Somewhat brazen. Is there anything to indicate authorities have given the green light? I don't see anything. In before they get raided.
Give them a chance. I'm sure they understand the situation on the ground better than us.
Half-joking. But given recent events, it does seem brazen. I can't find anything from Indian authorities clarifying RBI's position. All I can find is some stuff about a presumably new organization called Bitcoins Alliance India retaining a law firm which has apparently advised Unocoin to go ahead. Seems dicey, could go either way. Just thought this might be accompanied by some clarity on legality. Doesn't seem so.
I read an article about the "BAI" as well:
http://www.thehindu.com/business/Economy/bitcoins-per-se-are-not-illegal-in-india-nishith-desai/article5538900.eceAlso read another Indian lawyer's piece articulating the same: Bitcoins are not illegal. But I can't find it now.
It's quite interesting to see that these professionals have publicly backed Bitcoin's legal status, even if it just two law firms. Have you read any published work from Chinese law firms regarding Bitcoin? Perhaps I'm not looking hard enough.