Balance of Payments is a statement of accounts recording all economic transactions of a country with rest of the World in an Accounting year.
Components of Current Account of the balance of Payments Account are as under:
(i) Merchandise (referring to export and import of services like of shipping and insurance),
(ii) Invisible, including:
(a) Non-factor services (referring to export and import of services like of shipping and insurance),
(b) Income (arising out of factor services), and
(c) Current transfers.
