I would like to have the template of a '360 degree feedback' that
works well in an Indian Organisation

That's just a buzzword.

I don't know that 360 degree feedback is "just a buzzword."  It does
have tangible implications for evaluation patterns in organizations. 
However, telling me that a company regularly follows a "360 degree
feedback" policy, that just tells me evaluations aren't solely done on
the traditional top-down basis, and instead there is often
feedback/evaluation done between all service providers and stakeholder
clients in an organization.

Now, what that feedback form looks like depends entirely on whatever
service is being evaluated by organizational stakeholders.

I know... it seems like there's lots of jargon in that answer too. :-)

I guess we have to check the websites on this:
Here are a couple:
http://humanresources.about.com/od/360feedback/a/360feedback.htm
http://www.resourcehr.com/360%20Degree%20Feedback.html
http://www.360degreefeedback.info/

Just from a glance at them, I tend to agree with Nelson.  It sounds
like a work therapy project for the human relations department:
formalization and documentation of what employees and managers already
know  - should know.
Any results from the exercise will still be dependent on the
individual's ability to implement them  - which may not be made easier
by having collected documented feedback.
My experience is that is best to avoid having someone or an
organization document their position if I want to change it.   Human
nature  - or burocratic
pride -  makes it more difficult for individuals or an organization to
change or compromise their attitude/position once they have put it
down in black and white.