Financial Reform. in India

Size: px
Start display at page:

Download "Financial Reform. in India"

Transcription

1 Financial Reform in India Prof. Neelkanth Gajanan Pendse Dr. Sukanta Sarkar w GLOBAL VISION PUBLISHING HOUSE 20, Ansah Road, Daryaganj, New Delhi (INDIA)

2 Contents PREFACE ABBREVIATIONS (V) (yii) 1. FINANCIAL REFORMS IN INDIA 1 Financial Regulations in India 3 Narasimham Committee Report 1991 & Progress in Liberalisation of the Banking Sector 6 Reforms in Indian Capital Market 10 Insurance Sector Reforms in India 11 Financial Markets and Instruments 14 Fiscal Responsibility and Budget Management (FRBM) Act, Gonclusion MONEY MARKET 19 What is Money Market? 20 Importance of Money Market 21 Classification of Money Market 22 Money Market Instruments 23 Money Market in India 24

3 (xviii) Financial Reform in India Shortcomings of Indian Money Market 26 Conclusion CAPITAL MARKET 29 What is Capital Market? 31 Significance of Capital Market 32 Characteristics of Indian Capital Market 33 Instruments in Indian Capital Market 34 Classification of Indian Capital Market 35 Progress of Indian Capital Market 35 Problems before Indian Capital Market 36 Securities and Exchange Board of India 37 Reforms in Indian Capital Market 37 DifFerence between Money Market and Capital Market 38 Conclusion STOCK MARKET IN INDIA 41 What is Stock Market? 42 Importance of Stock Market 43 Stock Market in India 44 Bombay Stock Exchange 46 National Stock Exchange of India 46 Securities and Exchange Board of India 47 Conclusion DISINVESTMENT 51 Introduction 51 What is Disinvestment? 53 Importance of Disinvestment 53 Different Approaches to Disinvestments 54 Disinvestment Policies in India 54

4 Contents Policy towards Public Sector Since Disinvestment and Privatisation 60 Conclusion FOREIGN DIRECT INVESTMENT 67 What is Foreign Direst Investment? 68 Importance of Foreign Direct Investment 68 Foreign Direct Investment in India 69 Conclusion PUBLIC-PRIVATE PARTNERSHIP 79 What is Public-Private Partnership? 80 Importance of Public-Private Partnership 81 Public-Private Partnership in India 83 Conclusion INSURANCE REFORMS IN INDIA 91 Importance of Insurance Sector 92 Kinds of Insurance 93 Life Insurance 94 General Insurance 96 Global Insurance Market 97 Insurance Industiy in South Asia 101 Insurance Regulatory and Development Authority of India 116 Insurance Repository in India 118 Conclusion MUTUAL FUND INDUSTRY 121 Meaning of the Concept 122 Kinds of Mutual Fund 122 Advantages of Mutual Fund 123 Mutual Funds in India 123

5 (%x) Fmaimial Reform in India Unit Trust of India 127 SEBI and Mutual Fund 127 Problems of Mutual Funds 129 Conclusion TAX REFORMS 133 Importance of Taxation 134 TypesofTaxes 135 Taxation Reforms in India 138 John Mathai Committee 140 Boothalingam Committee 142 Kaldor Committee 143 Chelliah Committee 144 Conclusion CENTRAL-STATE FINANCIAL RELATION 147 Constitutional Provisions Finance Commission Flanning Commission State Finance Commission National Institution for Transforming India Centre - State Financial Conflict Distribution of Revenue between the Union and States Sarkaria Commission Conclusion 12. DEVALUATION IN INDIA What is Devaluation? Revaluation Importance of Devaluation

6 Contents (xxi) Reasons of Devaluation 168 Difference between Devaluation and Depreciations 169 Devaluation of Indian Rupees 169 Effects of Devaluation 170 Summary INFLATION AND DEFLATION 173 Meaning of the Concept 174 Comparison between Inflation and Deflation 175 Types of Inflation 176 Reasons of Inflation 178 Reasons of Deflation 179 Effects of Inflation 181 How Is Inflation Measured and Managed? 183 The Inflationary Gap 183 Effects of Deflation 184 Preventive Measures for Inflation 184 Preventive Measures for Deflation 186 Conclusion NATIONAL INCOME 189 Introduction 189 The Circular Flow of Income 190 Meaning of the Concept 192 Importance of National Income 193 Important Terms 193 Measurement of National Income 196 Problems for Measurement 198 Conclusion GOVERNMENT BUDGET 201 Meaning of the Concept 202

7 (xxii) Government Budget Importance of Budget Types of Budget Elements of Government Budget Union Budget of India 2015 Union budget of India Railway Budget of India Public Debt Deficit Financing Conclusion BIBLIOGRAPHY INDEX Financial Reform in India

UNIVERSITY OF MUMBAI

UNIVERSITY OF MUMBAI AC 19/3/2012 Item No. 4.5 UNIVERSITY OF MUMBAI Revised Syllabus for the S.Y.B.A Program: B.A Course: ECONOMICS (PAPER- II & III) Semester- III & IV (As per Credit Based Semester and Grading System with

More information

Chapter 1. Why Study Money, Banking, and Financial Markets?

