India’s Balance of PaymentsConcepts, Compilation and Recent Scenario

1950-51 to 2003-04

EPW Research Foundation*February 2005

* An original note on the subject was published in the Economic and Political Weekly (EPW) of November13-20, 1993. The same has been thoroughly revised and updated by Ms. Shilpa Jain for publication onthe website www.epwrf.res.in Mrs. Rema K. Nair undertook page-making.

Contents

Section No. Title Page No.

List of Exhibits and Appendices i

I Key Concepts 1Current and Capital AccountsMerchandise on FOB/ CIF basisInvisiblesCapital Account

II Sources of BOP Data 5Difference between RBI Balance of payments data and customs dataApparent gaps in BOP data

III An Overview of India’s Balance of Payments 10

Notes 12

List of Text Tables

Text Table

1: India’s Foreign Trade:A Comparison of DGCI & S and RBI Data 6

2: Foreign Exchange Reserves:1950-51 to 2003-04 14

3: Financing of Current Account Deficits:1950-51 to 2003-04 15

4: Balance of Payments-Selected Indicators:1950-51 to 2001-02 17

List of Exhibits and AppendicesTitle Page No.

ExhibitsExhibit

A: Estimation of Invisible Accounts -A Comparison of RBI Classification with the IMF Classification (IMF BOP MANUAL) 7

B: Estimation of Invisible Accounts -A Comparison of RBI Classification with the IMF Classification (IMF BOP Yearbook) 8

AppendicesAppendix

1: Balance of Payments:1950-51 to 1989-90 (Rs. Crore / Dollar Million) 191990-91 to 2003-04 (Rs. Crore) 231990-91 to 2003-04 (US Dollar Million) 26

2: Break-up of Invisibles on Current Account 29(A) Travel Account 35

(B) Transportation Account :(i) 1956-57 to 1989-90 (Rs. Crore) 36(ii) 1990-91 to 2001-02 (Rs. Crore/ Dollar Million) 38

(C) Insurance Account :(i) 1956-57 to 1996-97 (Rs. Crore) 40(ii) 1997-98 to 2001-02 (Rs. Crore/ Dollar Million) 41

(D) Investment Income Account :(i) 1956-57 to 1996-97 (Rs. Crore) 42(ii) 1997-98 to 2001-02 (Rs. Crore/ Dollar Million) 45

(E) Government not included elsewhere Account :(i) 1956-57 to 1989-90 (Rs. Crore) 46(ii) 1990-91 to 2001-02 (Rs. Crore/ Dollar Million) 47

(F) Miscellaneous Account :(i) 1956-57 to 1989-90 (Rs. Crore) 48(ii) 1990-91 to 2001-02 (Rs. Crore/ Dollar Million) 50

(G) Official Transfer Payments Account :(i) 1956-57 to 1989-90 (Rs. Crore) 52(ii) 1990-91 to 2001-02 (Rs. Crore/ Dollar Million) 54

(H) Private Transfer Payments Account :(i) 1956-57 to 1989-90 (Rs. Crore) 55(ii) 1990-91 to 2001-02 (Rs. Crore/ Dollar Million) 57

3: Foreign Inevestment(A),(B) Private Foreign Investment 58

(C) Foreign Investment Inflows 59

4: NRI DepositsA Inflows under FCNR and NR(E)RA Accounts 60NRI Deposits Outstanding 61

5: External Transactions as per CSO’s 62National Account Statistics

India’s Balance of PaymentsConcepts, Compilation and Recent Scenario: 1950-51 to 2003-04

IKey Concepts

Abalance of payments statement is essentially a double entry system of record for a given periodof an economy’s two-way international transactions in the form of goods and services, receiptsand payments of incomes, transfers without quid pro quo and financial claims and liabilities. With

a view to standardising the concepts and definitions, classificatory schemes and conventions applied inthe compilation of balance of payment statistics by various countries, the International Monetary Fund (IMF)has prescribed a Balance of Payment Manual.1 India, as in the case of other member countries of the IMF,has adopted the same as a conceptual and methodological basis for compiling her balance of payment account.However, there exist some departures from the IMF framework due to the constraints of data availabilityand to take account of the country’s institutional structure.2

Principally, the balance of payment (BOP) account records transactions between a resident economic entityand the rest of the world. Though the resident status of an individual is conceived in terms of the permanenceof interest within a given territory, the rule of thumb adopted for recognition of such permanence is a stayof one year or more. Tourist and commercial travellers, employees of foreign governments and internationalbodies on a mission of less than one year and seasonal workers from foreign countries, are all consideredas residents of the economy in which they normally live. Major exceptions to this are the official diplomaticand consular representatives, members of armed forces and other government personnel of a foreign countrystationed in a given country who are treated (together with their dependents) as non-residents for the countryof their posting or as residents of the country they represent.

Current and Capital Accounts

In BOP accounting, transactions relating to goods, services and income, and current transfers constitutethe current account, while those relating to claims and liabilities of a financial nature and capital transfersand acquisition or disposals of non-produced, non-financial assets which go to finance the deficit on currentaccount, or to absorb its surplus, form the capital account. The sum of these current and capital accounttransactions together constitutes the basic balance on BOP and theoretically it should be finally roundedup. The double-entry accounting should be closed with the help of: a) purchase and repurchase from theIMF essentially as a multilateral agency for the countries’ BOP support, b) allocation of the IMF’s SpecialDrawing Rights (SDRs) intended to supplement the relatively inadequate international reserves and alsoto serve as a principle reserve asset of the international monetary system, and finally, c) the build-up ordrawdown of the country’s own reserve assets. Incidentally, the objective of SDRs serving as a principalreserve asset was scuttled in the midst of the controversy regarding the justification or otherwise for additionalreserve assets.

The above is the theoretical position; in reality, due to myriad discrepancies arising from differencesin timing, coverage, valuation and possible inaccurate estimation (which also includes clandestine capitalflight through various devices), the credit side of the double entry accounting does not exactly match thesum of all debit entries. Therefore, the balancing act is performed by an item called “errors and omissions”-a negative sign in it implying an overstatement of receipts and an understatement of payments, generallya combination of both, and the positive sign signifying the reverse. It is very often found that in yearsof large depreciation of the rupee, the ‘errors and omissions’ remain negative.

