I am not familiar with the rules in India but the government can come up with any rules and regulation and if they want to ban bitcoin they can do that by passing a bill and then it becomes an act and they will play the terrorist funding and the illegal activities that can be done with a virtual currency to pass any law and the common people will not have any say on that once a government is elected. From what i have seen the exchanges in India are waiting for the court to rescue their business and the court keep on extending the hearing and majority of them lost hope.