Have used an HDFC Bank CC along with Standard Chartered for two separate transactions. The transaction went through with both these bank cards. I also hold a Citi Bank card and did not transact any amount on that card and still received an email informing me about FEMA violation if I use my credit card to buy Bitcoin in an overseas exchange !! After that mail I am unsure whether to transact on a foreign exchange or is it not worth the risk . If anyone else has any clarity on the legal status of transactions of this nature, please do share . Thanks.
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It is suggested to purchase from Indian exchanges using FIAT. Once you have some cryptocurrency you can transfer it to foreign exchanges.
Just make sure that FIAT to crypto and crypto to FIAT conversions happen on Indian exchanges.