If you are an Android developer from India and Publishing your Apps from a foreign Account For the Reason that Google play Does not support In app Advertising and Selling Apps in India then you can get started right away by signing in to your Developer Console and setting up a Google Checkout merchant account.
Now Google Play launched Google Play Seller Support in India : Now Indian Developers can also Sell their Apps From India and make money by Advertisement From India.

Product Manager on the Google Play team Ibrahim Elbouchikhi posted this great news on the Android Developers blog about this Step of Google ,

Starting today, developers in India can sell paid applications, in-app products, and subscriptions in Google Play, with monthly payouts to their local bank accounts. They can take advantage of all the tools offered by Google Play to monetize their products in the best way for their businesses, and they can target their products to the paid ecosystem of hundreds of millions of users in India and across the world.

If your are already publishing your Apps for free then Now you can monetize them by adding in-app Advertising in Apps From India.

Developers can price the apps, in-app purchasing and subscriptions in any available currencies, publish, and then receive payouts and financial data in your local currency.

He also Added that

Over the past year, Android device activations in India have jumped more than 400%, bringing millions of new users to Google Play and driving huge increases in app downloads. In the last six months, Android users in India downloaded more apps than in the previous three years combined, and India has rocketed to become the fourth-largest market worldwide for app downloads. To help developers capitalize on this tremendous growth, we are launching Google Play seller support in India.

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