New Delhi, Nov 24 (IANS): The demonetisation of high value currency was done keeping the upcoming Uttar Pradesh assembly elections in mind, Samajwadi Party's Naresh Agrawal said on Thursday.

Taking part in a debate on demonetisation in the upper House, Agrawal said his party was opposed to the move as it was implemented in a hurry and as a result it had not been successful.

"The Bharatiya Janata Party (BJP) indulged in theatrics against black money to divert voters' attention ahead of the assembly elections in the state," he added.

Agrawal pointed to the inconveniences of the lower and middle classes on account of the sudden demonetisation of Rs 500 and Rs 1,000 notes and asked: "Which industrialist, politician, IAS/IPS officer or protector of terrorists is standing in queues today?"

He sought to know why no initiatives were taken against unaccounted money hoarded abroad. "There has also been no action against Vijay Mallya."