We think it is a grey market, not legally accepted but also there are no rules implemented strictly to curb the currency moving from INR to other digital currencies, as there are many exchanges that are still dealing with bitcoins, and other famous digital currencies and tokens in India.
if you are interested in our project, you can join us here: https://discord.gg/HvxWugY
RE: Introducing induswhale - An exchange for Indian sub-continent and its neighbouring countries