The tough stand by the BCCI, which has incurred heavy losses for the abandonment of the series, was taken by the all-powerful Working Committee which met here to decide the future course of action.
The decision to suspend all cricket tours with West Indies and initiate legal action was taken "unanimously" by the Working Committee members.
"BCCI will initiate legal proceedings against West Indies Cricket Board due to the abrupt cancellation of this tour. All Bilateral tours between BCCI and WICB stand suspended," BCCI Secretary Sanjay Patel said in a brief statement after the meeting.
"The Members appreciated the gesture of Sri Lankan Cricket Board for having accepted our request to play 5 ODIs starting from 2nd of November 2014, at such a short notice.
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"This tour is in lieu of their scheduled tour to India next year which will be reciprocated by India touring Sri Lanka in months of July/August 2015," the statement said.
The venues for the five ODIs will be Cuttack, Hyderabad, Ranchi, Kolkata and Ahmedabad and the detailed itinerary will be announced shortly.
It is learnt that the majority of the members were in favour of taking a hard stand against the WICB for aborting the tour after playing four ODIs.
The West Indians were scheduled to play five ODIs, one T20 and three Tests matches during the tour between October 8 and November 19.