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Balance of Payments: Meaning and Types (Current & Capital Account) | Commerce Management



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MEANING
It is very important to keep a record of all the economic transactions taking place because in this way a country can track its exports and imports.

BOP is a systematic statement of all the economic transactions of a country. It includes both the public and the private sector.
TYPES OF BOP Accounts
CURRENT ACCOUNT:

It includes visible and Invisible goods

Visible goods include goods or merchandise.

Invisible goods include Services, Investment income like dividends, interest income etc and various transfers
CAPITAL ACCOUNT: It includes all the external assistance i.e. t he loans from the other countries at a concessional rate of interest. It also includes commercial borrowings from the international banks and other organizations.

The deposits made by the NRI’s, FDI’s and FII’s are also the part of capital account.
STATISTICAL DISCREPANCY: It includes all the errors and omissions and are constituents of 3rd element of BOP account.

They are basically the balancing items which reflects the inability to record all the transactions accurately.
AUTONOMOUS AND ACCOMODATING TRANSACTIONS
AUTONOMOUS TRANSACTIONS: They are also called the “above the line” transactions as they are made independently of the state of BOP.

ACCOMODATING TRANSACTIONS: They represent the ne consequences of the autonomous transactions like loan taken.


LETS PRACTICE
Current Account include?

Transfers
Commercial borrowings
Investment income
Both A and C
The other name of errors and omissions in BOP Account is ?

Autonomous transactions
Statistical discrepancy
Current account
All of the above


CHAPTER
00:00 Balance Of Payments Meaning And Types
00:10 Meaning
01:09 Types Of BOP Accounts
03:31 Autonomous And Accomodating Transections
04:38 Summary
08:57 Lets Practice

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Category
Management
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