This does seem like a good idea to me as a consumer. I would have jumped on it had I not already got the s2. Trying to convince my wife on this. A good opportunity guys! Go for it.
http://www.bgr.in/2011/11/15/apple-iphone-4-refurbished-units-will-be-available-in-india-for-rs-22500/
While we are waiting for an official announcement, we can confirm that Apple iPhone 4 factory refurbished units are now available in India for Rs 22,500 for the 16GB variant. These units come with proper bill and one-year warranty. Refurbished units should not be confused with usual second-hand units – these are sent back to the assembly factory where they are cleaned, and some components changed. They come with the same support as new phones. We are also hearing there is a shortage of brand-new iPhone 4 16GB, which can be attributed to the upcoming iPhone 4S launch in India on November 25. Apple will introduce the 8GB variant of the iPhone 4 and discontinue both the 16GB and 32GB variants once the iPhone 4S is launched. If you are still looking for an affordable iPhone 4, we think the …
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