Bitcoin is protocol act as internet money. block chain is public ledger.
Bitcoin can not be blocked or blacklisted or freeze at any case unless, wallets which hold them can be red flag or exchange which hold your account can freeze it.
Safe way to hold bitcoin currently is hardware wallet if big amount & software wallets if small amount.
Even if India block any transaction related to bitcoin illegal's there are many many country and ways to cash it out. near is HK,UAE many more.
I personally keep all my bitcoins on the Ladger hardware wallet which is the safest thing I currently know, regarding the phrase I keep it separated in two different points so as to always have the security divided into 3 parts and so I feel calm and with the situation under control