Hello @arunava
This you raise really is very bad. I think those Indian government guys are some kind of dinosaurs, I really think so.
But the way you put it, there will be no way they can totally limit the use of cryptocurrencies, in the end what they will do is look for other investment options, they will look for ways for the government guys not to screw up, and they will look like fools.
I also believe that the big crypto companies in your country will end up leaving, because such rigorous policies are not beneficial for these companies, much less for small investors.