PS: In case you are unsure about attending: Do attend. Lots of new things to learn, great mentors, and great conversations among participants.
(I attended the first edition in Pune (COEP). One of the best events I've been to).
I'm not sure if there are any general rules/guidelines in India for this. However, IndianRailInfo doesn't have any Copyright/Disclaimer mentioned on their homepage. So I see no reason why it should be a problem.
Re:Source, till it's not used to scrape Copyright/private data, it shouldn't be a problem. Mention this clause in the disclaimer/license. Will you be putting it on GitHub?
That holds true for all open data, right? I still find others (like NY MTA: http://mta.info/developers/) providing open data (in GTFS).
Agreed about the load part though.
After noticing a comment on the site, I checked the "Disclaimer" pages on the 2 official sites (Both don't allow storing this data in any form). However, the 3rd source http://indiarailinfo.com/ is not affiliated to the gov.
Are there any NGO/organizations that could push for such data to be made public in India? I'll try getting in touch with CIS (http://www.cis-india.org/).