I know how you feel, you want to withdraw but the prices are 5%-10% lower than global prices and it doesn’t help the fact that you may already be taking losses with the considerable drop in the market.
But I’ve no choice but to reiterate the fact that banks rendering services to cryptocurrency exchanges in India are yet to issue a deadline to these exchanges. It's also unclear which banks are rendering services to which crypto-exchange in India and what they plan to do individually.
So far it has been ascertained that Indian banks will suspend accounts of exchanges by end of day on the 5th. However, it's uncertain if banking services will remain intact for all exchanges until the 5th.
Many felt that Zebpay’s news was unnecessary FUD by the company but in fact it was right in informing all parties involved about the current situation.
A source at one of the biggest Bitcoin exchanges in India informed me that they have no idea when their account will be suspended. It’s better to exit when they are still working if you have no choice but to leave this space.
Plan your exit trades in advance whenever market moves closer to globally traded prices of BTC and then sit tight and watch how things from 3rd July. At the moment we're likely to exit at a loss either via exchanges or P2P. You have to keep a watch on the trades closely to get the best price possible on your BTC/INR trades.
If there is no verdict favouring crypto-trading on 3rd July and the ban comes into effect from the 5th-6th onwards you can still use Localbitcoins or similar services to exchange your funds.
However, please note that the prices here historically have been on the lower side and might take sometime to stabilize.
Haste makes waste, so don’t simply run for the heck of it. Stick with a reliable cryptocurrency exchange in the country and see how things play out if you decide to hold onto your funds for a few more days.
Hopefully by the end of day on 3rd July we'll have something to cheer for!
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