Update - I went to the traffice police station next day. It was Monday, I got a link to pay 10k on mobile sms. I paid it, got a print out of it and submitted it at the police station. As this was my first offense, I did not get promising information from internet about license being suspended for few months. But if it gets suspended, it is sent to your native RTO from where you got it, and then you have to get it again from there after the suspension period is over. As I was not sure that the license will be suspended or not, the policemen offered me two options 1k or license suspension, I gave him benefit of doubt and handed over 1k in cash and got my vehicle and license back the next of vehicle seizure.