Well yes, but it doesn't sound like this particular applicant (the OP) has an FAA license - just the Indian and Australian ones. Anyway, on to the FAR:
Unless I'm sorely mistaken, the language in that part of the FARs then goes on to state that, without those listed requirements, the applicant will receive a type rating with the note that "THIS CERTIFICATE IS SUBJECT TO PILOT-IN-COMMAND LIMITATION FOR _________". The person with the type rating then needs to perform 20 hours of "Supervised PIC" (as in IOE) before the limitation is lifted.
This is not a change - people who have picked up type ratings in the US with less than those same stated experience levels have been getting the same restriction on their licenses for as far back as I can remember. I've got one on the back of my 737 type. Since employers are going to run you through their own IOE anyway before putting you in the left seat of their aircraft to run wild, I've never heard of anybody getting turned down for a job because they had that listed on the back of their license.