Balance of payment meaning and definition – InterviewSolution

1.	Balance of payment meaning and definition
Answer» DEFINITION: ACCORDING to the RBI, BALANCE of payment is a statistical statement that shows 1. The transaction in goods, services and income between an economy and the rest of the world, 2. Changes of ownership and other changes in that economy’s monetary gold, special drawing rights (SDRs), and financial claims on and liabilities to the rest of the world, and 3. Unrequited transfers.

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