While announcing the notes ban to check black money, PM Modi had urged people to bear with the difficulties for "50 days" till December 30.
"Modiji has performed demonetisation 'yagna' for 50 families and one per cent super rich people of the country," Mr Gandhi said, questioning: "What are the collections after November 8? What is the loss incurred by economy? How many people have died after November 8, have they been given compensation?"
He also questioned, "who were the experts the PM consulted before the notes ban?"
The BJP retorted, "Rahul Gandhi should first answer who benefited from the VVIP chopper scam."
In the morning, addressing party leaders, Mr Gandhi said the notes ban is an example of how the Modi government has fostered fear among people.
"The Congress listens to you, does for you. It is not about what we want to do," Mr Gandhi said, adding, "Congress is the idea that it is not only my view that will prevail...I must seek out your views."
PM Modi "is doing only what he wants", he said, calling demonetization an example.
"We can all see what a disastrous decision that has been. People in the country have been robbed of their money. Why has Modiji imposed such restrictions on people? He just wants to instill fear among people," Mr Gandhi charged.
The 45-year-old Congress leader addressed a joint press conference with Mamata Banerjee and leaders of some other opposition parties on Tuesday to reinforce the offensive against the Prime Minister over the notes ban and its impact on people.
The BJP dismissed what it called Mr Gandhi's "utterances" as "lacking in maturity and gravitas".