There has been no official note through Mail by Google as to why this change has occurred.If any one of you receive any official statement please comment below.
The Implications of this new domain change may vary from SEO, Page Rank Loss, Alexa Rank Loss, Old Link juice becoming useless(But seems to me that all the links are just being re-directed to .in and not .com, so backlinks may still remain useful).
Rest assured we will get some sort of a work around if at all the old backlinks to the .com type blogs will be upheld.This is a similar process when you move from one domain name to another.Since Google itself has done it, I feel there is not much need to worry.