ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Balance of Payment is a systematic record of all the economic/monetary transactions between residents (all the units) of a country and the rest of the world in an accounting year.

Detailed explanation-2: -The balance of payments summarises the economic transactions of an economy with the rest of the world. These transactions include exports and imports of goods, services and financial assets, along with transfer payments (like foreign aid).

Detailed explanation-3: -The balance of payments (BOP) of a country is the record of all economic transactions between the residents of a country and the rest of the world in a particular period (over a quarter of a year or more commonly over a year).

Detailed explanation-4: -There are two types of transactions in the capital account-private and government. Private transactions include all types of investments-direct and portfolio and short-term. Government transactions consist of loans to and from foreign official agencies.

Detailed explanation-5: -The balance of payments (BOP), also known as the balance of international payments, is a statement of all transactions made between entities in one country and the rest of the world over a defined period, such as a quarter or a year.