BALANCE OF PAYMENT

(DRAFT-I)
 Submitted to:- Prof. P.C
Panda

Submitted by:-
Debasish Dey(107)
Laxmi Deep (108)
Isha Mohanty(109)
Debabrata
Dash(115)
Chinmaya
Dash(117)
Subheswari
Das(118)
Ravi Gupta(126)
 BALANCE OF PAYMENT
The balance of payments of a country is
a systematic record of all economic
transaction between residents of that
country and the rest of the world during
a given period of time.
To spot whether it is becoming more
difficult for debtor countries to repay
foreign creditors, one needs a set of
accounts that shows the accumulation of
debts, the repayment of interest and
principal, and the country’s ability to
earn foreign exchange for future
repayment.
Balance of Payments is a systematic and
summary record of a country’s economic
and financial transactions with the rest
of the world over a period of time.
(a) Transactions in good and services
and income between an economy and
the rest of the world,
(b)Changes of ownership and other
changes in that country’s monetary gold,
SDRs, and claims on and liabilities to the
rest of the world, and
(c) Unrequited transfers and counterpart
entries that are needed to balance, in
the accounting sense, any entries for the
foregoing transactions and changes
which are not mutually offsetting.

Nature of Balance of Payments Accounting

The transactions that fall under Balance
of Payments are recorded in the
standard double-entry book-keeping
form,under which each international
transaction undertaken by the country
results in a credit entry and a debit
entry of equal size,as the international
transactions are recorded in the double-
entry book-keeping form, the balance of
payments must always balance, i.e., the
total amount of debits must equal the
total amount of credits. Sometimes, the
balancing item, error and omissions,
must be added to balance the balance of
payments.
Components of Balance of Payments
Balance of Payments is generally
grouped under the following heads
i) Current Account
ii) Capital Account
iii) Unilateral Payments Account
iv) Official Settlement Account.
Current Account
“The Current Account includes all
transactions which give rise to or use up
national income.”
The Current Account consists of two
major items, namely:
i) Merchandise exports and imports, and
ii) Invisible exports and imports.
Merchandise exports, i.e., the sale of
goods abroad, are credit entries because
all transactions giving rise to monetary
claims on foreigners represent credits.
On the other hand, merchandise imports,
i.e., purchase of goods from abroad, are
debit entries because all transactions
giving rise to foreign money claims on
the home country represent debits.
Merchandise imports and exports form
the most important international
transaction of most of the countries.
Invisible exports, i.e., sales of services,
are credit entries and invisible imports,
i.e. purchases of services, are debit
entries.
Important invisible exports include the
sale abroad of such services as
transport, insurance, etc., foreign tourist
expenditure abroad and income paid on
loans and investments (by foreigners) in
the home country form the important
invisible entries on the debit side.
Capital Account
The Capital Account consists of short-
terms and long-term capital transactions
A capital outflow represents a debit and
a capital inflow represents a credit. For
instance, if an American firm invests
Rs.100 million in India, this transaction
will be represented as a debit in the US
balance of payments and a credit in the
balance of payments of India.
The payment of interest on loans and
dividend payments are recorded in the
Current Account, since they are really
payments for the services of capital. As
has already been mentioned above, the
interest paid on loans given by
foreigners of dividend on foreign
investments in the home country are
debits for the home country, while, on
the other hand, the interest
received on loans given abroad and
dividends on investments abroad are
credits.
Unilateral Transfers Account
Unilateral transfers is another terms for
gifts. These unilateral transfers include
private remittances, government grants,
disaster relief, etc.
Unilateral payments received from
abroad are credits and those made
abroad are debits.
Official Settlements Accounts
Official reserves represent the holdings
by the government or official agencies of
the means of payment that are generally
accepted for the settlement of
international claims.
Balance of Payments Items
Credits Debits.
Current Account Current
Account
1. Merchandise Exports 1.Merchandise
Imports
(Sale of Goods) (Purchaseof
Goods)
2. Invisible Exports 2.Invisible
Imports
(Sale of Services) (Purchase of
Services)
(a) Transport Services (a) Transport
Services
sold purchased from
abroad
(b) Insurance services (b) Insurance
Services
sold abroad purchased from
abroad
(c) Foreign tourist (c) Tourist
Expenditure
expenditure in country abroad
(d) Other services sold (d) Other
services purchased
abroad from abroad
(e) Incomes received on (e)Income paid
on loans and
loans and Investment investments
abroad.
in home country.
Capital Account Capital Account
3. Foreign long-term 3. Long-term
investments abroad.
investments in the home
(a) Direct investments in (a) Direct
investments country.
abroad the home
(b) Foreign investments (b)Investments
in
securities in domestic foreign
securities.
(c) Other investments (c) Other
investments abroad
of foreigners abroad.
4. Foreign short-term 4.Short-
terminvestments
in home country. abroad
Unilateral Transfers Unilateral
Transfers
Account Account
5. Private remittances 5. Private
remittances abroad
received from abroad
6. Pension Payments 6. Pension
payments abroad.
received from abroad.
7. Government grants 7. Government
grants abroad
Received from abroad
Official Settlements Official
Settlements
Accounts Account
8. Official sales of 8. Official
purchases of
foreign currencies foreign currencies
or other reserve or other
services abroad
assets abroad
Total Credits Total Debits

