The note reportedly states that cryptocurrency will not be recognised as legal currency, and describes the currency as “cryptoassets”. These assets will be regulated by India’s markets watchdog, the Securities and Exchange Board of India (SEBI), and citizens will be required to declare their assets and refrain from keeping them on exchanges outside the country. Individuals holding crypto will be given time to transfer their assets once the bill becomes law. Failing to transfer within the timeframe will lead to financial penalties.

https://www.finextra.com/newsarticle/39346/india-to-regulate-crypto-avoids-outright-ban