Why? Indian banks defaulting? Corruption/theft issues? I haven't tried this method -- just regurgitating advice other's have given me. Always thought it seemed more profitable than keeping money in US banks, and India always seemed accommodating of foreign money coming in.
Turned out those savers were the suckers needed by those banks, in an attempt to remain solvent.
Forex is risky because unless you have a use for the foreign currency you are at the mercy of exchange rates. For example, INR lost 0.74% vs the USD just today.