Define Balance of Payments? Discuss Briefly the Components of Current Account?
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What is Balance of Payments? Discuss Briefly the Components of Current Account.
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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.

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