Yes, it is technically prohibited. Since September 2007, the Convention on International Commerce in Endangered Species (CITES) has prohibited the trade of caviar. I’m not sure if the prohibition has been lifted since then. It is mostly relevant to foreign imports.
At terms of availability, it is found in many restaurants, but it is not labeled as a separate dish; instead, it is utilized as a garnish. It’s also available online through specialist websites; I’m guessing they’re selling farmed caviar, which is typically awful.
I’d want to use Vir Sanghvi’s words here…
“Because most wild caviar is prohibited for export, what is smuggled out is low-quality caviar that hasn’t been properly kept and tastes like fishy glue.
However, because caviar has such a high snob value, even the garbage is sold at exorbitant prices. Personally, I wouldn’t give a stray dog much of the caviar given (at considerable price) at Indian hotels.
So don’t squander your cash on that.”
It isn’t, to the best of my understanding.
There’s no logical (or emotional) reason to prohibit it.