James,
Not all rifles had a red stripe of course ... only rifles that had been downgraded or set aside for drill use were painted with the green, yellow or red stripe. Yes it could mean a rifle had a stock replaced at some time that came from a Drill Use rifle; but the caveat is always there for the new owner to have the rifle thoroughly checked before firing since red means "not fit for live fire exercise" - it has nothing to do with the caliber of ammunition being used.
BTW - The Indians used the same painted system as the Australians and the British - it makes no difference if the stock was a MkIII or original to the 2A - either one could have a red stripe if downgraded from front line service to drill use.
Tiki.
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