Update: Dec 17 2015
As a further update to the following, I would like to mention that I finally got the replacement. I had to take the phone to service center, call flipkart from there and let service center person confirm the problem with my phone.I am happy that I got replacement, but I still think all the stress and effort I had to do for this was not worth buying from online.
I made the mistake of buying a Moto G phone from flipkart and undergoing tremendous stress because it is a faulty product and they are not ready to take it back.
the problem will be visible on white background where a number of lines red/green/yellow run from top to bottom.
The flipkart service has been torturing me with questions after questions though they claimed easy return.
Finally they are asking me to go to a service center. If I had time to go to a store, search and buy phone, why should I buy online.
If anyone wants to buy anything online, first choice should be amazon, others should learn from their service.
I think my money is now wasted and flipkart doing typical indian company drama to avoid return or replacement.