First of all, this report is dated 28 Feb 2019. Many things have happened in the meantime like the G20 summit.
At the conclusion of the summit, the leaders of the G20 countries jointly declared their commitment to applying the crypto standards set by the Financial Action Task Force. India’s new finance minister, Nirmala Sitharaman, also joined other G20 finance ministers to declare the same commitment.
Source: https://news.bitcoin.com/modi-discussed-crypto-standards-g20-summit-india/In the declaration, the G20 leaders state that cryptocurrencies do not currently constitute a threat to monetary stability, and that technological innovation can deliver significant benefit to the economy.
Source: https://cointelegraph.com/news/g20-leaders-reaffirm-position-on-cryptocurrencies-in-statementThis clearly shows that India will agree to the decision taken by the FATF and not the report to ban cryptocurrencies.
Last week, a Chinese Court has recognised Bitcoin as a virtual property with value. What more you need from a country like China? When a country like China recognise Bitcoin as a virtual property, all India needs is a little persuasion and time.
Source: https://twitter.com/DoveyWan/status/1151944343999008768?s=19Furthermore, India takes a lot of time before rolling out a bill. For example take the GST, it took over 17 yrs to come into force.
Source - https://www.thehindubusinessline.com/economy/gsts-17year-timeline/article9743284.eceAnd the court hearings regarding the RBI ban, has been regularly postponed. And I don't think of a judgement anytime soon not until 2020.
So we have a lot of time to fill our bags. Don't worry about the jail term they can't arrest you if they can't prove that you are holding crypto. So, I would advise not to FUD, just ignore the law makers for now until a proper regulation comes into force.
Just because some draft Bill to ban cryptocurrencies is released, doesn't mean that everything has ended. Actually there is still a long way to go for the draft Bill to become an Act.