Balance of Payments Disequilibirum

The balance of payments of a country is
said to be in equilibrium when the
demand for foreign exchange is exactly
equivalent to the supply of it. The
balance of payments is in disequilibrium
when there is either a surplus or a
deficit in the balance of payments. When
there is a deficit in the balance of
payments, the demand for foreign
exchange exceeds the demand for it.
A number of factors may cause
disequilibrium in the balance of
payments. These various causes may be
broadly categorized into:
(i) Economic factors ;
(ii) Political factors; and
(iii) Sociological factors.
Economic Factors
A number of economic factors may cause
disequilibrium in the balance of
payments. These are:
Development Disequilibrium
Large-scale development expenditures
usually increase the
purchasing power, aggregate demand and
prices, resulting in
substantially large imports. The development
disequilibrium is common in developing
countries, because the above factors, and
large-scale capital goods imports needed for
carrying out the various development
programmes, give rise to a deficit in the
balance of payments.
Capital Disequilibrium
Cyclical fluctuations in general business
activity are one of the prominent reasons for
the balance of payments disequilibrium.
As Lawrance W. Towle points out, depression
always brings
about a drastic shrinkage in world trade,
while prosperity stimulates it. A country
enjoying a boom all by itselt ordinarily
experiences more rapid growth in its imports
than its exports, while the opposite is true of
other countries. But production in the other
countries will be activated as a result of the
increased exports to the boom country.
Secular Disequilibrium
Sometimes, the balance of payments
diequilibrium persists for a long time
because of certain secular trends in the
economy.
For instance, in a developed country, the
disposable income isgenerally very high and,
therefore, the aggregate demand, too, is
very high. At the same time, production costs
are very high because of the higher wages.
This naturally results in higher prices. These
two factors – high aggregate demand and
higher domestic prices may result in the
imports being much higher than the exports.
This could be one of the reasons for the
persistent balance of payments deficits of
the USA.

Structural Disequilibrium
Structual changes in the economy may also
cause balance of
payments disequilibrium. Such structural
changes include the development of
alternative sources of supply, the
development of better substitutes, the
exhaustion of productive resources, the
changes in transport routes and costs, etc.

Political Factors
Certain political factors may also produce a
balance of payments disequilibrium. For
instance, a country plagued with political
instability may experience large capital
outflows, inadequacy of domestic investment
and production, etc. These factors may,
sometimes, cause disequilibrium in the
balance of payments. Further, factors like
war, changes in world trade routes, etc., may
also produce balance of payments
difficulties.
Social Factors
Certain social factors influence the balance of
payments. For
instance, changes in tastes, preferences,
fashions, etc. may affect imports and exports
and thereby affect the balance of payments.

Foreign exchange reserves in

India(in million us$)
End of Foreign Gold SDRs Reserv Total
currenc e
y tranch
 e in
IMF
ASSETS IN US MILLION % Rs in In US
cr. million$
1 3 5 8 10 11 12=(5+3+8
=10)
2Jul 114,71 4,057 2 1,301 5,51,8 1,20,077
8 82
9jul 115,40 4,057 2 1,314 5,527, 1,20,778
5, 68
16jul 115,73 4,057 2 1,310 5,59,0 1,21,106
7 71
23jul 114,21 4,057 2 1,301 5,52,5 1,19,575
5 80
30jul 112,96 4,057 2 1,293 5,49,4 1,18,319
7 02
6aug 113,91 4,123 2 1,293 5,54,0 1,19,336
8 83
13aug 113,90 4,123 1 1,298 5,52,0 1,19,322
0 66
STATEMENT 2: INDIA'S OVERALL BALANCE OF
PAYMENTS
(Rs crore)