Merchandise on FOB / CIF basis

The transactions relating to goods, services and income, constituting the current account on the BOP,are functionally classified in two broad categories: merchandise and invisibles. As per the IMF Manual,imports and exports of goods (merchandise) should be presented under free-on-board (f.o.b. basis), thatis, without including freight and insurance costs. Such freight and insurance paid to foreign shipping andair carriers should be treated as an outgo (debit) under the invisible sub-items, transportation and insuranceservices, while that earned by domestic carriers has to be treated as receipts (credit) under the same sub-items. However, the BOP data put out by the Indian authorities (Reserve Bank of India as well as theGovernment of India) make a major departure from the IMF manual in that while they present exportson an FOB basis they set out imports on CIF (cost, insurance and freight) basis on the ground of the natureof data availability, that is, while exports declarations are uniformally on f.o.b. basis, import invoices donot distinguish between the cost of merchandise and freight and insurance. Incidentally, it is found thatmany other countries conduct periodical sample studies of import invoices, which facilitate such a distinctionand estimate the proportion of freight, insurance and other distributive services in the total CIF value ofimports and thus apply the results for deriving the f.o.b. values of total imports also. Besides, the IMFin its Year Book on Balance of Payment Statistics, presenting uniform BoP data for its member countries,publishes India’s BOP with merchandise imports also on a f.o.b. basis.3 The IMF apparently has a methodof using global adjustment to the import data for converting c.i.f. into f.o.b. Interestingly, the RBI did conductsuch surveys in the past for converting into f.o.b. basis those export invoices which were on c.i.f. or c.i.basis. Apparently a 1948 survey, which indicated that freight and insurance elements constituted of aboutfour per cent of the c.i.f. values of exports, is broadly considered valid for quite some years as per subsequentsurveys.4 Though, since October 1983 the relevant forms specify the f.o.b. value of exports the above surveyresults are required to be used to estimate the freight and insurance components (i.e., under invisbles) nowon the given basis of fob value.

Foreign trade data relate to merchandise trade through all the recognized seaport, airports, land customsstations and inland container depots of India. Data on exports, which include re-exports, relate to fob valuesand imports relate to c.i.f. values. Exports are based on the general system of recording, according to whichre-exports relate to Indian merchandise previously imported into India.

The item Non-Monetary Gold Movement has been deleted from invisibles in conformity with IMF Manualon BOP (4th edition) from May 1993 onwards; these entries have been included under merchandise. Similarly,in accordance with the provisions of IMF Manual on BOP (5th edition), gold purchased from the governmentof India by RBI has been excluded from the BOP statistics. Data from the earlier period have been amendedby making suitable adjustments in ‘other capital receipts’ and ‘foreign exchange reserves’. Imports relateto foreign merchandise whether intended for home consumption, bonding or re-exploration. Trade balanceis defined as the difference between total exports and total imports (both merchandise).

Invisibles

As distinguished from the ‘visibles’ (merchandise) transactions, the invisibles account comprises costsof services, income and transfer payments (ie, payments and remittances unrequited or without quid proquo or without any repayment obligations). The IMF manual classifies non-merchandise current accounttransactions into as many as thirteen items and also obtains from the reporting country authorities andpublishes (supplemented by its own estimates) in its BOP yearbook fairly disaggregated information ona number of countries. Exhibits I(A) and I(B) provide listings of current account transactions as per theIMF Manual and as per the BOP yearbook, respectively; these also carry alongside the Indian system ofclassifications. It is true that many other countries do not possess such detailed data and hence they clubcertain items together and publish data on fewer heads. In the regular dissemination of BOP data, the Indianauthorities now provide the ‘invisibles’ account data under seven broad heads.

Within the above broad heads, however, the Reserve Bank of India has now begun to provide many moredetails, which may be seen in disaggregated data presented in Appendix Tables 2(A) to 2(H). With a view

Balance of Payments 2

to disseminating more disaggregated data on India’s trade and services, the RBI has published such statisticsseparately for the period 1956-57 to 1998-99 in its monthly bulletins of March and April 1992 and in itscomprehensive publication Balance of Payments: 1948-49 to 1988-89 (July 1993); this practice has beencontinued thereafter on an annual basis. Apart from some broad details presented in Appendix Table 2A,attempts have been made to cull out more disaggregated data on invisibles from the above studies whichare presented in eight separate sets in Appendix Tables 2(A) to 2(H). As may be observed from thesedisaggregated data, India has now begun to provide many more details; earlier income consisted only ofinvestment income whereas now one more sub-category ‘compensation of employees’ is added, in accordancewith the IMF’s Balance of Payments Manual (5th edition), 1993, under the head ‘income’ with effect from1997-98. Earlier, the Indian practice was to record ‘compensation of employees’ under the head ‘services-miscellaneous’. Since 1990-91, the value of defense related imports are recorded under imports (merchandisedebit) with credits financing such imports shown under “loans (external commercial borrowings) to India”in the capital account. Based on the recommendations of a high-level committee in their Reports of PolicyGroup and Task Force on External Debt Statistics of India, 1992, interest payments on defense debt owedto the general currency area (GCA) are recorded under investment income (debit) and principal repaymentsunder debit to “Loans (external commercial borrowings) to India”.

The IMF classifies transfers as ‘current transfers’ and ‘capital transfers’. Transfers basically representreceipts and payments without quid pro quo. Current transfers include those of general government (eg,current international cooperation between different governments, payments of current taxes on income andwealth, etc.) and other transfers (eg, workers remittances, premiums-less service charges), and claims onnon-life insurance. Definitionally, capital transfers should include:

(i) Transfer of ownership of fixed asset or(ii) The forgiveness of a liability by a creditor when no counter-part is received in return, or(iii) A transfer of cash when linked to, or conditional on, the acquisition or disposal of a fixed asset

(eg investment grant) by one or both parties to the transaction.Finally, capital transfer should result in a commensurate change in the stocks of assets of one or both

parties to the transaction. Due to non-availability of data, the RBI is unable to provide such segregationinto current and capital transfers; instead it has segregated transfers into private and official. The term‘transfers’ is used in India’s Balance of Payments in the same sense as unrequited transfers. Unrequitedtransactions are transations such as gifts, grants, taxes, etc. where one transactor provides something ofeconomic value to another but doesnot receive a quid pro quo on which economic value can be assignedin return. The economic value that is lacking on one side has to be balanced by an entry which is referredto as unrequited transfers.

Government not included elsewhere represents remittances towards maintenances of foreign embassies,diplomatic missions and international/ regional institutions.

Miscellaneous services encompass communication services, software services, construction services,royalties, copyrights and licence fees, news agency services and others. Because of the emergence of softwareservices as a highly focused and dynamic area of export activity in the 1990s, it is shown as a separatesub-item under ‘Miscellaneous’ since 2000-01.

Investment incometransactions are in the form of interest, dividend, profit and others for servicing ofcapital transactions. Investment income receipts comprise interest received on loans to non-residents,dividend/profit received by Indians on foreign investments, reinvested earnings of Indian FDI companiesabroad, interest received on debentures, floating rate notes (FRNs), commercial papers (CPs), fixed depositsand funds held abroad by ADs out of foreign currency loans/export proceeds, payments of taxes by non-residents/refunds of taxes by foreign governments and interest/discount earnings on RBI holding of foreignassets. Investment income payments comprise payment of interest on non-received deposits, payment ofinterest on loans from non- residents, payment of dividend/profit to non-resident shareholders, reinvestedearnings of the FDI companies, payments of interest on debentures, FRNs, CPs, fixed deposits, governmentsecurities, charges on SDRs and others.

Undistributed income or retained earnings of an enterprise held by non-residents are conceived of as apayment of income to the foreign investor and simultaneous reinvestment of that income by the foreign

3 Balance of Payments

investor in the same resident direct investment enterprise. Such income is recorded as a component of foreigninvestment income payment in the current account matched by the flow of foreign investment in the capitalaccount.

