I have tried with Pinnacle PCTV stereo card on a friend's PC. I think it will cost you Rs. 2000-2500. If that is expensive then I do not know of any other solution.
__________________
http://www.neville.in
http://www.linuxrocks.in
"The Future Is Open"
Get some cheap local brand TV tuner card for around 1000 rupees or so. Encoding can be done using software. This is the cheapest option I can think of.