Is bitcoin legal in india

Bitcoin is not illegal in India. Cryptocurrency exchanges operate freely and hence we can say that bitcoin is legal

The Reserve Bank of India (RBI) cautioned the users, holders and traders of virtual currencies, including bitcoins, about the potential risks that they are exposed to. The RBI had stated five major risks of trading in bitcoins. 

1. Bitcoin is the fact that digital currencies, being in electronic format, are prone to losses arising out of hacking, loss of password etc. 
2. Bitcoin risk is the lack of any authorized central agency to regulate the payments or to turn to for redressal of grievances. 
3. Bitcoin is that there is no underlying of asset for VCs, making the value a matter of speculation. 
4. Bitcoin is that the exchanges are located in various parts of the world, making the law enforcement a tricky thing for the multiple jurisdictions available. 
5. Bitcoin is that trading may subject the user to illicit and illegal activities since the VCs, can easily be used for illegal activities anonymously.                                                                                                                         Finance minister Arun Jaitley on November 30 said that recommendations are being worked at. "The government's position is clear, we don't recognise this as legal currency as of now," Jaitley said when asked whether the government has taken any decision on crypto currency.