Still there is no law for the regulation of crypto currency in India. Even no one can track you, how much bitcoin you have, since you can create a private bitcoin wallet to receive your bitcoin. It is the untraceable asset.
Yes, cryptos aren't regulated by the central government yet but that doesn't mean that there are no laws surrounding it. While dealing with them you must be careful that you don't violate existing laws of the country. As far as I know Bitcoins don't feature complete anonymity. Though few altcoins like Monero aren't traceable at all.
BTW what do you mean by private bitcoin wallet? Do you mean a wallet where you have control over the private keys?