Even so, while the Indian classification of current transactions is found to be fairly comprehensive, someloss of information in it relating to the following items is noticed:

(i) As explained earlier, data on insurance and freight on imports, which would constitute partof the items transportation and insurance, are in fact included under merchandise.

(ii) Under the Indian classification, transactions relating to the life insurance business of the LifeInsurance Corporation of India or those relating to the general insurance business of the Indiangeneral insurance companies abroad for domestic hazards in those countries are clubbed underthe item insurance which also covers the insurance of merchandise trade. The IMF classificationplaces this under a separate item called ‘other goods, services and income’.

Expenditures of diplomatic missions in India or those of Indian missions abroad are not presented separatelyin the Indian data, whereas the IMF publishes such data under the head ‘other foreign official, NIE’ evenfor India separately.

Capital Account

Though the IMF manual distinguishes a large number of items under the capital account, India, as inthe case of many other countries, has dovetailed the accounting classification to fit into its own institutionalstructure and analytical needs. Until the end of the 1980s, key sectors distinguished under the capital accountwere: (i) private capital, (ii) banking capital, and (iii) official capital.

Private capital was sub-divided into (i) long-term and (ii) short-term, with loans of original maturity ofone year or less constituting the relevant dividing line. Long-term private capital, as published in the regularBOP data, covered foreign investments (both direct and portfolio), long-term loans, foreign currency deposits(FCNR and NRE) and an estimated portion of the unclassified receipts allocated to capital account. Bankingcapital essentially covered movements in the external financial assets and liabilities of commercial andco-operative banks authorised to deal in foreign exchange. Official capital transactions, other than thosewith the IMF and movements in RBI’s holdings of foreign currency assets and monetary gold (SDRs areheld by the government), were classified into (i) loans, (ii) amortisation, and (iii) miscellaneous receiptsand payments. In the data base created here, statistical series on BOP for the period 1950-51 to 1989-90are in this format (See Appendix Table 1A). Independent data published by the RBI give disaggregationof FDI by approval categories and that of portfolio investments by types of flow. In FDI, there are threesources of approvals: government [Secretariat of Industrial Approvals (SIA) and Foreign InvestmentPromotion Board (FIPB)]; RBI; and NRI investments (See Appendix Table 3B). Likewise, RBI puts outdata on NRI deposits under different categories of deposits (Appendix Tables 4A and 4B).

For the subsequent period, from 1990-91 onwards, the classification adopted is as follows:(i) Foreign investment, which is bifurcated into Foreign Direct Investment (FDI) and portfolio

investment. The FDI in India could be in the form of inflow of investment (credit) and outflowin the form of disinvestments (debit) or abroad in the reverse manner. The portfolio investment5,on the other had, comes in the form of Foreign Institutional Investors (FIIs), offshore fundsand Global Depository Receipts (GDRs) and American Depository Receipts (ADRs). The dataon acquisition of shares (acquisition of shares of Indian companies by non-residents under section5 of FEMA, 1999) has been included as part of foreign direct investment since January 1996.

(ii) Loans, which are further classified into external assistance, medium and long-term commercialborrowings and short-term borrowings, with loans of original maturity of one-year or lessconstituting the relevant dividing line. The principal repayment of the defense debt to the GeneralCurrency Area (GCA) is shown under the debit to loans (external commercial borrowing toIndia) for the general currency area since 1990-91.

(iii) Banking capital comprises external assets and liabilities of commercial and government banksauthorized to deal in foreign exchange, and movement in balance of foreign central banks and

Balance of Payments 4

international institutions like, World Bank, IDA, ADB and IFC maintained with RBI. Animportant component of banking capital is non-resident (NRI) deposits.

(iv) Rupee debt service contains interest payment on, and principal re-payment of, debt for theerstwhile rupee payments area (RPA). (This is done based on the recommendation of high-levelcommittee on balance of payments.)

(v) Other capital is a residual item and broadly includes delayed exports receipts, funds raised andheld abroad by Indian corporate, India’s subscriptions to international institutions and quotapayments to IMF. Delayed export receipts essentially arises from the leads and lags betweenthe physical shipment of goods recorded by the customs and receipt of funds through bankingchannel. It also includes rupee value of gold acquisition by the RBI (monetization of gold).

(vi) Movement in Reserves comprises changes in the foreign currency assets held by the RBI andSDR balances held by the government of India. These are recorded after excluding changeson account of valuation. Valuation changes arise because foreign currency assets are expressedin US dollar terms and they include the effect of appreciation/depreciation of non-US currencies(such as Euro, Sterling, Yen and others) held in reserves. Furthermore, this item does not includereserve position with IMF.

As per the earlier classification, institutional character of the Indian creditor/debtor formed the dividingline for capital account transaction, whereas now it is the functional nature of the capital transaction thatdominates the classification.

FDI to and by India up to 1999-2000 comprised mainly equity capital. In line with international bestpractices, the coverage of FDI has been expanded since 2000-01 to include, besides equity capital, reinvestedearnings (retained earnings of FDI companies) and ‘other direct capital’ (inter-capital debt transactionsbetween related entities). Data on equity capital include equity of unincorporated bodies. Reinvested earningsfor the latest year (2003-04) are estimated as average of the previous two years as these data are availablewith time-lag of a year. In view of the above revision, FDI data are not comparable with similar data forthe previous years (Appendix Table 3C). In terms of standard practise of BOP compilation, the above revisionof FDI data would not affect India’s overall position as the accretion to the foreign exchange reserves wouldnot undergo any change. The composition of BOP, however, would undergo changes. These changes relateto investment income, external commercial borrowings and ‘errors and omissions’. In case of reinvestedearnings, there is a contra-entry (payments) of equal magnitude under investment income in the currentaccount. ‘Other Capital’ reported as part of FDI inflow has been carved out from the figure reported underexternal commercial borrowings by the same amount. ‘Other Capital’ by Indian companies abroad and equitycapital of unincorporated entities have been adjusted against ‘errors and omissions’ for 2000-01 and 2001-02.

IISources of BOP Data

The compilation of BOP data are considerably facilitated by two important prescriptions under foreignexchange regulations, which are a universal feature in the governance of transactions in foreign exchange,and which therefore have continued in India even after external sector liberalisation and replacement ofthe Foreign Exchange Regulation Act (FERA), 1973 by the Foreign Exchange Management Act (FEMA),1999. The prescriptions are: (i) all foreign exchange transactions are required to be channelled throughthe banking system; and (ii) the authorised dealers (ADs) are required to submit various returns to theRBI on those transactions (RBI 1987).

