Hello @Achla1,
Perhaps the same conditions apply as for travel credit obtained by referring a friend.
The referral terms and conditions state that travel credits can't be used for domestic travel in India.
You can book foreign holiday accommodation with the credit any time before the July expiry date as the dates of the reservation can be after that.
The link below says the following.
Redeeming Travel Credits
Travel Credits may only be redeemed via the Airbnb Site, Application and Services. Travel Credits will automatically appear as Travel Credit on the checkout page, and must be used on a reservation within one year from the date they are issued. After one year, the Travel Credits will expire. Travel Credits are coupons issued for promotional purposes; they have no cash value and may not be transferred or exchanged for cash. Travel Credits currently may not be used for domestic travel in India due to local banking limitations.
Referrals terms and conditions
Steve.