Chapter 1. Why Study Money, Banking, and Financial Markets? Chapter 1 Why Study Money, Banking, and Financial Markets? Why Study Money, Banking, and Financial Markets To examine how financial markets such as bond, stock and foreign exchange markets work To examine

More information

Market Entry Strategies of Foreign Telecom Companies in India

Market Entry Strategies of Foreign Telecom Companies in India Kiruba Jeyaseeli Benjamin Levi Market Entry Strategies of Foreign Telecom Companies in India With forewords by Prof. Dr. Rudolf Griinig and Prof. Prabhu Guptara Deutscher Universitats-Verlag Brief contents

More information

Life Insurance Market Report - India

Life Insurance Market Report - India Brochure More information from http://www.researchandmarkets.com/reports/1839253/ Life Insurance Market Report - India Description: The Indian life insurance sector has grown at a fast pace since liberalisation

More information

IGAS 3. Cash Flow Statements. Government Accounting Standards Advisory Board. Contents

IGAS 3. Cash Flow Statements. Government Accounting Standards Advisory Board. Contents Cash Flow Statements Government Accounting Standards Advisory Board Contents Description Page Number 1. Introduction 3 2. Objective 3 3. Scope 3 4. Benefits of Cash Flow Information 4 5. Definitions 4

More information

FINANCIAL SYSTEM AND MARKETS

FINANCIAL SYSTEM AND MARKETS CONTENTS 1. FINANCIAL SYSTEM AND MARKETS Concept of Financial System Financial Concepts Financial Assets Financial Intermediaries Financial Markets Financial Rates of Return Financial Instruments Foreign

More information

FINANCIAL INSTITUTIONS AND FINANCIAL MARKETS IN INDIA

FINANCIAL INSTITUTIONS AND FINANCIAL MARKETS IN INDIA FINANCIAL INSTITUTIONS AND FINANCIAL MARKETS IN INDIA Functioning and Reforms Part I: India's Financial System: Evolution and Present Structure Part II: Financial Institutions: D Commercial Banks D Regional

More information

INDIAN FINANCIAL SYSTEM

INDIAN FINANCIAL SYSTEM INDIAN FINANCIAL SYSTEM A. K. Bhatia BLACK PRINTS N E W D E L H I Contents Preface 1. Towards Globalisation of India's Financial Sector Systemic Issues: Opportunities and Risks - Depth of the Indian Financial

More information

Finance Ministers Speech NDTV Profit Business Leadership awards 2011

Finance Ministers Speech NDTV Profit Business Leadership awards 2011 Finance Ministers Speech NDTV Profit Business Leadership awards 2011 Ladies and Gentlemen, I am very happy to be here today among this distinguished gathering of industrialists and business persons on

More information

Causes & Inflation. Causes of inflation 01/11/2010. A2 Economics, November 2010

Causes & Inflation. Causes of inflation 01/11/2010. A2 Economics, November 2010 Causes & Effects of Inflation A2 Economics, November 2010 Causes of inflation Inflation is a sustained increase in the general level of prices There are many possible causes of price inflation in an economy

More information

MACRO-ECONOMIC FRAMEWORK STATEMENT 2016-17

MACRO-ECONOMIC FRAMEWORK STATEMENT 2016-17 1 Overview of the economy MACRO-ECONOMIC FRAMEWORK STATEMENT 2016-17 The Indian economy has emerged as a bright spot in the world economy, becoming one of the fastest growing large economies in the world.

More information

SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2009

SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2009 THE GAZETTE OF INDIA EXTRAORDINARY PART III SECTION 4 PUBLISHED BY AUTHORITY NEW DELHI, AUGUST 26, 2009 SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, 26 th August, 2009 SECURITIES AND EXCHANGE

More information

Government Accounting Standards Advisory Board

Government Accounting Standards Advisory Board GASAB IGAS 10 Public Debt and Other Liabilities of Governments: Disclosure Requirements Government Accounting Standards Advisory Board CONTENTS Indian Government Accounting Standard (IGAS) 10 Public Debt

More information

CHAPTER 0 Macro-economic Environment

CHAPTER 0 Macro-economic Environment MACRO-ECONOMIC ENVIRONMENT 1.1 INTRODUCTION 1. Consistent with Government s medium term macroeconomic objectives for the period 2004 to 2006, the following macroeconomic conditions were identified as being

More information

Trade Misinvoicing and Capital Flight from India

Trade Misinvoicing and Capital Flight from India Trade Misinvoicing and Capital Flight from India Ila Patnaik Deepa Vasudevan Dr. Ila Patnaik Senior Economist, National Council of Applied Economic Research Parisila Bhawan 11, Indraprastha Estate, New

More information

The Economic Environment for Business

The Economic Environment for Business B. FINANCIAL MANAGEMENT ENVIRONMENT 1. The economic environment for business 2. The nature and role of financial markets and institutions The Economic Environment for Business What are the targets of macroeconomic

More information

Economics 152 Solution to Sample Midterm 2

Economics 152 Solution to Sample Midterm 2 Economics 152 Solution to Sample Midterm 2 N. Das PART 1 (84 POINTS): Answer the following 28 multiple choice questions on the scan sheet. Each question is worth 3 points. 1. If Congress passes legislation

More information

Economics 101 Multiple Choice Questions for Final Examination Miller

Economics 101 Multiple Choice Questions for Final Examination Miller Economics 101 Multiple Choice Questions for Final Examination Miller PLEASE DO NOT WRITE ON THIS EXAMINATION FORM. 1. Which of the following statements is correct? a. Real GDP is the total market value

