Am from india too and discussed with my chartered accountant.
He told this is applicable to only those people who have earned massive gains from bitcoin and only to the limit of banking transactions

So nothing to worry about.This is applicable since long
Goverment wants taxes and it is completely ok


MOREOVER THE LAW IN INDIA IS VERY WEAK AND ONLY 0.5% OF THE CASES ARE PICKED FOR SCRUTINY.
HENCE IT IS STILL NOT A WORRY SITUATION AND MORE OF AN FUD