Bhopal, (IANS) Demonetisation is not aimed at fighting corruption and black money but seeks to help Prime Minister Narendra Modi's super rich friends, Delhi Chief Minister Arvind Kejriwal said on Tuesday.

The Aam Aadmi Party leader told a public rally here that Modi carried out the November 8 note ban basically to bail out corporate friends who have failed to pay back huge loans taken from banks.

The spiking of the old 500 and 1,000 rupee notes, which has triggered an unprecedented cash crunch, had not ended corruption and nor will it eradicate black money in the economy, Kejriwal said.

If Modi was serious about doing away with black money, he only needed to jail those having illegal Swiss bank accounts, the AAP leader said.

Kejriwal said while Modi had waived off huge loans given to corporate houses, he was not willing to forego the loans given to farmers, traders and other ordinary people.

Alleging a quid pro quo, he said corporate houses had given bribes to both Modi when he was the Gujarat Chief Minister and also Madhya Pradesh Chief Minister Shivraj Singh Chouhan.

Instead of ending corruption and black money, demonetisation had only caused widespread economic havoc in the country, he said.

Kejriwal also demanded an inquiry into the source of funds of political parties and political leaders.

"We are not afraid of this," he said, referring to his AAP. "Why are other parties opposing this?"

Kejriwal has been touring the country campaigning against demoenetisation.