The prosecuting counsel told the Central Criminal Court yesterday: "Both complainants are frankly repulsed by the offer."
She said if the money was to go to charity, the women did not want it given in their names.
Garg was expected to be sentenced today for the "predatory" rape of two the woman.
Garg (35), originally from Mumbai, had been renting a room in a house in Whitefriar Place, Dublin 8, at the time.
He has been in custody since the women reported the attack in July 2011.
He pleaded not guilty at the Central Criminal Court to raping and sexually assaulting the first woman and also denied raping the second woman at his home on July 2, 2011.
He was convicted following a seven-day trial in October.
Mr Justice Barry White adjourned sentencing to today after hearing evidence and a plea in mitigation.
Garg has previous convictions in the US, including a battery conviction for an incident in 2004 in which he broke into a sleeping woman's motel room and began touching her.
Pauline Walley, prosecuting, said both women were under the influence of alcohol when they met this "persuasive and charming young man who lured them back to his apartment on the pretext of having 'E'."
Counsel said Garg admitted giving the girls a drug which he knew had a sedative effect and knew was not ecstasy. She said he had full penetrative sex with both victims without a condom.
Ms Walley described Garg as a man of "privilege and means" educated to a masters level in California and who had worked around the world for telecoms companies.
She described the offence as "a predatory attack" on two young women who were drunk.
The women told how the offences had changed their lives forever, impacted on relationships and left them struggling to concentrate in college.
The first woman said she was glad she reported the incident, but will never stop regretting the decision they made to go back to a stranger's house which she said was completely out of character for them.
"My life has changed for ever because of him and he has no remorse" she said.
"I fear that even with this conviction, he has not learned his lesson."
The second victim said waiting on the results of STD tests had been particularly hard.
She said she also found giving evidence in court difficult and feared she would not be believed.