Prime Minister Narendra Modi-led NDA government at the Centre looted the people's money by banning the notes of Rs 500 and Rs 1,000 denominations during demonetisation in 2016, alleged senior Congress party leader Kapil Sibal on Tuesday.

Releasing a video at a press conference which showed the exchange of banned notes with the new currencies at the commission of 15 per cent to 40 per cent, Sibal said: "It is another proof of how Prime Minister Modi-led government looted people by banning the notes of Rs 500 and Rs 1,000 denominations during demonetisation in 2016."