yechury.

He contended that the demonetisation process has been counterproductive and it has ruined the economy very badly.

"During the 2014 Lok sabha election campaign, Modi said 90 per cent of the black money is parked abroad. And now with the Swiss government giving a list of Indians who have parked their money, Modi has done nothing on it, but the end result of demonetisation after two months, with time till March 31 to change the demonetised currencies, I fear that banks will have more currencies than they have printed. This will ultimately see that black money will become white and counterfeit will turn legal currencies," said Yechury.

The state capital witnessed the holding of the first-ever Central Committee meeting with all but one of the 16 politburo members and 90 central committee members attending.

Yechury also called the statement made by the BJP leadership that the growth rate has not been affected on account of demonetisation as nothing but a fraud.

"They say that the growth rate is close to 7.5 per cent, but here they have played a fraud as they have calculated this is by taking only the first six months of the present fiscal and they have left out the months of October, November and December and hence they say that growth has not been affected," he said.

He also attacked Modi for stating that with banks now flush with money they are going to launch welfare schemes.

"The money that's now lying in the banks is the money of the people and not the government's. Millions of lives have been ruined through this demonetisation and even the NREGA programme has been affected due to shortage of funds. Modi behaves like a pickpocket, who has picked the pockets of the people first, and now says he will come out with welfare schemes," said Yechury.

The four day party meeting ends on Sunday.