There are two ways I can do it...
1. Bitcoin sold directly to another person wihin India against NEFT/IMPS. It is like selling digital goods on OLX.
2. Bitcoin sold at a Japanese exchange, where bitcoin has a legal status, and convert JPY to INR through bank transfer. It is like Forex.
Please note that, in either case, total volume will be far less than INR 20 Lakh/year.
CAclubindia
