The license raj is still there for business, except maybe some sectors like tech startups. Yes there has been improvements in citizens life like mobile phones etc. But official harassment and bribery is as prevalent as before. Want to get a passport issued or renewed have to pay Rs 500 to the police. Just last week a mother and her kids died as they were turned away from a govt hospital as they could not show the Aadhar id card. Read the Indian news and this kind of cases as their every week.
Most new cards that I have seen in Australia doesn't have embossing, they have flat surface. The number is simply printed on the back. Many banks allow you to lock the card using the App as well.
Australian retirement investment account (called superannuation or super) worked similarly where you could accumulate as much money as you want in a low tax environment. In this phase all income and capital gains received from assets within superannuation are taxed at a maximum of 15%. Then once you turn 65 and convert to a pension there is no tax on the pension (drawdown from the accumulated money).
The govt. changed rules couple of years back this so that the max you can now convert to pension phase is AUD $1.6m indexed every few years. The rest of the money stays back in accumulation phase where tax has to be paid.
This closed the loophole where really wealthy people were having $1m tax free pension earnings.