i think the Indian government messed things up for themselves mostly and the RBI is to blame for that. before RBI banning exchange accounts the government could monitor what everyone was doing because they were all going to a centralized exchange and their identity was revealed. but now they are all trading off the market and using localbitcoins,... so the government no longer has any idea who is doing what so they can not TAX them 
Yeah, typical acting before researching. Governments around the world tend to do this.
They moved too fast and put a firm foot down, and then they looked around and realized that they could actually profit from the thing they just banned. Oops! Now they have to fool around and find a way to make it legal so they can collect tax. It could have been smoother if they would have just carefully implemented tax laws instead of scaring everyone off to P2P markets. I bet most people didn't even know such markets existed until now.