More information

2.5 Monetary policy: Interest rates

2.5 Monetary policy: Interest rates 2.5 Monetary policy: Interest rates Learning Outcomes Describe the role of central banks as regulators of commercial banks and bankers to governments. Explain that central banks are usually made responsible

More information

PLANNING. Five Year Plans / Rural and Urban Development / Poverty / Unemployment / Population

PLANNING. Five Year Plans / Rural and Urban Development / Poverty / Unemployment / Population Vision IAS www.visionias.cfsites.org www.visionias.wordpress.com GENERAL STUDIES (MAINS) Questions Pattern & Trends Analysis INDIAN ECONOMY & INDIA S ECONOMIC INTERACTION WITH THE WORLD GROWTH & DEVELOPMENT

More information

Bank Recovery and Resolution. Sven Schelo. 01 Wolters Kluwer Law & Business

Bank Recovery and Resolution. Sven Schelo. 01 Wolters Kluwer Law & Business Bank Recovery and Resolution Sven Schelo 01 Wolters Kluwer Law & Business Foreword Preface List of Abbreviations xiii xv xvii CHARTER 1 Bank Business 1 1.01 Evolution of Size and Shape of Banks 1 1.02

More information

The Circular Flow of Income and Expenditure

The Circular Flow of Income and Expenditure The Circular Flow of Income and Expenditure Imports HOUSEHOLDS Savings Taxation Govt Exp OTHER ECONOMIES GOVERNMENT FINANCIAL INSTITUTIONS Factor Incomes Taxation Govt Exp Consumer Exp Exports FIRMS Capital

More information

FOREIGN EXCHANGE AND CURRENCY

FOREIGN EXCHANGE AND CURRENCY Exchange rates represent the linkage between one country and its partners in the global economy. They affect the relative price of goods being traded (exports and imports), the valuation of assets, and

More information

Module II: Public Revenue

Module II: Public Revenue Module II: Public Revenue A. Long Questions 1. Discuss the various sources of public revenue 2. Discuss the merits and demerits of direct taxes. 3. What are the merits and demerits of indirect taxes? 4.

More information

[Synopsis and Project Guidelines]

[Synopsis and Project Guidelines] SESSION: MARCH 2011-SEPTEMBER 2011 NIPS COLLEGE OF IT AND MANAGEMENT ALLAHABAD AHABAD [Synopsis and Project Guidelines] MCA-6 th Semester BCA-6th Semester PGDCA-2nd Semester And MBA-4th Semester IMPORTANT

More information

Sub-national Debt Management

Sub-national Debt Management Sub-national Debt Management Indian Experience Alok Chandra Director, Ministry of Finance, India 27 June 2008 Structure Part A: Institutional Approaches to regulations of Sub-national Borrowings Part B:

More information

TAX ON LONG-TERM CAPITAL GAINS

TAX ON LONG-TERM CAPITAL GAINS TAX ON LONG-TERM CAPITAL GAINS Introduction Gain arising on transfer of capital asset is charged to tax under the head Capital Gains. Income from capital gains is classified as Short Term Capital Gains

More information

18th Year of Publication. A monthly publication from South Indian Bank. www.sib.co.in

18th Year of Publication. A monthly publication from South Indian Bank. www.sib.co.in To kindle interest in economic affairs... To empower the student community... Open YAccess www.sib.co.in ho2099@sib.co.in A monthly publication from South Indian Bank 18th Year of Publication SIB STUDENTS

More information

Government and public sector debt measures

Government and public sector debt measures Introduction Government and public sector debt measures 1. One measure of governments performance in managing the public finances is the level of public sector debt. The definition and responsibilities

More information

GOVERNMENT ECONOMIC OBJECTIVES AND POLICIES. Textbook, Chapter 26 [pg 317-328]

GOVERNMENT ECONOMIC OBJECTIVES AND POLICIES. Textbook, Chapter 26 [pg 317-328] GOVERNMENT ECONOMIC OBJECTIVES AND POLICIES Textbook, Chapter 26 [pg 317-328] Name: Class: Learning outcomes: Identify government economic objectives. Explain the main stages of the business cycle. Explain

More information

Topic: Money & Capital Markets Page 1 of 12 MONEY AND CAPI TAL MARKETS Paper VI Business Environment MBA (Evening) 3 rd Year

Topic: Money & Capital Markets Page 1 of 12 MONEY AND CAPI TAL MARKETS Paper VI Business Environment MBA (Evening) 3 rd Year Topic: Money & Capital Markets Page 1 of 12 MONEY AND CAPI TAL MARKETS Paper VI Business Environment MBA (Evening) 3 rd Year COVERAGE ÿ ÿ ÿ ÿ ÿ ÿ Overview of the Financial system of an economy Some instruments

More information

Jeopardy - Fiscal Policy

Jeopardy - Fiscal Policy Jeopardy - Fiscal Policy Federal Budget Discretionary Fiscal Policy Automatic Stabilizers Limitations Tools/ Situations 10 10 10 10 10 20 20 20 20 20 30 30 30 30 30 40 40 40 40 40 50 50 50 50 50 This occurs

