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The reserve bank of India defines the balance of payments of a country as a systematic record of all the economic transactions between the residents of a country and the rest of the world. It presents a classified record of all receipts on account of goods exported, services rendered and capital received by residents and payments made by them on account of goods imported and services received from the capital transferred to non-residents or foreigners.
It is an economic parameter rejecting the countries international financial position as well as its position of the external sector.
Meaning
The term balance of payments is used to systems of accounts relating to a countrys international economic transaction. Balance of payments is used to express the relationship between the effective demand for and supply of a countrys currency.
a) Merchandise or Visible trade, i.e, imports and exports. b) Invisible Items, i.e, payments and receipts for services. c) Unilateral transfers such as donations. Indicates surplus /deficit in the BOP.
Reflects international financial status, i.e, strength or weakness of external debt position.
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This was experienced in early nineties. The situation is now better but not completely out of trouble.