Despite some reservations the board approved demonetisation, which was proposed by an RBI deputy governor and supported by a note from the finance ministry, which provided a draft scheme for withdrawal of existing Rs 500 and Rs 1,000 bank notes.

from Times of India https://timesofindia.indiatimes.com/business/india-business/demonetisation-wont-curb-black-money-rbi-told-government/articleshow/68350147.cms