OTC is a place where we can buy/sell bitcoins "over the counter". The Web-of-Trust (WoT) is a system used by OTC to rate and give reputation to buyers and sellers. Negative reputation means not very trustworthy, and more positive means more trustworthy (to a degree, since a lot of positive raters could themselves be negatively rated, so you got to check a bit more before trusting).
This explains in details.
http://wiki.bitcoin-otc.com/wiki/Using_bitcoin-otchttp://wiki.bitcoin-otc.com/wiki/OTC_Rating_Systemhttp://wiki.bitcoin-otc.com/wiki/Bitcoin_address_authenticationYou can use otc with bitcoin-qt or Blockchain.info (you need to be able to sign messages)
This way we can trade btc without depending on exchanges. The reputation system will allow us to do trades without issues. Some suggested fiat payment in india to use on otc.
1. Paypal (not sure if it works INR -> INR domestic)
2. Bank transfer NEFT/RTGS
3. Mobile pay (MPay??)
4. Ghar pay
5. Mobile recharges
6. Pizza delivery
7. Shopping / vouchers (Flipkart/Infibeam/etc)
8. ... others ... ? (please add)