April-June 2007 P April-June 2006 PR

Credit Debit Net Credit Debit Net
Item
1 2 3 4 5 6 7
A.CURRENT ACCOUNT
I. MERCHANDISE 144,155 233,139 -88,984 134,930 211,985 -77,055
II.INVISIBLES (a+b+c) 129,609 59,992 69,617 112,054 55,764 56,290
a) Services 82,721 44,991 37,730 77,328 41,109 36,219
i) Travel 8,610 7,756 854 7,766 6,766 1,000
ii) Transportation 9,105 11,100 -1,995 7,885 9,312 -1,427
iii) Insurance 1,719 759 960 1,087 582 505
iv) G.n.i.e. 396 462 -66 259 368 -109
v) Miscellaneous 62,891 24,914 37,977 60,331 24,081 36,250
of which
Software Services 34,806 2,297 32,509 32,007 1,992 30,015
Business Services 18,469 14,886 3,583 20,757 14,432 6,325
Financial Services 3,641 3,538 103 2,828 1,441 1,387
Communication Services 2,115 825 1,290 2,019 491 1,528
b) Transfers 36,121 1,785 34,336 27,246 1,364 25,882
i) Official 631 684 -53 314 409 -95
ii) Private 35,490 1,101 34,389 26,932 955 25,977
c) Income 10,767 13,216 -2,449 7,480 13,291 -5,811
i) Investment Income 10,206 12,210 -2,004 7,184 12,400 -5,216
ii) Compensation of Employees 561 1,006 -445 296 891 -595
Total Current Account (I+II) 273,764 293,131 -19,367 246,984 267,749 -20,765

B. CAPITAL ACCOUNT
1. Foreign Investment (a+b) 169,531 136,879 32,652 152,041 147,898 4,143
a) Foreign Direct Investment (i+ii) 26,530 24,630 1,900 11,886 5,447 6,439
i. In India 24,345 87 24,258 11,586 36 11,550
Equity 20,737 87 20,650 8,376 36 8,340
Reinvested Earnings 2,919 0 2,919 3,174 0 3,174
Other Capital 689 0 689 36 0 36
ii. Abroad 2,185 24,543 -22,358 300 5,411 -5,111
Equity 2,185 22,807 -20,622 300 3,533 -3,233
Reinvested Earnings 0 1,117 -1,117 0 837 -837
Other Capital 0 619 -619 0 1,041 -1,041
b) Portfolio Investment 143,001 112,249 30,752 140,155 142,451 -2,296
In India 142,758 112,224 30,534 140,055 142,446 -2,391
Abroad 243 25 218 100 5 95
2.Loans (a+b+c) 65,480 31,034 34,446 48,831 28,710 20,121
a) External Assistance 3,109 2,046 1,063 2,619 2,396 223
i) By India 21 54 -33 18 41 -23
ii) To India 3,088 1,992 1,096 2,601 2,355 246
b) Commercial Borrowings (MT&LT) 34,282 5,220 29,062 22,995 4,993 18,002
i) By India 1,464 1,196 268 414 1,014 -600
ii) To India 32,818 4,024 28,794 22,581 3,979 18,602
c) Short Term to India 28,089 23,768 4,321 23,217 21,321 1,896
3. Banking Capital (a+b) 30,113 38,856 -8,743 44,729 22,040 22,689
a) Commercial Banks 30,113 38,831 -8,718 44,402 22,040 22,362
i) Assets 9,001 10,313 -1,312 23,904 8,535 15,369
ii) Liabilities 21,112 28,518 -7,406 20,498 13,505 6,993
of which: Non-Resident Deposits 19,755 21,599 -1,844 18,980 13,382 5,598
b) Others 0 25 -25 327 0 327
4. Rupee Debt Service 0 177 -177 0 305 -305
5. Other Capital 13,764 9,014 4,750 8,121 6,734 1,387
Total Capital Account (1to5) 278,888 215,960 62,928 253,722 205,687 48,035
C. Errors & Omissions 2,622 0 2,622 1,736 0 1,736
D. Overall Balance 555,274 509,091 46,183 502,442 473,436 29,006
(Total Capital Account, Current Account
and Errors & Omissions (A+B+C))
E. Monetary Movements (i+ii) 0 46,183 -46,183 0 29,006 -29,006
i) I.M.F. 0 0 0 0 0 0
ii) Foreign Exchange Reserves 0 46,183 -46,183 0 29,006 -29,006
( Increase - / Decrease +)
P: Preliminary PR: Partially Revised