More information

ISSUES PAKISTAN'S ECONOMY S. AKBAR ZAIDI SECOND EDITION REVISED AND EXPANDED OXTORD UNIVERSITY PRESS

ISSUES PAKISTAN'S ECONOMY S. AKBAR ZAIDI SECOND EDITION REVISED AND EXPANDED OXTORD UNIVERSITY PRESS ISSUES IN PAKISTAN'S ECONOMY SECOND EDITION REVISED AND EXPANDED S. AKBAR ZAIDI OXTORD UNIVERSITY PRESS Preface to the Second Edition Preface to the First E d i t i o n.... Introduction Chapter 1 Assessing

More information

International Finance Prof. A. K. Misra Department of Management Indian Institute of Technology, Kharagpur

International Finance Prof. A. K. Misra Department of Management Indian Institute of Technology, Kharagpur International Finance Prof. A. K. Misra Department of Management Indian Institute of Technology, Kharagpur Lecture - 7 Features of Foreign Exchange Market Good morning, today we will discuss features of

More information

Foreign Portfolio Investment in India: SEBI creates a new class of investors

Foreign Portfolio Investment in India: SEBI creates a new class of investors Foreign Portfolio Investment in India: SEBI creates a new class of investors Introduction In order to harmonize the various available routes for foreign portfolio investment in India, the Indian securities

More information

NISM-Series-I: Currency Derivatives Certification Examination (NISM-Series-I: CD Examination)

NISM-Series-I: Currency Derivatives Certification Examination (NISM-Series-I: CD Examination) NISM-Series-I: Currency Derivatives Certification Examination (NISM-Series-I: CD Examination) Test Objectives [new syllabus effective 21 st February 2012] Unit 1: Introduction to Currency Markets 1.1 Brief

More information

BANKING QUESTION AND ANSWERS- PART-1

BANKING QUESTION AND ANSWERS- PART-1 BANKING QUESTION AND ANSWERS- PART-1 1. Which of the following statements is true? (1) Banks cannot accept demand and time deposits from public (2) Banks can accept only demand deposits from public (3)

More information

Contents. Part I: The Global Financial Environment 1

Contents. Part I: The Global Financial Environment 1 Contents List of Figures List of Tables Preface and Acknowledgments About the Authors xii xv xviii xxvii Part I: The Global Financial Environment 1 Chapter 1: Introduction 3 Opening Case 1: TIAA-CREF Goes

More information

MANAGEMENT STUDIES (MBA) DETAILED SYLLABUS FOR PART A & B PART A GENERAL PAPER ON TEACHING AND RESEARCH APTITUDE

MANAGEMENT STUDIES (MBA) DETAILED SYLLABUS FOR PART A & B PART A GENERAL PAPER ON TEACHING AND RESEARCH APTITUDE MANAGEMENT STUDIES (MBA) DETAILED SYLLABUS FOR PART A & B PART A GENERAL PAPER ON TEACHING AND RESEARCH APTITUDE PART-B I - Managerial Economics Nature and scope of Managerial Economics. Importance of

More information

Thank You for Attention

Thank You for Attention Thank You for Attention Explain how the foreign exchange market works. Examine the forces that determine exchange rates. Consider whether it is possible to predict future rates movements. Map the business

More information

Mutual Funds in Pakistan

Mutual Funds in Pakistan Mutual Funds in Pakistan Investors Education Seminar arranged by SECP and ICAP held on 29th January 2015 Presented By First Capital Investments Limited Definition of Mutual Fund A mutual fund is a collective

More information

Assignment Paper (Finance ) Dear students, Please attempt all the questions and submit it to the D.E.office on.

Assignment Paper (Finance ) Dear students, Please attempt all the questions and submit it to the D.E.office on. Assignment Paper (Finance ) MS--46 Management of Financial Services 1. Discuss the Economic and Financial functions of the Financial Market? Explain the role played by the Reserve Bank of India in regulating

More information

MACROECONOMIC AND INDUSTRY ANALYSIS VALUATION PROCESS

MACROECONOMIC AND INDUSTRY ANALYSIS VALUATION PROCESS MACROECONOMIC AND INDUSTRY ANALYSIS VALUATION PROCESS BUSINESS ANALYSIS INTRODUCTION To determine a proper price for a firm s stock, security analyst must forecast the dividend & earnings that can be expected

More information

CHAPTER 17 MACROECONOMIC POLICY IN AN OPEN ECONOMY

CHAPTER 17 MACROECONOMIC POLICY IN AN OPEN ECONOMY CHAPTER 17 MACROECONOMIC POLICY IN AN OPEN ECONOMY MULTIPLE-CHOICE QUESTIONS 1. A nation experiences internal balance if it achieves: a. Full employment b. Price stability c. Full employment and price

More information

The Float Guide How to float a company in India

The Float Guide How to float a company in India The Float Guide How to float a company in India Contact: Haigreve Khaitan Khaitan & Co haigreve.khaitan@khaitanco.com INTRODUCTION This guide introduces the practice and procedure related to public floats

More information

FINANCIALISATION AND EXCHANGE RATE DYNAMICS IN SMALL OPEN ECONOMIES. Hamid Raza PhD Student, Economics University of Limerick Ireland

