I am reading somewhere that Bitcoin and other crypto currencies illegal in India as per Indian central bank announcement. In some other place i am seeing RBI advises caution on its use, bitcoin is not illegal in India. Which one is true ?? Any clarification about this?
Some of your points are true while the others are false. Bitcoin is not still legalized in India which is true but it is not illegal either.
The RBI have cautioned individuals and companies to stop dealing with Cryptocurrencies but they have not made any kind of Ban over it.
We can still deal with cryptocurrencies but since there are many who get scammed using it, the RBI have stated that it will not allow users to trade crypto.
Now it depends on the individual whether he still want to keep using it or not.