The compilation is thus done on the basis of such statistical returns submitted by ADs to the RBI. Themost important return is the well-known R returns, which covers export receipts, import payments, andalso non-merchandise transactions (current and capital) beyond a cut-off limit; this cut-off limit prescribedfor the supplementary statement of receipts in respect of purposes other than exports, was varied from timeto time; it was Rs 1 lakh and above for some time up to January 2001 but was raised to $ 10,000 andabove thereafter. These R return schedules, including the supplementary statement of receipts, for non-merchandise transactions are now obtained from about 2,000 AD branches in electronic form. All of the

5 Balance of Payments

R returns data cover forex transactions including their purpose-wise classification up to and above the cut-off limit referred to above, and for the transactions below the limit, only total amount is given. Therefore,to capture such purpose-wise classification in respect of the balance of forex transactions below the cut-off limit of $10,000 now (about Rs 50,000), a sample survey of unclassified receipts is undertaken on aquarterly basis. Thirdly, data on a number of what are called non-R return items, that is, items dealt withdirectly by the government such as defence-related purchases and other official transactions, are supple-mented from government sources and major diplomatic missions abroad (Washington, London and Tokyo).Finally, there are three more other sources which supplement the above BOP data:

(i) a foreign currency gross provisional return (FCGPR) on capital account transactions includingall investment flows;

(ii) a BAL statement on balances in NRE deposit accounts; and(iii) information, through fortnightly section 42(2) returns of banks, on their Nostro balances (normally

in credit) and Vostro balances (normally in debt).In addition, there is yet another class of surveys on India’s ‘foreign liabilities and assets’, which has

finally culminated into a more comprehensive survey on international investment position (IIP). Earlierthis survey of foreign assets and liabilities was periodically undertaken to fill the gap in the capitaltransactions of the private sector; this survey was also used to obtain data on direct investment flows ona non-cash basis such as shares allotted to non-residents against import of plant and equipment or againsttechnical know-how fees, and direct investors’ portion of reinvested earnings. Now, the Indian governmenthas accepted Special Data Dissemination Standards (SDDS)6 prescribed by IMF in the aftermath of thefinancial crisis of 1997-98, according to which, the IIP, amongst others, ‘has become the focus of attentionon account of its comprehensive coverage and the feasibility of assessing the impact of policies on thecomposition of capital flows’ (RBI’s Annual Report, 2002-03, p.112). Under the SDDS, India was committedto compile the IIP for the period ending March 2002. Accordingly, annual IIP of India for the years March1997 to March 2002 have been placed on RBI’s website.

Apparent gaps in balance of payments data: -

(i) As pointed out earlier, there is the need to present import data in fob terms and thus give thevaluesof freight and insurance under invisibles more accurately.

(ii) IMF publications classify data on invisibles under 15 heads, whereas Indian BOP is generallyreported under 7 heads. Now that the RBI has begun collecting substantially more disaggregateddata, BOP classification may be expanded (Exhibit IA).

(iii) RBI was conducting sporadic studies on currency-wise pattern of exports and imports andinvisibles. It is hoped that these will be continued and that an analysis of the available datamay be undertaken more regularly such as once in two years.

(iv) Detailed dissemination of FDI inflows by sectors and by projects is needed. The advisory groupon data dissemination had in fact highlighted this requirement. Currently, the Secretariat ofIndustrial Approvals (GoI) publishes in their SIA Newsletter (monthly) census list of FDIapprovals with brief details on individual proposals and some consolidated data on actual inflows.RBI may attempt publishing similar data on the progress achieved in actual inflow of FDI andtechnical collaborations, along with ‘individual profiles’ for major cases of inflows and projectsunder implementation.

Difference between RBI balance of payments data and customs data.

As repeatedly reported by the RBI, a phenomenon in the external trade statistics of India has been thesignificant divergence between the merchandise transactions, particularly on imports, as revealed by thecustoms data compiled by the Directorate General of Commercial Intelligence and Statistics (DGCI and S)and the BOP data published by the RBI on payment basis (see Table 1 below). Apart from valuation andtiming differences as between the customs data based on the shipment of goods and the booking of, say,

Balance of Payments 6

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dse

rvic

esse

rvic

e tr

ansa

ctio

n co

veri

ng d

ata

base

s,da

ta p

roce

ssin

g, h

ardw

are

cons

ulta

ncy.

8R

oyal

ties

and

licen

ce f

ees

Cov

er r

ecei

pts/

paym

ents

due

to

sale

of

trad

emar

ks,

copy

righ

ts,

pate

nts,

fra

nchi

ses

due

to t

he u

se o

fpr

oduc

ed o

rigi

nals

suc

h as

film

s, m

anus

crip

ts.

9O

ther

bu

sine

ss s

ervi

ces

Ser

vice

s; o

pera

tiona

l le

asin

g se

rvic

es;

and

mis

cella

-ne

ous

busi

ness

, pr

ofes

sion

al,

tech

nica

l se

rvic

es.

10P

erso

nal,

cultu

ral

and

Incl

ude

serv

ices

ass

ocia

ted

with

the

pro

duct

ion

ofre

crea

tiona

l ser

vice

sm

otio

n pi

ctur

es o

n fil

ms

or v

ideo

-tap

e, r

adio

and

tele

visi

on p

rogr

amm

es11

Gov

ernm

ent

serv

ices

n.i.

e.C

over

s se

rvic

es a

ssoc

iate

d w

ith g

over

nmen

tse

ctor

s or

int

erna

tiona

l or

reg

iona

lor

gani

satio

ns a

nd n

ot c

lass

ified

els

ewhe

re.

Inco

me:

-1

Com

pens

atio

n of

Cov

ers

wag

es,

sala

ries

, ot

her

bene

fits

inem

ploy

ees

cash

or

in k

ind

of b

orde

r, s

easo

nal

and

non-

resi

dent

wor

kers

in

emba

ssie

s2

Inve

stm

ent

inco

me

Con

sist

s of

dir

ect

and

port

folio

inc

ome,

and

othe

r in

com

eT

ran

sfer

s:-

1O

ffic

ial t

rans

fers

Incl

udes

cur

rent

int

erna

tiona

l co

oper

atio

nbe

twee

n go

vern

men

ts,

paym

ents

of

curr

ent

taxe

s on

inc

ome

and

wea

lth2

Pri

vate

tra

nsfe

rsIn

clud

es w

orke

rs r

emitt

ance

s, c

laim

s on

nom

n-lif

e in

sura

nce

etc.

Not

e:T

he r

ecor

ding

of

tran

spor

tatio

n an

d in

sura

nce

tran

sact

ions

on

a gr

oss

basi

s an

d th

eir

recl

assi

ficat

ion

from

mer

chan

dise

to

invi

sibl

es f

orm

par

t of

the

ong

oing

eff

orts

to

refin

e an

ddi

sagg

rega

te t

he b

alan

ce o

f pa

ymen

ts s

tatis

tics.

Sou

rce:

IMF

, B

alan

ce o

f P

ymen

ts S

tatis

tics,

Yea

rboo

k, V

olum

e 35

, P

art

I, 1

984

Balance of Payments 8E

XH

IBIT

B:

ES

TIM

AT

ION

OF

IN

VIS

IBL

E A

CC

OU

NT

S -

A C

OM

PA

RIS

ON

OF

RB

I C

LA

SS

IFC

AT

ION

WIT

H T

HE

IM

F C

LA

SS

IFIC

AT

ION

(IM

F B

OP

Yea

rbo

ok)

I .

IMF

Cla

ssif

icat

ion

of

Invi

sib

les

I .

IMF

Cla

ssif

icat

ion

of

Invi

sib

les

Item

Nos

.N

omen

clat

ure

Bri

ef D

escr

iptio

nIt

em N

os.

