- Systematic Record: Records all receipts and payments with foreign countries.
- Fixed Period: Prepared for a specific period, usually one year.
- Comprehensive: Includes visible, invisible and capital transactions.
- Double Entry System: Every transaction is recorded as both receipt and payment, making it self-balancing.
Key Points
Key Points: Features of Balance of Payment
Key Points: Structure of Balance of Payment
- Credit Side: Receipts from abroad (exports, income, capital inflow).
- Debit Side: Payments made to foreign countries (imports, expenses, capital outflow).
- Current Account: Records export–import of goods (visible) and services (invisible).
- Capital Account & Overall BOP: Capital account balances deficits/surpluses; total BOP always balances.
Concepts [13]
- Features of Balance of Payment
- Structure of Balance of Payment
- Accounting System of Balance of Payment
- Monetary Measures for Balance of Payments
- Balance of Trade
- Types of Disequilibrium
- Causes of disequilibrium in the Balance of Payment
- Measures to Correct Disequilibrium in the Balance of Payments
- Current Scenario of India'S Balance of Payment
- Functions / Role of WTO
- TRIPS( the Argument on Trade-related Ascpects of Intellectual Property Rights)
- TRIMS(Trade Related Investment Measures)
- GATS (Genral Agreement on trade in services)
