Not quite the Indian Rope Trick, but a nice and very simple piece of close-up magic!
Thread the rope through the little box. You can stop at any point along the rope. Then you slide the two halves of the box in opposite directions, and lo and behold, you have cut the rope in two. The two cut ends are clearly visible, as you can see in the video.
Then, when you are ready, slide the box back together, and - as if by magic - the rope is back in one piece, and can be slid out of the box.
Skill level required - none!