RBI has released the latest Balance of Payments for the 4th quarter
(i.e. Jan-Mar) 2006-07 and alongside has released preliminary
findings for the entire financial year 2006-07.
Here is a quick summary:
Current Account:
 Exports of goods increased by 21 % during 2006-07
compared to 23 % in 2005-06. Exports grew mainly on
account of tea, spices, engineering and petro goods.
Imports growth at 22 per cent in 2006-07 (32 per cent in
2005-06). Imports grew mainly on account of non-oil imports
and not oil-imports as it has generally been the case.
Non-oil imports increased by 25% in 2006-07 (21.8% in
2005-06). The major non-oil import items were capital goods,
metalliferrous ores, metal scrap and gold and silver.
Crude oil imports during 2006-07 recorded some
moderation in growth at 30.4 % (47.3 % in 2005-06). The
slowdown in oil imports was largely because of a moderation
in crude oil prices. The average price of the Indian basket of
international crude (a mix of Dubai and Brent varieties)
stood at $ 62.4 per barrel during 2006-07 as compared with
US $ 55.4 per barrel during 2005-06. This implies that the
prices increased by 13% in 2006-07 much lower than 42%
increase seen in 2005-06. In volume terms, the oil import
demand rose to 13% in 2006-07 from 8 % in 2005-06,
tracking the growth in industrial sector.
The service exports increased by 37% in 06-07 compared
to 68% in 05-06. Software exports increased by 29% on 06-
07 compared to 35% in 05-06.
Capital account:
FDI has a larger share in foreign investments than FII, a
trend last seen in 2002-03. Outward FDI and FII have also
grown sharply at 273% and 85%, showing Indians appetite
for investing abroad is increasing.
External Commercial Borrowings have grown at a
shocking rate of 491% this year and are now at about USD
16 billion. That is why RBI revised the rates corporate can
pay for ECB.
The total capital flows have increased by 92% and despite
the increasing current account deficit, we have a huge BoP
surplus at USD 36.6 billion, an increase of 143%.
THE CURRENT DEFICIT
The current account for Q1 2008-09 was noted at a deficit of
$10.7 bn. This is the highest quarterly current account
deficit (CAD) since the quarterly figures have been available
(Q1 1990). The 1991 crisis was a result of the inability to
finance the CAD. So, is the current CAD a cause of concern?

Current account shows the external trade position of an

economy. It comprises two sub-accounts — export/import of
goods and export/import of invisibles. Invisibles include
services, remittances and investment income. The goods
imports have always been more than exports, resulting in
trade deficit.

Recently, goods imports have surged mainly due to high oil

prices. The widening trade deficit so far has been negated by
a surge in revenue from services inflows (software). If the
service inflows are less than trade deficit we get CAD, which
in turn is financed by capital inflows (FDI, FII, etc) from
abroad (vice-versa for current account surplus).

In Q1 2008-09, the trade deficit was $31.6 bn and the net

service inflows was positive $20.9 bn, implying a CAD of
10.7 bn. Capital inflows were $12.9 bn leading to an overall
surplus of $2.2 bn.

The concern is not having a deficit, but financing it. In India,

a widening CAD has so far been financed by buoyant capital
flows. But things are expected to change looking at the
current global crisis. First, pressure on oil prices is likely to
continue as emerging economies expand further.

Second, software exports are likely to decline tracking

collapses of several foreign financial firms. The Indian
software industry derives majority of its revenues from
foreign financial sector and latter is clearly contracting.

Third, with a global slowdown the capital inflows are also

expected to decline Fourth, the goods exports are also
expected to decline, as demand in other economies contracts.

In all, CAD levels are expected to decline but the deficit is

likely to continue. The silver lining is the ample forex
reserves held by the RBI. Those would help India finance its
oil bills and manage the global slowdown.

A combined effect of rapid economic growth, import

liberalisation and rising oil prices in 2007-08 has been a
balance of trade deficit expanding to $80 bn. This year it
may expand further to $100 bn. Although services and
invisibles have been helping in moderating the current
account deficit, it is beginning to look worrisome as services
export growth is also tapering off.

Current account deficit helps India absorb foreign savings.

