That looks like an attempt to keep people away from the crypto currency. I am not sure why the hell India is putting such taxes on the virtual currency after they see that there are already bad economic conditions in their country. They should be more careful about these things as at least with he online bitcoin trade some more money is coming to their nation. As far as I have India stands among those country where the crypto currency is use has increased heavily recently. And it was so much last year that this year RBI declared it as illegal tender within the country and people are subject to their own risks.

Anyway who cares, the implementation of such things in India might take a long time.