UPDATE: The Xbox 360 saw a temporary price drop and a new SKU. The company today announced an Xbox 360 console with triple the storage space of the original console (making for a 60GB hard drive), but for the same price of $349. Additionally, until stock lasts, the 20GB version of the 360 will drop $50 to $299. Note that this is US-only for now, we'll keep you updated on how this affects Indian prices, if at all.

Here's the entire press release on the matter.