That's correct, F/O positions are for Indian Nationals ONLY... unless something dramatic happens and temporary contract jobs are opened up for expat F/O with minimum 500 hours on type (keep a look out for that... tho it is highly unlikely, strange things DO happen).
Otherwise : Must be an Indian national and have an Indian licence.
Fixed/assured salaries listed below (overtime is over and above these figures). All figures are Gross Monthly Salaries. Tax is approx 26-30% of these figures.
Jet Airways
737 F/O : ~Rs.1,90,000
737 Captain : ~Rs3,50,000
ATR72 F/O : ~Rs.1,45,000
ATR72 Captain : ~Rs.2,60,000 - Rs.3,50,000
(overtime paid after 75 hours/month)
Kingfisher Airlines
A320 F/O : ~Rs.1,15,000 (F/O) and Rs.1,95,000 (Senior F/O).
A320 Captain : ~Rs.3,30,000
(overtime paid after 70 hours/month)
Will add more figures if I hear of any more.
Others, feel free to add...