Ive tried to do business in India in the past,with some problems. My understanding is that the exchange controls imposed by their central bank prevents anyone from sending their domestic currency out of the country.
So sending X rupees to a gold exchange in London for conversion to e-gold would be forbidden. However, I guess exchanging rupees for e-gold with an exchange based in India would be OK as the rupees didnt leave the country, if person X or exchange Y holds the currency it makes no difference.
Its quite common for businesses to get around these problems by using a commodity as a proxy for currency, rolex watches, coca cola, tractor parts, so instead of taking sales revenue in domestic currency, you get half a tractor, a million tins of coke and 6 watches