The Oscar winner made the movie in 1971 and died in 1992 while the ban was still in place.
His son, Sandip Ray, is thrilled with the news, but reveals no print exists in India.
He says, "No one has ever seen the film in India and there is only one print which has been partly restored by the Academy of Motion Pictures Arts & Sciences. They have a restoration branch in Los Angeles. The original negative is gone. So we don't have the prints of the film yet."
The film, commissioned by the last king of Sikkim, Palden Thondup Namgyal, and his American-born queen, Hope Cooke, was banned by the Indian government.
Sandip Ray tells the Times of India, "I think at that time Sikkim was a kingdom; later it became a part of India. So naturally, it shows how it was as a kingdom and it's a part of history. But people remained unaware of that history as it was banned."