I have not noticed many people from India on this forum.
There are a few threads on the topic, ... but there is a striking under-representation (proportionately) of those actually from India involved with Bitcoin.
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http://bitcointalk.org/index.php?topic=87000.0 -
http://bitcointalk.org/index.php?topic=58524.0Now that Mr. Bitcoins has a cash deposit method for India (deposit cash at any HDFC bank), consumer-level access to bitcoins is easier:
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http://www.MrBitcoins.comThere are methods for cashing out to bitcoin, electronically, as well. There are now several methods to cash out bitcoin into PayPal (e.g., FastCash4Bitcoins.com does this). CA VirtEx exchange allows withdrawal to Payza. Payza funds may then be withdrawn to banks in India. And, of course, most banks accommodate international wire transfer but the fixed fees for that are expensive and that method makes sense only when larger amounts are involved.
I've started to see individuals offering to do trades on LocalBitcoins (Mumbai, New Delhi):
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http://www.LocalBitcoins.comWith so many remittances going to India, local buyers looking to invest/accumulate bitcoins in exchange for cash will likely find that there can be some good buying opportunities over time as individuals discover that bitcoins can work for remittance as well.
Because bitcoins are non-reversible, it would make sense for someone to offer cash-out service where the payment is made via mobile payments network or with cash deposited in the recipient's bank account. An example of that occurring elsewhere is in the Philippines, where Mang Sweeney's exchange will convert bitcoins with one of the methods being sending the money through GCash (Globe's mobile money transfer network).
[Update: There is another thread describing ECurrencyZone, which accepts cash deposit at banks in India for buying bitcoins and provides cash out to a bank account in India or cash deposited into a bank account:
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http://bitcointalk.org/index.php?topic=102735.0 ]