Maybe there just aren't that many people set up to take advantage of it, yet. You would need an Indian bank account, I assume, to retrieve the Indian currency from the exchange. I would guess the high % difference to reflect the lack of participants cashing in on the opportunity. Arbitrage opportunities being what they are you would think this can't last.
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I suppose that's the explanation - there are very few people with accounts in both countries. However, with an opportunity this lucrative, I'd have expected traders to take the initiative and get it done. Like I said, it's been nearly three weeks now - no response.
Three weeks is a long time for such an opportunity to exist. I guess the costs involved in benefiting from it have kept it going. The other question too is - what level of volume exists in the Indian BTC market?
Excellent question. Sadly none of the exchanges here list overall volume over a period of time. However, one exchange, Coinsecure, is listing 50 BTC sell orders. That's the closest I can get to volume... It's still a fairly small market, but the price is real.