Could demonetization be part of a larger economic overhaul of the country. Could the government possible abolish income tax in the coming budget? Things seem to be well positioned for the government to abolish income tax and move towards charging a cess on bank transfers/transactions. A large portion of the money is now in the banking sector. The per capita holding of cash is also limited. There is also talk of the budget being preponed to January starting 2017. India maybe in for a surprise in the coming months.