In an open letter to Prime Minister Narendra Modi, Bernstein, a global brokerage firm, called for a significant shift towards a cashless economy in India. The firm proposed phasing out most currency notes within the next five years to discourage large cash transactions and improve economic transparency. Bernstein emphasized that despite advancements in digital payments, informal transactions and heavy cash usage continue to limit transparency. The letter highlighted the need for more decisive measures beyond incremental policy changes to formalize the economy. The Reserve Bank of India (RBI) recently withdrew the ₹2,000 denomination note, which was introduced in 2016 following the demonetization of ₹500 and ₹1,000 notes. This move is part of India's broader strategy to enhance digital transaction security, with over 218 billion digital payment transactions processed between April and February of FY26, amounting to ₹284.7 trillion. Additionally, India's QR code payment system is expanding internationally, already operational in countries like Singapore and the UAE, with plans for further expansion.