Also mentioned by this BBC article:
http://news.bbc.co.uk/2/hi/uk_news/education/6680457.stm

"From next month, Google will no longer take adverts from companies which sell essays and dissertations..."

So look for the change June 1 (after most students' school years are over, coincidentally).

Is it a JOKE?

A faking dissertations company can not buy Google Adwords, but still can be searched in Google search for free.

Not find "Bhang" at the black list. Does it means, to sell "Bhang" at Google Adwords is permitted?

It's a complot to force people to use google paper to print their mail! :P
(random bad joke of the day)

Never knew Alcohol was an issue and judging by this search:

http://www.google.co.uk/search?q=cabernet+sauvignon&ie=UTF-8

It's not really tightly policed.

Same here: http://www.google.co.uk/search?hl=en&q=buy+beer&btnG=Search&meta=

Johan, I just corrected my post after reading through the specific alcohol regulations. It turns out alcohol is only partially disallowed (e.g. beer ads in the US, or hard alcohol). Here's the full legalese:

<<Advertising is allowed for champagne, wine, and beer in countries where such ads comply with local regulations (except in the U.S. and U.S. territories where beer ads are not allowed). Hard alcohol and liqueurs cannot be promoted in ad text or be the purpose of your site. Some jurisdictions may require government permits to advertise alcoholic beverages, prohibit ads for beverages with a certain level of alcohol content, and/or require certain disclaimers in ads for alcohol beverages. Advertisers are responsible for complying with such local laws.>>

this is not fair. google is missusing its power!

[Signature URL removed – Tony]