I too believe if RBI understand the basic of cryptocurrencies, bitcoin and other crypto currencies will be announced as legal in India. What do you think?
Bitcoin is legal in India already though, is it not? It's a restriction placed on banks, it's not law that says you can't hold or trade bitcoin.
While I too think that the central bank's ban is very unfair, it's very unlikely that just because the benefits of bitcoin is put in front of them, they'll change their stance of the matter. They've probably already conducted extensive research anyways and decided for whatever reason that they want to restrict access to bitcoin and crypto.
It's definitely going to be a hard fight for the exchanges, but they really shouldn't be shut down just like that. Seems like the alternative for the Indian central bank & government would be to lift the restriction on banks dealing with BTC services and put a GST/VAT on top, which really isn't that better than the restriction itself.