The RBI had “kept ready” a reasonable stock of new ₹500 and ₹2,000 notes before the announcement of demonetisation, Governor Urjit Patel has said. However, no records of discussion between the RBI and the government on demonetisation were maintained because of secrecy, he added. Patel also said discussions had begun in early 2016 when Raghuram Rajan was the RBI Governor.