Communist Party of India (Marxist) leader and polit bureau member Brinda Karat claimed on Sunday that 95 per cent of the black money was still intact in non-currency forms.
She further alleged that instead of targeting it, the Centre wants to "conceal the identities" of those hoarding illegal wealth.
She said withdrawal of 14 lakh crore currency notes from circulation and illegalising it does not make any "logical sense because 90 to 95 per cent of the black economy is intact in land, real estate, foreign banks, (including) Swiss banks, Panama papers and gold."
"So these are the main avenues of black money and instead of attacking it, (Narendra) Modi's government wants to conceal the identities of the culprits," the CPI(M) polit bureau member told reporters on the sidelines of a function.
Later, she participated in another event held by the All India Democratic Women's Association against violence targeting women and girl children and administered a pledge against such violence.
On November 25, while addressing a protest, Karat had termed the Centre's demonetisation move as a "totally, utterly misconceived project."
Accusing Prime Minister Modi of having replaced "logic with emotion" on taking policy decisions, she had called for roll back of demonetisation initiative.