Dear Milind,
It's a co2 air pistol (cal .177). If you're a rifle club member, you're eligible to import it. There's a clearance procedure that you need to follow. You can browse through airguns section, and you'd get to know.
Attached a vendor pic- if you notice carefully, those are just brass shells, with rubberised girp that hold steel BBs. It's a BB revolver, it doesn't load pellets. .177 4.5mm BBs.
Also, it's not to scare any goons off, or anyone in that case. I am a hobby collector of replica airguns. Once in a blue moon I use them to practice target shooting in my backyard.
It's a risk to carry it anywhere outside, or to reveal it in public because they look exactly like the real firearms, and you could fall into trouble. Once I had it on my car seat, and cops were out there for a check. I was asked what gun is it, and the reason why I was carrying it. I just told them I am a rifle club member, and I am going for my practice, and it's an air pistol which doesn't need any license. I showed them my club ID, and customs bill of entry documents (I carry the copies when I am out for practice)-
Bill of entry is a customs document which serves as a proof that you have imported it officially, and not a smuggled piece.
