India's current financial year (April-March) is a British legacy. It was introduced in 1867, following the adaptation of the Gregorian system of accounting. The primary reason for the identification of this period by the British was the crop pattern, with the revenues flowing from taxes levied mostly on agricultural products.
Corruption in India is a multi-headed monster, which has been shored up as much by greed and dishonesty as it is by illiteracy and lack of awareness. Making India a corruption-free country is no overnight project, because it has to be a war fought on many fronts and battlegrounds.
This is the 'question of the year', something that has left politicians assuming the role of economists and economists assuming the role of panelists. What after 85 per cent of the currency in circulation being stripped of its legal tender status, what after liquidity being sucked from the market, what after record fall in commerce, and the most crucial of all- will India's parallel economy breakdown?