FINANCIALISATION AND EXCHANGE RATE DYNAMICS IN SMALL OPEN ECONOMIES. Hamid Raza PhD Student, Economics University of Limerick Ireland FINANCIALISATION AND EXCHANGE RATE DYNAMICS IN SMALL OPEN ECONOMIES Hamid Raza PhD Student, Economics University of Limerick Ireland Financialisation Financialisation as a broad concept refers to: a) an

More information

Pre-Test Chapter 11 ed17

Pre-Test Chapter 11 ed17 Pre-Test Chapter 11 ed17 Multiple Choice Questions 1. Built-in stability means that: A. an annually balanced budget will offset the procyclical tendencies created by state and local finance and thereby

More information

Contents. Chapter 1 Introduction to Financial Services 3

Contents. Chapter 1 Introduction to Financial Services 3 Contents Preface V PART 1: Introduction Chapter 1 Introduction to Financial Services 3 1.1 Finance and Business 3 1.2 Financial Services 4 1.3 Characteristics of Financial Services 4 1.4 Distinctiveness

More information

Real Estate Finance in India

Real Estate Finance in India Real Estate Finance in India Prashant Das Divyanshu Sharma < SAGE M I Business Books www.sagepublications.com Los Angeles London New Delhi Singapore» Washington DC Contents ListofTables List offigures

More information

A BRIEF HISTORY OF BRAZIL S GROWTH

A BRIEF HISTORY OF BRAZIL S GROWTH A BRIEF HISTORY OF BRAZIL S GROWTH Eliana Cardoso and Vladimir Teles Organization for Economic Co operation and Development (OECD) September 24, 2009 Paris, France. Summary Breaks in Economic Growth Growth

More information

Portfolio investment is covered by general permission subject to following condition/provisions.

Portfolio investment is covered by general permission subject to following condition/provisions. PORTFOLIO INVESTMENT SCHEME FOR NRIS Portfolio Investment Scheme for NRIs Schedule 2 and 3 of the Notification No. FEMA 20/2000 RB contains provisions relating to Portfolio investment by NRIs. OCBs are

More information

Markets, Investments, and Financial Management FIFTEENTH EDITION

Markets, Investments, and Financial Management FIFTEENTH EDITION INTRODUCTION TO FINANCE Markets, Investments, and Financial Management FIFTEENTH EDITION Ronald W. Melicher Professor of Finance University of Colorado at Boulder Edgar A. Norton Professor of Finance Illinois

More information

Econ 336 - Spring 2007 Homework 5

Econ 336 - Spring 2007 Homework 5 Econ 336 - Spring 2007 Homework 5 Name MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) The real exchange rate, q, is defined as A) E times P B)

More information

THE RETURN OF CAPITAL EXPENDITURE OR CAPEX CYCLE IN MALAYSIA

THE RETURN OF CAPITAL EXPENDITURE OR CAPEX CYCLE IN MALAYSIA PUBLIC BANK BERHAD ECONOMICS DIVISION MENARA PUBLIC BANK 146 JALAN AMPANG 50450 KUALA LUMPUR TEL : 03 2176 6000/666 FAX : 03 2163 9929 Public Bank Economic Review is published bi monthly by Economics Division,

More information

A layperson s guide to monetary policy

A layperson s guide to monetary policy 1999/8 17 December 1999 A layperson s guide to Executive Summary Monetary policy refers to those actions by the Reserve Bank which affect interest rates, the exchange rate and the money supply. The objective

More information

JOINT VENTURE IN INDIA A GUIDE FOR INVESTORS

JOINT VENTURE IN INDIA A GUIDE FOR INVESTORS JOINT VENTURE IN INDIA A GUIDE FOR INVESTORS India is the world's twelfth largest economy at market exchange rates and the fourth largest in purchasing power. Economic reforms have transformed it into

More information

Article. Collective Investment Schemes for Real Estate investments in India. CA Nidhi Jain nidhijain@vinodkothari.com Vinod Kothari & Company

Article. Collective Investment Schemes for Real Estate investments in India. CA Nidhi Jain nidhijain@vinodkothari.com Vinod Kothari & Company Collective Investment Schemes for Real Estate investments in India CA Nidhi Jain nidhijain@vinodkothari.com Vinod Kothari & Company Check at: http://india-financing.com/staff-publications.html for more

More information

CONGRESSIONAL BUDGET OFFICE COST ESTIMATE. Tax Relief Extension Act of 2015

CONGRESSIONAL BUDGET OFFICE COST ESTIMATE. Tax Relief Extension Act of 2015 CONGRESSIONAL BUDGET OFFICE COST ESTIMATE August 4, 2015 Tax Relief Extension Act of 2015 As ordered reported by the Senate Committee on Finance on July 21, 2015 SUMMARY The Tax Relief Extension Act of

More information

CHAPTER 16 EXCHANGE-RATE SYSTEMS

CHAPTER 16 EXCHANGE-RATE SYSTEMS CHAPTER 16 EXCHANGE-RATE SYSTEMS MULTIPLE-CHOICE QUESTIONS 1. The exchange-rate system that best characterizes the present international monetary arrangement used by industrialized countries is: a. Freely

More information

RBI s Balance Sheet and Liquidity Management

RBI s Balance Sheet and Liquidity Management Amol Agrawal amol@stcipd.com +91-22-66202234 RBI s Balance Sheet and Liquidity Management We have recently released guides on reading RBI s Weekly Statistical Supplement (WSS) (Part I and II). However,

