The Reserve Bank of India or RBI has said that though it was the government that recommended cancelling high-denomination notes in November, the central bank felt that "such a proposal could not have come at a more opportune time." The government "advised" the RBI to scrap 500 and 1,000-rupee notes on the November 7, just a day later, the RBI board reviewed the proposal, and on November 8, Prime Minister Narendra Modi made the shock announcement of a demonetisation drive.
