Mahesh Vaidya:
If I create branch in source, will it propogate to remaining submodules ?
No, the branch is only created in the top-level module.
or in other words can I have "global branch" and "global tag"
The branch is "global" in the way that it does contain a reference to the current commit of the submodule. You do not *need* to have a local branch in the submodule to change where it pointed to from the top-level module. It does help to have it, though, as you eventually probably will want to push your changes somewhere, and then you need to have a symbolic reference in the submodule(s) you have branched as well.
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