More information

State Aid, Subsidy and Tax Incentives under EU and WTO Law. Claire Micheau. 0 Wolters Kluwer Law & Business

State Aid, Subsidy and Tax Incentives under EU and WTO Law. Claire Micheau. 0 Wolters Kluwer Law & Business State Aid, Subsidy and Tax Incentives under EU and WTO Law Claire Micheau 0 Wolters Kluwer Law & Business Summary of Contents About the Author Table of Contents List of Abbreviations Acknowledgements vii

More information

ECON 4423: INTERNATIONAL FINANCE

ECON 4423: INTERNATIONAL FINANCE University of Colorado at Boulder Department of Economics ECON 4423: INTERNATIONAL FINANCE Final Examination Fall 2005 Name: Answer Key Student ID: Instructions: This test is 1 1/2 hours in length. You

More information

India s Services Exports

India s Services Exports Markus Hyvonen and Hao Wang* Exports of services are an important source of demand for the Indian economy and account for a larger share of output than in most major economies. The importance of India

More information

Objectives for Chapter 9 Aggregate Demand and Aggregate Supply

Objectives for Chapter 9 Aggregate Demand and Aggregate Supply 1 Objectives for Chapter 9 Aggregate Demand and Aggregate Supply At the end of Chapter 9, you will be able to answer the following: 1. Explain what is meant by aggregate demand? 2. Name the four categories

More information

THE DYNAMIC INDIAN FOREIGN INVESTMENT REGULATORY REGIME. February 2011

THE DYNAMIC INDIAN FOREIGN INVESTMENT REGULATORY REGIME. February 2011 THE DYNAMIC INDIAN FOREIGN INVESTMENT REGULATORY REGIME February 2011 THE DYNAMIC INDIAN FOREIGN INVESTMENT REGULATORY REGIME February 2011 Contents Indian economy Overview of the regulatory framework

More information

Re: Opposition to Repeal of LIFO being considered as part of Tax Reform in 2013

Re: Opposition to Repeal of LIFO being considered as part of Tax Reform in 2013 LIFO-PRO, Inc. LIFO and LIFO Software Specialists 920 South 107 th Avenue, Suite 301 Omaha, NE 68114 (402) 330-8573 lee@lifopro.com www.lifopro.com April 15, 2013 Mr. Kevin Brady, Chairman Energy Tax Reform

More information

FBLA: ECONOMICS. Competency: Basic Economic Concepts and Principles

FBLA: ECONOMICS. Competency: Basic Economic Concepts and Principles Competency: Basic Economic Concepts and Principles 1. Define money (characteristics, role, and forms) and trace how money and resources flow through the American economic system. 2. Utilize decision-making

More information

Surface Transport in India

Surface Transport in India Brochure More information from http://www.researchandmarkets.com/reports/845404/ Surface Transport in India Description: Spending on logistics in India is estimated to be around 13% of GDP, which amounts

More information

S.Y.B.COM. (SEM-III) ECONOMICS

S.Y.B.COM. (SEM-III) ECONOMICS Fill in the Blanks. Module 1 S.Y.B.COM. (SEM-III) ECONOMICS 1. The continuous flow of money and goods and services between firms and households is called the Circular Flow. 2. Saving constitute a leakage

More information

ECON ~... Internal ~ =:: Prepared by USAID's Eco mlcs/prlv e Sector Division for USAID USAID Lessons m the East Asian Economic Tigers

ECON ~... Internal ~ =:: Prepared by USAID's Eco mlcs/prlv e Sector Division for USAID USAID Lessons m the East Asian Economic Tigers ..,.. ECON ~... Internal ~ =:: Prepared by USAID's Eco mlcs/prlv e Sector Division for USAID USAID Lessons m the East Asian Economic Tigers Summary From his study of the reason for the success of the east

More information

CENTRAL UNIVERSITY OF RAJASTHAN Department of Management MBA Semester III Sessional Test- I (2011) MBA 301: Strategic Management

CENTRAL UNIVERSITY OF RAJASTHAN Department of Management MBA Semester III Sessional Test- I (2011) MBA 301: Strategic Management MBA 301: Strategic Management Q-1: Explain the following terms in brief: a) Vision, Mission & Objectives b) Policy & Strategy c) Decision Making d) Core Competency and Competitive Advantage (1*4= 4 marks)

More information

SOLAPUR UNIVERSITY, SOLAPUR, Advanced Banking & Financial System

SOLAPUR UNIVERSITY, SOLAPUR, Advanced Banking & Financial System SOLAPUR UNIVERSITY, SOLAPUR, M.Com. Part- II Advanced Banking & Financial System Group-D Paper-III Modern Banking (w.e.f. June 2015) Semester III 1. Merchant Banking Meaning- Functions of Merchant Banking-

More information

INVESTING IN INDIA: AN OLD FRIEND WITH A NEW ATTITUDE

INVESTING IN INDIA: AN OLD FRIEND WITH A NEW ATTITUDE INVESTING IN INDIA: AN OLD FRIEND WITH A NEW ATTITUDE Introduction In 1672 a young man who had been born in the American colony of Connecticut went to work for the British East India Tea Company. He was

