I partly agree with you here Benson. But again, once you start getting the volumes, if your startup is dependent on the banking infrastructure, then yes you have to start thinking about it well in advance.
If your startup can survive independent of the Indian authorities, then you don't even have to bother about the rules and regulations initially.
For instance, taking btc exchange as an example, other countries have some internationally accepted modes of payments like Online Fund Transfer abroad, ACH, WU and MG by which the exchange can flawlessly operate initially until the paperwork is completed. (example : buying and selling through coinbase exchange)
AFAIK, in India even paypal has to comply with RBI regulations and the payments received to that paypal account has to be withdrawn to the local bank at the end of everyday. That makes our situation a tad more diff than the start ups in other countries.
That's true it's not easy to setup a Money related business easily in india.
I'm not sure but i think exchange needs to get licence under "Pre-paid Payment Instruments" or Cross border Money Transfer to do deal with international customers.
Both licence needs alot money.