According to Microsoft, the price adjustment is a result of careful evaluation of the currency changes in the country and the company believes that the subscription continues to offer a good balance of service and value to the customers.
The prices have almost doubled going from ₹350 to ₹699 for monthly subscription or ₹3,999 from ₹2,240 for annual subscription.
If your subscription is currently set to auto-renew before February 28, you will be charged the current price at the time of your next scheduled auto-renewal. If your subscription is currently set to auto-renew after the date, you will be charged the new price at the time of your next scheduled auto-renewal. If, however, you’d like to cancel your subscription that just renewed to the higher price, you can contact support for a refund.
You can change how you pay for Xbox Live Gold, check your renewal date or cancel your subscription here. Note that prepaid subscriptions are not renewing subscriptions so you will not pay the new price until you purchase a new prepaid subscription.