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The Inter-Disciplinary Committee’s report is expected to be announced by the end of July, after which the Securities and Exchange Board of India (SEBI) may be asked to step in to regulate transactions.
So, if Bitcoins are legalised in India, the following would happen:
Bitcoins would fall under the purview of RBI’s 1934 Act.
Bitcoin investors would be taxed.
RBI would issue guidelines regarding investment and purchase of Bitcoins.
If any foreign payment is made through Bitcoins, it would fall under the purview of FEMA Act.
Returns from investment in Bitcoins would be taxed.
Source : https://inc42.com/buzz/bitcoin-cryptocurrency-india-government/