What is an appropriate gift to give to a young Indian couple who have asked for "no formalities"
You could give them jewels, because traditionally, that is what is given by friends. You can also give beautiful saris to the bride, picture frames, or some nice decorations for their home.
How about a cute little kitchen set? A card would also do just fine..
A camera to record their life together.
A wrist watch set which comes with a male and female model designed together (Sonata, Titan, etc). It's probably a couple watch I guess so. :P Couples wearing identical wrist watches will look so romantic. ^^