Anyone remitting any cryptos to India can do so without FEMA in the back of their head. They are concerned with legal tenders or accepted currency. Bitcoin is not yet accepted as a legal tender so there is no rule yet about how much you can pour in here.
But once here, encashing it can become a chore since you have to either declare it as income (huge taxation) or donation (kinda illegal).

If you have someone buying your Bitchunk for cash, then you have nothing to worry about.