Nom

encl

atur

eB

rief

Des

crip

tion

(Cre

dit

and

Deb

it)(C

redi

t an

d D

ebit)

3 an

d 4

Shi

pmen

tF

reig

ht a

nd i

nsur

ance

cha

rges

on

expo

rts

and

23 a

nd 2

4O

ther

res

iden

tA

mis

cella

neou

s ca

tego

ry (

like

sale

of

emba

ssy

inpo

rts

offic

ial,

Nie

build

ings

, fo

r in

stan

ce)

5 an

d 6

Pas

seng

er s

ervi

ces

Pas

seng

er f

ares

25 a

nd 2

6O

ther

res

iden

tA

ll fo

reig

n em

bass

y re

ceip

ts a

nd p

aym

ents

for

offic

ial,

Nie

dipl

omat

ic m

issi

ons

abro

ad i

nclu

ding

exp

endi

ture

s7

and

8P

ort

serv

ices

Bun

kers

, su

pplie

s of

jet

fue

l, an

d re

pair

ser

vice

sin

curr

ed b

y U

N a

genc

ies

and

the

agen

cies

lik

eat

por

ts a

nd a

irpo

rts

the

Wor

ld B

ank,

IM

F a

nd A

DB

.

9 an

d 10

Tra

vel

Tou

rist

s an

d ot

her

tem

pora

ry v

isito

rs’s

for

eign

27 a

nd 2

8La

bour

inc

ome,

Nie

.P

erso

nal

inco

me

earn

ed/

rem

itted

in

resp

ect

ofex

chan

ge e

xpen

ditu

rew

orke

rs w

ho s

tay

outs

ide

the

coun

try

of t

heir

resi

denc

e fo

r le

ss t

han

one

year

I.e

. fo

rte

mpo

rary

em

ploy

men

t.11

and

12

Re-

inve

sted

ear

ning

sS

hare

of

undi

stri

bute

d ea

rnin

gs o

f co

mpa

nies

with

on d

irec

t in

vest

men

tfo

reig

n sh

areh

oldi

ngs.

Thi

s in

clud

es e

arni

ngs

of29

and

30

Pro

pert

y in

com

e, N

ieR

ecei

pts/

paym

ents

for

pat

ents

and

roy

altie

s.ab

road

bran

ches

of

fore

ign

com

pani

es u

nrem

itted

(inc

ludi

ng b

anki

ng c

ompa

nies

)

13 a

nd 1

4O

ther

dir

ect

this

sec

tion

cove

rs d

istr

ibut

ed e

arni

ngs

of31

and

32

othe

r go

ods,

ser

vice

sT

his

will

cov

er:

inve

stm

ent

inco

me

fore

ign

cont

rolle

d co

mpa

nies

or

prof

its r

emitt

edan

d in

com

es,

Nie

.(i

) va

lue

adde

d fr

om r

e-ex

port

s(d

istr

ibut

ed e

arni

ngs)

in t

he c

ase

of b

ranc

hes

or i

nter

est

paym

ents

(ii)

loc

al e

xpen

ses

of o

ffsh

ore

com

pani

esm

ade

to p

rinc

ipal

s.(i

ii) m

otio

n pi

ctur

e fil

m r

enta

l an

d m

anag

emen

t fe

es(i

v) n

et t

rans

actio

ns f

rom

life

ins

uran

ce c

orpo

ratio

ns

i.e

all

non-

mer

chan

dise

ins

uran

ce a

nd n

on-t

rade

15 a

nd 1

6O

ther

inve

stm

ent

this

sho

uld

incl

ude

inte

rest

inc

ome

rece

ivab

le o

n

se

rvic

es o

btai

ned

from

abr

oad.

inco

me

of r

esid

ent

fore

ign

curr

ency

ass

ets

held

abr

oad

and

also

int

e-of

ficia

l, in

clud

ing

rest

pai

d on

for

eign

deb

t he

ld b

y go

vern

men

t an

d33

and

34

Mig

rant

s‘ t

rans

fer

Rem

ittan

ce r

ecei

ved

/pai

d fr

om/f

or t

empo

rary

inte

roffi

cial

gove

rnm

ent

owne

d pu

blic

util

ities

and

age

ncie

s.m

igra

nts

abro

ad o

ther

tha

n th

ose

seek

ing

empl

oym

ent

or i

nitia

l ar

riva

ls

17 a

nd 1

8O

ther

inve

stm

ent

For

eign

off

icia

l in

tere

st i

ncom

e pa

id t

o a

non-

35 a

nd 3

6W

orke

r’s

rem

ittan

ces

Rem

ittan

ce o

f w

orke

rs I

.e.

thos

e w

ho a

re f

orin

com

e of

for

eign

offic

ial

orga

nisa

tion

(cre

dit)

and

a p

riva

tere

gula

r em

ploy

men

t bu

t ei

ther

tha

n th

ose

inof

ficia

l ex

clud

ing

orga

nisa

tion

payi

ng i

nter

est

to a

for

eign

off

icia

lbu

sine

ss.

Als

o pe

rson

al r

emitt

ance

by

pers

ons

inte

roffi

cial

orga

nisa

tion

(deb

it)em

ploy

ed u

nder

tec

hnic

al a

ssis

tanc

e.

19 a

nd 2

0O

ther

inve

stm

ent

Cov

ers:

37 a

nd 3

8O

ther

pri

vate

Per

sona

l re

mitt

ance

s of

a s

peci

al n

atur

e su

ch a

sin

com

e (p

riva

te t

o(i

) D

ivid

ends

on

port

folio

inv

estm

ent

tran

sfer

spe

nsio

ns a

nd s

ocia

l se

curi

ty r

ecei

pts/

paym

ents

priv

ate)

i

ncom

e in

equ

ities

and

all

gilts

(ii)

Int

eres

t ea

rned

/pai

d on

ban

k de

posi

ts(i

ii) D

eben

ture

s an

d ot

her

debt

sec

uriti

es39

and

40

Inte

roff

icia

l tra

nsfe

rsO

n th

e re

ceip

ts s

ide,

con

tra-

entr

ies

for

all

gran

ts(i

v) T

his

item

als

o co

vers

int

eres

t pa

id o

n fo

reig

nfo

r te

chni

cal

assi

stan

ce;

also

can

cella

tion

of

deb

t by

pub

lic e

nter

pris

es a

nd a

lso

corp

orat

ions

debt

is

incl

uded

in

this

ite

m.

Deb

its i

nclu

de

who

se d

ebt

is g

uara

ntee

d by

loc

al g

over

nmen

tsac

tual

gra

nt f

igur

es.

21 a

nd 2

2In

ter-

offic

ial,

n.i.e

.T

his

shou

ld c

over

val

ue o

f se

rvic

es o

btai

ned/

41 a

nd 4

2O

ther

tra

nsfe

rs o

fT

his

incl

udes

som

e tr

ansf

ers

to r

esid

ent

gove

rn-

rend

ered

und

er a

id p

rogr

amm

es w

hich

are

fin

ance

dre

side

nt o

ffic

ial

men

ts l

ike

taxe

s fr

om n

on-r

esid

ents

(lik

e fo

reig

nby

gra

nts

and

whi

ch h

as a

con

tra

entr

y un

der

com

pany

reg

istr

atio

n fe

es)

or o

n th

e de

bt s

ide

item

no

39 b

elow

.of

ficia

l tr

ansf

ers

to p

riva

te e

ntiti

es a

broa

d lik

epe

nsio

n pa

ymen

ts.

