Experts claim that demand outweighs supply in India, pushing the Bitcoin price in the country up to 20% higher than international prices.
Some Indian e-commerce platforms have started recognising the digital currency as well. FlipKart and Amazon are already giving customers the option to convert Bitcoin into regular currency and purchase goods with it.
So there is huge demand and this can cause some problems in future so caution is needed when investing as any moment govt or RBI may ban it.
Anything that can be traded without any tariffs or restrictions on the international markets should carry a premium in India.
This is due to RBI's foreign exchange controls. I'm not 100% sure what exactly they are, but I know that they exist and which is why the market is willing to pay a higher price for bitcoin or altcoins within India.
It's a bit like China, where BTC prices are inflated as well sometimes compared to overseas, due to the fact that citizens can only exchange up to $50k USD worth of foreign exchange per year from CNY and BTC acts as a gateway to get capital out.
Not surprising, though. Been a trend since India started trading BTC. Nothing to speculate on either.