Yoga guru Baba Ramdev on Saturday said the United Progressive Alliance has lost its "moral authority" to continue in power after the Supreme Court cancelled 122 spectrum licences given to telecom operators and alleged that the Congress was after him since he started his campaign on the black money issue.

Ramdev, along with Janata Party president Subramanian Swamy, launched the Action Committee Against Corruption in India that comprises members from all sections of the society. The ACACI will work on legislation on the black money issue.

Addressing the inaugural function, the yoga guru targeted Congress and the Bahujan Samaj Party on the issue of corruption and sought to know why the ruling party at the Centre is the first to defend itself whenever he talks about corruption.

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"The Supreme Court has cancelled 122 licenses given by the government. It has cancelled everything. But the government says the court has not said anything about it. This government does not have the moral authority to continue," he said.

"The people will not tolerate this government for long. They will speak," he said.

Ramdev also targeted the BSP and the Congress, saying, "Either the hand (election symbol of the Congress) eats the money or the elephant (election symbol of the BSP) eats the money."

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He claimed that he was not targeting any particular party and he does not understand why the Congress jumps to its defence whenever he talks about corruption.

"We never targeted any party. We never gave any clean chit. They themselves think we talk about them," he said.

Ramdev also took a dig at the government's Lokpal Bill, claiming it is not "aimed at eradicating corruption but aimed at furthering corruption in the country."