43 a

nd 4

4O

ther

tra

nsfe

rs o

fT

his

cove

rs c

laim

s re

ceiv

ed f

rom

for

eign

soc

ial

fore

ign

offic

ial

secu

rity

ins

titut

ion,

pen

sion

s an

d sc

hola

rshi

ps,

etc.

on t

he d

ebit

side

, pa

ymnt

s by

pri

vate

ind

ivid

uals

and

orga

nisa

tions

to

fore

ign

gove

rnm

ents

(fo

reig

nso

cial

sec

urity

ins

titut

ions

) an

d co

nsul

ar a

ndvi

sa-f

ee p

aym

ents

.

(Con

td)

9 Balance of Payments

EX

HIB

IT B

: E

ST

IMA

TIO

N O

F I

NV

ISIB

LE

AC

CO

UN

TS

- A

CO

MP

AR

ISO

N O

F R

BI

CL

AS

SIF

CA

TIO

N W

ITH

TH

E I

MF

CL

AS

SIF

ICA

TIO

N (

IMF

BO

P Y

earb

oo

k) (

Con

clud

ed)

II. R

BI

Cla

ssif

icat

ion

No

men

clat

ure

Co

rres

po

nd

ing

Ite

m N

os

in a

bo

ve I

MF

Cla

ssif

icat

ion

1 T

rave

lIt

em n

umbe

rs 9

and

10

(inc

ludi

ng t

he r

elev

ant

shar

e fr

omun

clas

sifie

d re

ceip

ts

2 T

rans

port

atio

nIt

em n

umbe

rs 3

and

4 (

frei

ght

com

pone

nt o

nly)

and

als

o 5

and

6 (p

asse

nger

far

es)

and

item

num

bers

7 a

nd 8

(po

rtse

rvic

es)

3 In

sura

nce

Item

num

bers

3 a

nd 4

(in

sura

nce

com

pone

nt o

nly)

.Thi

s ite

mal

so i

nclu

des

surp

lus

fund

s re

ceiv

ed b

y In

dian

Ins

uran

ceco

mpa

nies

fro

m a

broa

d (I

tem

num

bers

31

and

32)

4. I

ncom

e :

Inv

estm

ent

Inco

me

Item

num

bers

11

and

12,

13,

14 ,

15 a

nd 1

6, 1

7and

18

and

19an

d 20

Com

pens

atio

n to

em

ploy

ees

Item

num

bers

27

and

28

5 G

over

nmen

t N

.i.e.

Item

num

bers

23

and

24 a

nd 2

5 an

d 26

6. M

isce

llane

ous

Item

no

29 a

nd 3

0

7 T

rans

fer

Pay

men

ts

(I

) O

ffic

ial

Item

num

bers

21

and

22,

23 a

nd 2

4,

39 a

nd 4

0, 4

1 an

d 42

and

43 a

nd 4

4

(ii)

Pri

vate

Item

num

bers

33

and

34,

35 a

nd 3

6, 3

7 an

d 38

.

Not

e:T

he r

ecor

ding

of

tran

spor

tatio

n an

d in

sura

nce

tran

sact

ions

on

a gr

oss

basi

s an

d th

eir

recl

assi

ficat

ion

from

mer

chan

dise

to

invi

sibl

es f

rom

par

t of

the

ong

oing

eff

orts

to

refin

e an

d di

sagg

re-

gate

the

bal

ance

of

paym

ents

sta

tistic

s.S

ourc

e:IM

F,

Bal

ance

of

Pay

men

ts S

tatis

tics,

Yea

rboo

k, V

olum

e 35

, P

art

I, 1

984

imports on payments basis, a major cause for the difference in merchandise imports is that customs (DGCIand S) data do not cover import of defence stores including defence equipment, while the RBI data coverthe same as and when these imports are paid for. Besides, RBI data have a lead in payments in regardto imports under external assistance and commercial borrowings as the RBI records them when the paymentsare made to suppliers while the DGCI and S data cover them when the goods arrive in the country in accordancewith the recommendations of the report of the technical group on reconciling balance of payments andDGCI and S data sources on merchandise trade. Data on gold and silver brought in by the Indians returningfrom transfer receipts since 1992-93 abroad have been included under import payments with contra entryunder private transfer receipts.

As the data in text Table 1 shows, the differences between the two sources have got widened, particularlyin the latter half of the last decade when defence purchases seems to have got expanded; it is quiet likelythat leads and lags between shipments and payment receipts may have also got widened.

Table 1: India’s Foreign Trade : A Comparison of DGCI & S and RBI Data(Rupees, Crore)

Exports Imports Trade Balance

DGCI and S RBI Difference DGCI and S RBI Difference DGCI and S RBI Difference(2-3) (5-6) (8-9)

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

1980-81 6711 6666 45 12549 12876 -327 -5838 -6210 3721981-82 7806 7766 40 13608 14260 -652 -5802 -6494 6921982-83 8803 9137 -334 14293 15856 -1563 -5490 -6719 12291983-84 9771 10169 -398 15831 17093 -1262 -6060 -6924 8641984-85 11744 11959 -215 17134 18680 -1546 -5390 -6721 13311985-86 10895 11578 -683 19658 21164 -1506 -8763 -9586 8231986-87 12452 13315 -863 20096 22669 -2573 -7644 -9354 17101987-88 15674 16396 -722 22244 25693 -3449 -6570 -9297 27271988-89 20232 20647 -415 28235 34202 -5967 -8003 -13555 55521989-90 27658 28229 -571 35328 40642 -5314 -7670 -12413 47431990-91 32558 33153 -595 43193 50086 -6893 -10635 -16933 62981993-94 69751 71146 -1395 73101 83869 -10768 -3350 -12723 93731994-95 82674 84329 -1655 89971 112749 -22778 -7297 -28420 211231995-96 106353 108481 -2128 122678 146542 -23864 -16325 -38061 217361996-97 118817 121194 -2377 138920 173753 -34833 -20103 -52559 324561997-98 130101 132703 -2602 154176 190508 -36332 -24075 -57805 337301998-99 139753 144436 -4683 178332 199914 -21582 -38579 -55478 168991999-00 159561 165993 -6432 215236 240112 -24876 -55675 -74119 184442000-01 203571 205287 -1716 230873 270663 -39790 -27302 -65376 380742001-02 209018 214351 -5333 245200 274778 -29578 -36182 -60427 242452002-03 255137 254022 1115 297206 316450 -19244 -42069 -62428 203592003-04 291582 288769 2813 353976 365641 -11665 -62394 -76872 14478

Sources : Various issues of RBI Bulletin

IIIAn Overview of India’s Balance of Payments

Appendix Tables 1(A) to 5 present a detailed account of all the major components of India’s balanceof payments for about 54 years since 1950-51. A few special tables amongst them give further detailsof some important sub-categories of invisibles and capital transactions. A text Table 2, depicts a profileof end-year foreign exchange reserves including annual transactions with the IMF. A separate table presents‘rest of the world account’ transactions as tabulated by the Central Statistical Organisation (CSO) in itsNational Accounts Statistics (Appendix Table 6). A few analytical tables such as the one on financing ofcurrent account deficit (Table 3) and another on selected indicators of BOP (Table 4) are also presentedas text tables. They make an attempt to provide a perspective of macro analysis that is possible of BOPstatistics. Apart from exports and imports of goods and services, the table on ‘rest of the world account’provides data on (a) compensation of employees from, and to, the rest of the world; and (b) property andentrepreneurial income similarly from, and to, the rest of the world. The objective of this note is to presentthese data for use by research scholars and others and not to provide any detailed analysis. However,

Balance of Payments 10

opportunity is taken to make a few obser-vations on what these mass of data revealessentially as a lead for their users.