More information

Financial Liberalisation in India: Interest Rate Deregulation and Related Issues

Financial Liberalisation in India: Interest Rate Deregulation and Related Issues Financial Liberalisation in India: Interest Rate Deregulation and Related Issues K.Kanagasabapathy, Director, EPW Research Foundation ICRIER Seminar, February 23, 2011 Outline Important landmarks Deposit

More information

Dissecting India s Equity Risk Premium How much to expect on your equity investments

Dissecting India s Equity Risk Premium How much to expect on your equity investments Dissecting India s Equity Risk Premium How much to expect on your equity investments Authored by Vishnu Giri, assisted by Sireesha Sivala Under the guidance of Rajan Wadhawan and Rohit Bhasin Brealey Myers

More information

462 IBN18 (MAURITIUS) LIMITED. IBN18 (Mauritius) Limited

462 IBN18 (MAURITIUS) LIMITED. IBN18 (Mauritius) Limited 462 IBN18 (MAURITIUS) LIMITED IBN18 (Mauritius) Limited IBN18 (MAURITIUS) LIMITED 463 Independent Auditors Report Independent Auditors Report to the member of IBN18 (Mauritius) Limited Report on the Financial

More information

PFC CONSULTING LIMITED (A wholly owned subsidiary of Power Finance Corporation Limited) Empanelment of Consulting Organizations

PFC CONSULTING LIMITED (A wholly owned subsidiary of Power Finance Corporation Limited) Empanelment of Consulting Organizations PFC CONSULTING LIMITED (A wholly owned subsidiary of Power Finance Corporation Limited) Empanelment of Consulting Organizations PFC Consulting Limited (PFCCL) is a Consulting Organization providing consultancy

More information

III. BANKS RECEIVABLES FROM REVERSE REPURCHASE

III. BANKS RECEIVABLES FROM REVERSE REPURCHASE BALANCE SHEET AS OF 31 MARCH 2016 ASSETS Notes 31 March 2016 31 December 2015 Audited TL FC TOTAL TL FC TOTAL I. CASH, CASH EQUIVALENTS AND CENTRAL BANK - - - - - - II. FINANCIAL ASSETS AT FAIR VALUE THROUGH

More information

Chapter 17. Fixed Exchange Rates and Foreign Exchange Intervention. Copyright 2003 Pearson Education, Inc.

Chapter 17. Fixed Exchange Rates and Foreign Exchange Intervention. Copyright 2003 Pearson Education, Inc. Chapter 17 Fixed Exchange Rates and Foreign Exchange Intervention Slide 17-1 Chapter 17 Learning Goals How a central bank must manage monetary policy so as to fix its currency's value in the foreign exchange

More information

Vivek Kohli, Senior Partner, ZEUS Law Associates Rishi Jain, Associate, ZEUS Law Associates

Vivek Kohli, Senior Partner, ZEUS Law Associates Rishi Jain, Associate, ZEUS Law Associates Foreign Currency Exchangeable Bonds: Exploring the New Route for Corporate Debt Vivek Kohli, Senior Partner, ZEUS Law Associates Rishi Jain, Associate, ZEUS Law Associates Published in Journals/Magazines/News

More information

METHOD FOR PROJECT APPRAISAL: NET PRESENT VALUE OR NPV The sum of discounted cash flows.

METHOD FOR PROJECT APPRAISAL: NET PRESENT VALUE OR NPV The sum of discounted cash flows. OBJECTIVE: ECONOMIC ANALYSIS OF A PROJECT, consisting of the operation of a new incineration plant by the municipality. In particular we are interested in the computaton of a Solid Waste Tariff, consistent

More information

Your guide to taxation in India

Your guide to taxation in India Sharing our experience Your guide to taxation in India www.fpinternational.com The tax treatment of our products if you return to India Whilst tax planning might be an important part of your overall financial

More information

CAN INVESTORS PROFIT FROM DEVALUATIONS? THE PERFORMANCE OF WORLD STOCK MARKETS AFTER DEVALUATIONS. Bryan Taylor

CAN INVESTORS PROFIT FROM DEVALUATIONS? THE PERFORMANCE OF WORLD STOCK MARKETS AFTER DEVALUATIONS. Bryan Taylor CAN INVESTORS PROFIT FROM DEVALUATIONS? THE PERFORMANCE OF WORLD STOCK MARKETS AFTER DEVALUATIONS Introduction Bryan Taylor The recent devaluations in Asia have drawn attention to the risk investors face

More information

CHAPTER 7: AGGREGATE DEMAND AND AGGREGATE SUPPLY

CHAPTER 7: AGGREGATE DEMAND AND AGGREGATE SUPPLY CHAPTER 7: AGGREGATE DEMAND AND AGGREGATE SUPPLY Learning goals of this chapter: What forces bring persistent and rapid expansion of real GDP? What causes inflation? Why do we have business cycles? How

More information

Econ 202 Final Exam. Table 3-1 Labor Hours Needed to Make 1 Pound of: Meat Potatoes Farmer 8 2 Rancher 4 5

Econ 202 Final Exam. Table 3-1 Labor Hours Needed to Make 1 Pound of: Meat Potatoes Farmer 8 2 Rancher 4 5 Econ 202 Final Exam 1. If inflation expectations rise, the short-run Phillips curve shifts a. right, so that at any inflation rate unemployment is higher. b. left, so that at any inflation rate unemployment

