Hi Hari,
Some words about shipping electronics to India. Anything above 100$ declared value (and sometimes even below, its upto their discretion) will attract custom duties etc. (around 20% of value I think or some more in total basically) + Indian Post is really NOT known for their gentle handling, not to mention the large postage cost you will face.
I know of cases with even more robust stuff getting damaged in transit through international post so I would suggest you avoid it as much as possible.
Best bet, find someone you know who is in the US or something. Either buy one through Amazon (Accepts Indian internaitonal CCs, pretty much all Indian Cards) or tell that person to buy it and bring it along when they come back. Safest method, especially when you are spending so much on it.
For the record:
I am based out of Pune. My PRS505 is with fedex somewhere on the way to Arizona where a friend will receive and bring it to India