First, there has occurred a quantum leap inthe proportion of India’s exports in GDP. Forover three decades, merchandise exports hadconstituted around 4 to 5 per cent of GDP butthis has jumped to about 8 to 9 per cent inthe 1990s (Table 4 in the text) and over 10per percent in the latest two years. Further,it is revealed that inclusive of exports ofservices, the rise in the ratio of goods andservices to GDP has been much sharper, fromabout a range of 8-9 per cent to 18-19 per cent.Significantly, the rise in export earnings hasbeen accompanied by similar sizeable increasein imports as percentage of GDP. Althoughthe physical trade to GDP ratio has not shown

any significant expansion in the second halfof the 1990’s, the ratio has significantly im-proved in this millenium. On the other hand,exports of services as percentage of GDP haswitnessed a more rapid and continuous rise.It has grown from about 2.5-3.5 per cent forabout two decades until the early 1990’s to 5per cent in 1995-96 and to 8.8 per cent in 2003-04, the most commendable feature being thatthe growth in exports of both goods and ser-vices have come about despite around 8 percent appreciation of the rupee against the dollarin these two years; of course, in REER terms,there has not been any change in the value ofthe rupee.

Secondly, the current account deficit – acrucial macro economic indicator – has faced

a chequered trend. As percentage of GDP,it was around 2 per cent during the highinvestment phases of the second and thirdfive-year plan periods (1956-57 to 1965-66)and also during the decade of the 1980s.Interestingly, the 1990s in particular haveshown the lowest relative current accountdeficit so much so that by 2001-02, therehas arisen a current account surplus, whichhas continued has continued till the firstquarter of 2004-05. Earlier, such a surpluswas experienced in the mid-1970s when thenational economy had similarly experiencedan investment famine.

11 Balance of Payments

Graph 1Export and Import as Percentage of GDP

0

5

10

15

20

25

30

1961

-62

1963

-64

1965

-66

1967

-68

1969

-70

1971

-72

1973

-74

1975

-76

1977

-78

1979

-80

1981

-82

1983

-84

1985

-86

1987

-88

1989

-90

1991

-92

1993

-94

1995

-96

1997

-98

1999

-00

2001

-02

2003

-04

Years

Per

cen

tag

e

Exports as % to GDP Imports as % to GDP

Graph 2Total Merchandise as % to GDP

0

5

10

15

20

25

30

1961

-62

1963

-64

1965

-66

1967

-68

1969

-70

1971

-72

1973

-74

1975

-76

1977

-78

1979

-80

1981

-82

1983

-84

1985

-86

1987

-88

1989

-90

1991

-92

1993

-94

1995

-96

1997

-98

1999

-00

2001

-02

2003

-04

Years

Per

cent

ages

Total Merchandise as % to GDP

Graph 3Financing CAD

-20000

-10000

0

10000

20000

30000

40000

50000

60000

70000

80000

1960

-61

1962

-63

1964

-65

1966

-67

1968

-69

1970

-71

1972

-73

1974

-75

1976

-77

1978

-79

1980

-81

1982

-83

1984

-85

1986

-87

1988

-89

1990

-91

1992

-93

1994

-95

1996

-97

1998

-99

2000

-01

2002

-03

Years

Rs

Cro

re

External assistance Commercial Borrowings Foreign Investments NRI Deposits

Thirdly, again, in the financing of currentdeficit (text Table 3 and Graph 3), there hasoccurred a significant change in the relativeimportance of various sources of financein this respect. While the role of externalassistance has declined in the 1990s, theimportance of private investment flows,NRI deposits and commercial borrowings,has increased. Separate information pro-vided on the first two items of investmentflows [Appendix Tables 3A, 3B and 3C]and NRI deposits (Appendix Tables 4Aand 4B) speak of their importance in ab-solute numbers.

Finally, above all, it is the phenomenalexpansion in foreign currency assets in the1990s that stands out. As indicated in thetext Table 2, the country’s foreign exchangereserves had generally remained low afterthe sterling balances were brought down in the early phase of planning. The years when the reserves formedmore than three months’ import requirements, as in the 1970s and the early 1980s, were periods of considerablerecessionary conditions in Indian industry; in the early 1980s the reserves were also supported by the IMF drawals.

The same phenomena of recession as well as IMF and other exceptional drawings were prevalent in theearly 1990s; thereafter the foreign exchange reserves began to rise. But, the increases in reserves that haveoccurred after 1995-96 or thereabout are of a different genre. Not only have there been no IMF borrowings(in fact all repurchase obligations have been cleared), the recessionary conditions have not been as severeas in, for instance, in the 1970s. In fact, inflows have been quite sizeable as a result of reduced merchandisedeficits, rapid increases in private inward remittances, and higher capital flows - all of which could notprobably have been absorbed even if the tempo of investment was stepped up.

Notes

[Acknowledment: An original note on the subject was published in the Economic and Political Weekly (EPW) of November13-20, 1993. The same has been thoroughly revised and updated by Ms. Shilpa Jain for publication on the websitewww.epwrf.res.in Mrs. Rema K. Nair undertook page-making.]

1 International Monetary Fund, Balance of Payments Manual, Fourth Edition, 1971.2 The Reserve Bank of India has compiled and published its own manual setting out the concepts and methodology, the main

constitutents of BoP and source of data used. See Reserve Bank of India (1987), Balance of Payments Compilation Manual,October, 1987.

3 See International Monetary Fund, Balance of Payments Statistics (various yearbook volumes)4 See RBI,op cit, pp 21-22.5 Portfolio investment mainly includes FIIs’ investment, funds raised through GDRs/ADRs by Indian companies and through

offshore funds. Data on investment abroad, hitherto reported, have been split into equity capital and portfolio investment since2000-01.

6 A detailed note on the SDDS has been published by the EPW Research Foundation (2003) ; it is: “ International Reserve,Foreign Currency Liquidity and External Debt: Data template”, Economic and Political Weekly, September 30, 2003.

Symbols and Abbreviations

1. The following symbols have been used throughout the article... = data not available-, 0 = nil or negligible. = Denotes data not available separately and has been clubbed elsewhere.

2. f.o.b. = free on boardc.i.f- cost, insurance and freight.