More information

AS Economics. Introductory Macroeconomics. Sixth Form pre-reading

AS Economics. Introductory Macroeconomics. Sixth Form pre-reading AS Economics Introductory Macroeconomics Sixth Form pre-reading National income National income (Y) = money value of goods and services produced in an economy over a period of time, usually one year. National

More information

Subnational Borrowing Framework Lili Liu Lead Economist Economic Policy and Debt Department

Subnational Borrowing Framework Lili Liu Lead Economist Economic Policy and Debt Department International Seminar on Building New Countryside and Promoting Balanced Regional Development for a Harmonious Society Haikou, China 2006 年 8 月 21-26 日 Subnational Borrowing Framework Lili Liu Lead Economist

More information

Industry Insight - Higher Education in India

Industry Insight - Higher Education in India Brochure More information from http://www.researchandmarkets.com/reports/2025331/ Industry Insight - Higher Education in India Description: There were 20 Universities and 500 Colleges at the time of independence.

More information

NET TURIZM TİCARET VE SANAYİ ANONİM ŞİRKETİ AND IT S SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 31 DECEMBER 2014

NET TURIZM TİCARET VE SANAYİ ANONİM ŞİRKETİ AND IT S SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 31 DECEMBER 2014 NET TURIZM TİCARET VE SANAYİ ANONİM ŞİRKETİ AND IT S SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED AT 31 DECEMBER 2014 NET TURİZM TİCARET VE SANAYİ ANONİM ŞİRKETİ CONTENTS CONSOLIDATED

More information

Uses and Limitations of Ratio Analysis

Uses and Limitations of Ratio Analysis Uses and Limitations of Ratio Analysis Balkrishna Parab ACS, AICWA balkrishnaparab@jbims.edu F inancial statement analysis involves comparing the firm s performance with that of other firms in the same

More information

Certification Program on Corporate Treasury Management

Certification Program on Corporate Treasury Management Certification Program on Corporate Treasury Management Introduction to corporate treasury management Introduction to corporate treasury management: relevance, scope, approach and issues Understanding treasury

More information

An Introduction to Institutions, Management, & Investments

An Introduction to Institutions, Management, & Investments An Introduction to Institutions, Management, & Investments TEMTH EBITIQM HERBERT B. MAYO The College of New Jersey *\ SOUTH-WESTERN t% CENGAGE Learning- Australia Brazil Japan Korea Mexico Singapore Spain

More information

2015 U.S. Life Insurance Carriers Industry-Industry & Market Report

2015 U.S. Life Insurance Carriers Industry-Industry & Market Report Brochure More information from http://www.researchandmarkets.com/reports/3070875/ 2015 U.S. Life Insurance Carriers Industry-Industry & Market Report Description: The 2015 U.S. Life Insurance Carriers

More information

10,244,076 12,293,446 762,193,593 635,132,711

10,244,076 12,293,446 762,193,593 635,132,711 Financial Statements 2007 45 Balance Sheet As at December 31, 2007 2006 2007 US Dollars in '000 Note 2007 2006 Rupees in '000 ASSETS 1,268,149 1,530,214 Cash and balances with treasury banks 6 94,873,249

More information

Exchange Rate Policy in the Policy Analysis Matrix

Exchange Rate Policy in the Policy Analysis Matrix Slide 1 Exchange Rate Policy in the Policy Analysis Matrix Scott Pearson Stanford University Lecture Program Scott Pearson is Professor of Agricultural Economics at the Food Research Institute, Stanford

More information

Bond Markets in Emerging Asia: Progress, Challenges, and ADB Work Plan to Support Bond Market Development. Asian Development Bank

Bond Markets in Emerging Asia: Progress, Challenges, and ADB Work Plan to Support Bond Market Development. Asian Development Bank Bond Markets in Emerging Asia: Progress, Challenges, and ADB Work Plan to Support Bond Market Development Asian Development Bank November 2009 A. Noy Siackhachanh Advisor Office of Regional Economic Integration

More information

Small Company Limited. Abbreviated Accounts. 31 December 2007

Small Company Limited. Abbreviated Accounts. 31 December 2007 Registered number 123456 Small Company Limited Abbreviated Accounts 31 December 2007 Abbreviated Balance Sheet as at 31 December 2007 Notes 2007 2006 Fixed assets Intangible assets 2 Tangible assets 3

More information

Quarterly report for the first quarter of 2000 SAB - Q I/2001 Form (for banks)

Quarterly report for the first quarter of 2000 SAB - Q I/2001 Form (for banks) Quarterly report for the first quarter of 2000 SAB - Q I/2001 Form (for banks) Pursuant to 46, clause 1, item 2 of the Council of Ministers Ordinance dated December 22, 1998 (Dz. U. No. 163, item 1160)

More information

UNIT XII VALUATION FOR THE PURPOSE OF FINANCIAL STATEMENT (REVALUATION IN BOOKS OF ACCOUNT)

UNIT XII VALUATION FOR THE PURPOSE OF FINANCIAL STATEMENT (REVALUATION IN BOOKS OF ACCOUNT) UNIT XII VALUATION FOR THE PURPOSE OF FINANCIAL STATEMENT (REVALUATION IN BOOKS OF ACCOUNT) Introduction: The accounting process provides information that management, creditors, investors, and other interested

More information