As long as current account deficit is bridged through capital
inflows such as foreign direct investments (FDI), it should be
fine as it leads to addition of capital stock.

However, we have to be cautious while bridging this deficit

with short-term capital flows or borrowing huge amounts in
international ,as they can bring instability or push us into a
debt trap.
PROPOSED SOLUTION:-

In the medium and long run we need to strengthen and

expand the base of Indian exports so that we have a more
sustainable balance of payments situation. India should
consolidate her presence in traditional export industries such
as textiles, clothing, leather goods, gems and jewellery,
Agricultural and horticultural products.

With our labour cost advantage eroding over time, the

competitiveness will have to be sustained by internalising the
full value chain
While consolidating Indian advances in generic
pharmaceuticals, small cars, two wheelers, and metals, we
need to develop new industries leveraging our large and
expanding market to containing imports and for new
avenues for exports.

A domestic mobile handset production base has been built

but what about a large personal computer manufacturing
base especially in view of our skills base and software
capabilities? A Nano type innovation could help in
developing a major industry.
We should also seek to develop new scale-intensive, export-
oriented industries such as aerospace, ship building and
multiply power and telecom equipment producers. The time
has come for giving a new thrust to industrialisation to
generate exports and substitute imports for a more
sustainable BoP while generating output and jobs for
millions

Our view is:

