As per the recent report published by various sources:
“General prohibition on all activities by any individual on mining, generating, holding, selling, (or) dealing” in digital currencies as a “medium of exchange, store of value and a unit of account,”
Individuals who are found in violation could face arrest without a warrant, which could be “non-bailable,”
SEBI will be the regulator for crypto assets.
Violators of exchange provisions could face a jail term and fines of up to 200 million rupees ($2.65 million).
The draft bill hasn’t been presented to the cabinet yet, and will have to go through parliament before becoming a law.