According to Forex rules in India,an individual can hold upto $2000 usd equivalent of foreign currency at any given point of time.Many of us hold bitcoins more than that amount.Am I at risk by trading in exchanges for an amount more than $2000 where my PAN details is associated with? Please put some light into it because going against the FEMA policy is a serious offense and might land us into jail.
Can you please point me to a Government of India website (i.e. .gov.in or .nic.in), which is classifying bitcoin as a foreign currency?