Current Account deficit has widened by only 5% in 06-07
compared to 70% in 05-06 and is at about 1% of GDP. As
the Rupee has been appreciating (it is now in the 41 Rs= 1$
compared to 43.5-44 range till March 31, 2007) the trade
balance should worsen (as imports get cheaper and exports
expensive). It is already happening as per the latest press
release, imports have been rising and exports slowing.
So it would all depend on how much RBI intervenes in Forex
markets. If it doesn’t given the high capital flows, the
currency would appreciate. But then India has a current
account deficit and the currency should depreciate!! If RBI
lets the exchange rate to markets it would be interesting to
see the rupee level ahead.
Another problem is with high investments needed in
infrastructure we would need extra foreign capital, as
currently investments are more than available savings (as
per latest CSO estimates, Savings is 35% of GDP and
Investments 37% of GDP) . That means more investments
and which means more current account deficit. So, it is a bit
of a mixed story and let’s see how things move ahead.
EFFEECTS OF RECENT ECONOMIC CRISIS
ON BALANCE OF PAYMENT
India’s balance of payment fell by close t
o$10 billion during the week ended
10thOctober 20, 2008,a record fall mainly due
to heavy dollar sales by the central bank to
stem the fall in the value of the local
currency.
According to data released by the Reserve
Bank Of India, the total foreign exchange
reserve, including gold and SDR, dipped to $
274 billion during the week ended October 10
from $291.9 at the end of September. This is
the third straight week that the Forex
stockpile has fallen with the slide in the past
two weeks being specially severe.
The past fortnight also marked the period
when foreign portfolio investors sold stocks
in droves, forcing the central bank to sell
dollars to pour up the rupee.
India- the fourth largest holder of foreign
exchange reserves in Asia after China ,Japan
and Taiwan-has seen reserves sliding since
the start of the fiscal. Starting from end
march the Forex stockpile has shrunk by
close to $35 billion, forcing policymakers to
recently unveil measures to boost inflows like
a higher investment limit for FIIs in corporate
debt and also allowing banks to offer higher
rates on deposits for non-resident Indians.
The scenario now is in stark contrast to the
same period a year ago, when reserves rose
by $57 billion. India is not alone on this
count. Other emerging Asian economies, too,
have been scarred.
STATEMENT 2 : INDIA'S OVERALL BALANCE OF PAYMENTS
(Rs.crore)
April-June 2008 P April-June 2007 PR
Item Credit Debit Net Credit Debit Net
1 2 3 4 5 6 7
A.CURRENT ACCOUNT
I. MERCHANDISE 182,049 313,573 -131,524 147,421 232,781 -85,360
II.INVISIBLES (a+b+c) 157,169 70,316 86,853 119,993 60,615 59,378
a) Services 91,515 47,938 43,577 77,620 41,627 35,993
i) Travel 10,431 8,994 1,437 8,610 7,756 854
ii) Transportation 10,143 13,813 -3,670 7,855 10,276 -2,421
iii) Insurance 1,408 933 475 1,522 759 763
iv) G.n.i.e. 542 462 80 396 462 -66
v) Miscellaneous 68,991 23,736 45,255 59,237 22,374 36,863
of which
Software Services 44,389 3,570 40,819 36,435 3,282 33,153
Business Services 16,962 13,430 3,532 16,411 13,170 3,241
Financial Services 3,103 2,612 491 2,598 2,528 70
Communication Services 2,474 941 1,533 2,115 825 1,290
b) Transfers 50,770 2,774 47,966 32,786 1,785 31,001
i) Official 629 504 125 631 684 -53
ii) Private 50,141 2,270 47,841 32,155 1,101 31,054
c) Income 14,884 19,604 -4,720 9,587 17,203 -7,616
i) Investment Income 14,238 18,229 -3,991 9,298 16,387 -7,089
ii) Compensation of Employees 646 1,375 -729 289 816 -527
Total Current Account (I+II) 339,218 383,889 -44,671 267,414 293,396 -25,982
B. CAPITAL ACCOUNT
1. Foreign Investment (a+b) 221,448 196,833 24,615 174,986 133,275 41,711
a) Foreign Direct Investment (i+ii) 51,642 9,498 42,144 31,985 21,026 10,959
i. In India 50,646 92 50,554 28,864 87 28,777
Equity 42,656 92 42,564 21,310 87 21,223
Reinvested Earnings 7,169 - 7,169 7,096 - 7,096
Other Capital 821 - 821 458 - 458
ii. Abroad 996 9,406 -8,410 3,121 20,939 -17,818
Equity 996 6,398 -5,402 3,121 18,065 -14,944
Reinvested Earnings - 1,129 -1,129 - 1,117 -1,117
Other Capital - 1,879 -1,879 - 1,757 -1,757
b) Portfolio Investment 169,806 187,335 -17,529 143,001 112,249 30,752
In India 169,727 187,131 -17,404 142,758 112,224 30,534
Abroad 79 204 -125 243 25 218
2.Loans (a+b+c) 56,832 39,823 17,009 68,339 31,084 37,255
a) External Assistance 3,787 2,324 1,463 3,019 2,025 994
i) By India 25 33 -8 25 29 -4
ii) To India 3,762 2,291 1,471 2,994 1,996 998
b) Commercial Borrowings (MT&LT) 11,589 5,095 6,494 34,113 5,291 28,822
i) By India 1,687 804 883 1,464 1,196 268
ii) To India 9,902 4,291 5,611 32,649 4,095 28,554
c) Short Term to India 41,456 32,404 9,052 31,207 23,768 7,439
i) Suppliers' Short Term to India Credit
>180days & Buyers Credit 38,557 32,404 6,153 28,382 23,768 4,614
ii) Suppliers' Credit up to 180 days 2,899 - 2,899 2,825 - 2,825
3. Banking Capital (a+b) 79,250 67,857 11,393 35,260 39,049 -3,789
a) Commercial Banks 79,250 67,395 11,855 35,260 39,024 -3,764
i) Assets 35,545 31,692 3,853 10,486 11,797 -1,311
ii) Liabilities 43,705 35,703 8,002 24,774 27,227 -2,453
of which: Non-Resident Deposits 37,744 34,358 3,386 21,619 23,462 -1,843
b) Others - 462 -462 - 25 -25
4. Rupee Debt Service - 125 -125 - 177 -177
5. Other Capital 10,768 8,610 2,158 4,070 7,546 -3,476
Total Capital Account (1to5) 368,298 313,248 55,050 282,655 211,131 71,524
C. Errors & Omissions - 1,069 -1,069 641 - 641
D. Overall Balance 707,516 698,206 9,310 550,710 504,527 46,183
(Total Capital Account, Current Account
and Errors & Omissions (A+B+C))
E. Monetary Movements (i+ii) - 9,310 -9,310 - 46,183 -46,183
i) I.M.F. - - - - - -
ii) Foreign Exchange Reserves - 9,310 -9,310 - 46,183 -46,183
( Increase - / Decrease +)
P: Preliminary. PR: Partially Revised.
 oleObject1

Source:-
A) Primary datas from Prof. P.C Panda
B) Web & Media
www.rbi.org
www.investopedia.com
www.wikipedia.org
www.boj.or.jp/en/
www.indiastat.com/india/ShowData.asp?secid=53&ptid=8&level=2 -
83k
www.rocw.raifoundation.org/management/mba/internationaltrade/lect
ure-notes/lecture-14.pdf -www.
informationbible.com/BalanceOfPayment.html
The Economic Times
The Times Of India