3. NR(E)RA = Non-Resident (External) Rupee Account4. FCNR (B) = Foreign Currency Non-Resident (Banks)5. FCNR (A) = Foreign Currency Non-Resident (Accounts)

Balance of Payments 12

Graph 4

Import Cover

0

10000

20000

30000

40000

50000

60000

Years

0.0

2.0

4.0

6.0

8.0

10.0

12.0

Forex Reserves Import Cover

20

01

-02

Tab

le 2

: F

ore

ign

Exc

han

ge

Res

erve

s :

1950

-51

to 2

003-

04

For

eign

Exc

hang

e R

eser

ves

Tra

nsac

tions

with

the

IM

F

Yea

rS

DR

sG

old

For

eign

To

tal

SD

Rs

Gol

dF

orei

gnT

ota

lD

raw

ings

Rep

ur-

Out

-D

raw

ings

Rep

ur-

Out

-R

eser

veR

eser

ves

Cur

renc

yC

urre

ncy

chas

esst

andi

ngch

ases

stan

ding

Pos

ition

in t

erm

sA

sset

sA

sset

sR

epur

chas

e#

Rep

urch

ase

in t

heof

no

ofO

blig

atio

nsO

blig

atio

nsF

und

mon

ths

ofIm

port

s

(In

Rs

Cro

re)

(In

US

Dol

lar

Mill

ion)

(In

Rs

Cro

re)

(In

US

Dol

lar

Mill

ion)

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

(13)

(14)

(15)

(16)

(17)

1950

-51

-11

891

110

29-

247

1914

2161

--

48-

-10

0-

19.0

1951

-52

-11

874

786

5-

247

1568

1815

--

48-

-10

0-

10.8

1952

-53

-11

876

388

1-

247

1603

1850

--

48-

-10

0-

16.7

1953

-54

-11

879

291

0-

247

1664

1911

-17

30-

3664

-18

.419

54-5

5-

118

774

892

-24

716

2618

73-

1713

-36

28-

15.5

1955

-56

-11

878

590

3-

247

1648

1895

-7

6-

1513

-14

.019

56-5

7-

118

563

681

-24

711

8414

3161

661

126

1212

8-

7.4

1957

-58

-11

830

342

1-

247

637

884

35-

9572

-20

0-

4.1

1958

-59

-11

826

137

9-

247

548

795

--

95-

-20

0-

4.4

1959

-60

-11

824

536

3-

247

515

762

-24

71-

5015

0-

4.7

1960

-61

-11

818

630

4-

247

390

637

-11

61-

2312

8-

3.3

1961

-62

-11

818

029

8-

247

377

624

119

6111

924

912

725

0-

3.5

1962

-63

-11

817

729

5-

247

372

619

12-

131

25-

275

-3.

219

63-6

4-

118

188

306

-24

739

564

2-

2410

7-

5022

5-

2.9

1964

-65

-13

411

625

0-

281

243

524

4848

107

9910

022

5-

2.1

1965

-66

-11

618

229

8-

243

383

626

6636

137

137

7528

8-

2.6

1966

-67

-18

329

647

9-

243

395

638

8943

313

126

5741

8-

2.7

1967

-68

-18

335

653

9-

243

475

718

6843

338

8958

450

-3.

119

68-6

9-

183

394

577

-24

352

676

9-

5927

9-

7837

2-

3.9

1969

-70

9218

354

682

112

324

372

810

94-

125

154

-16

720

5-

6.2

1970

-71

112

183

438

733

148

243

584

975

-15

3.8

--

205

--

4.8

1971

-72

194

183

480

857

269

264

661

1194

--

--

--

-5.

019

72-7

322

618

347

988

829

729

362

912

19-

--

--

--

5.2

1973

-74

230

183

581

994

296

293

736

1325

62-

5979

-75

-4.

419

74-7

522

918

361

010

2229

330

478

213

7948

5-

557

608

-71

5-

2.9

1975

-76

211

183

1492

1886

234

281

1657

2172

207

-80

423

9-

896

-4.

219

76-7

719

218

828

6332

4321

729

032

4037

47-

303

492

-33

655

9-

7.4

1977

-78

170

193

4500

4863

200

319

5305

5824

-24

921

0-

333

249

-9.

919

78-7

938

122

052

2058

2147

037

764

2172

68-

207

--

256

--

9.2

1979

-80

545

225

5164

5934

662

375

6324

7361

-55

$-

-14

5-

-7.

319

80-8

149

722

648

2255

4560

337

058

5068

2327

4 @

5 $$

268

342

1632

7-

5.0

1981

-82

444

226

3355

4025

473

335

3582

4390

637@

@-

901

692

4096

4-

3.4

1982

-83

291

226

4265

4782

291

324

4281

4896

1893

@@

-28

6719

68-

2876

-3.

619

83-8

424

822

654

9859

7223

032

050

9956

4914

14@

@72

(a)

4444

1376

7041

50-

4.1

1984

-85

181

246

6817

7243

145

325

5482

5952

219@

@15

6(b)

4888

201

134

3932

-4.

519

85-8

616

127

473

8478

1913

141

759

7265

20-

253

c)52

85-

209

4290

-4.

519

86-8

723

227

476

4581

5117

947

159

2465

74-

672(

d)55

48-

521

4291

-4.

4

(Con

td)

13 Balance of Payments

Tab

le 2

: F

ore

ign

Exc

han

ge

Res

erve

s :

1950

-51

to 2

002-

03 (

Con

clud

ed)

(Rup

ees,

Cro

re)

For

eign

Exc

hang

e R

eser

ves

Tra

nsac

tions

with

the

IM

F

Yea

rS

DR

sG

old

For

eign

To

tal

SD

Rs

Gol

dF

orei

gnT

ota

lD

raw

ings

Rep

ur-

Out

-D

raw

ings

Rep

ur-

Out

-R

eser

veR

eser

ves

Cur

renc

yC

urre

ncy

chas

esst

andi

ngch

ases

stan

ding

Pos

ition

in t

erm

sA

sset

sA

sset

sR

epur

chas

e#

Rep

urch

ase

in t

heof

no

ofO

blig

atio

nsO

blig

atio

nsF

und

mon

ths

ofIm

port

s

(In

Rs

Cro

re)

(In

US

Dol

lar

Mill

ion)

(In

Rs

Cro

re )

(In

US

Dol

lar

Mill

ion)

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

(13)

(14)

(15)

(16)

(17)

1987

-88

125

274

7287

7686

9750

856

1862

23-

1209

(e)

4732

-93

036

5363

3.5

3.8

1988

-89

161

274

6605

7040

103

473

4226

4802

-15

47(f

)36

96-

1070

2365

671.

62.

419

89-9

018

428

157

8762

5210

748

733

6839

62-

1460

(g)

2572

-87

314

9363

0.0

1.9

1990

-91

200

6828

4388

1141

610

234

9622

3658

3433

34 &

1156

(h)

5132

1858

647

2623

-2.

519

91-9

223

390

3914

578

2385

090

3499

5631

9220

3205

@@

1127

(I)

8934

1240

460

3451

-5.

319

92-9

355

1054

920

140

3074

418

3380

6434

9832

4231

868(

j)14

986

1623

335

4799

296

4.9

1993

-94

339

1279

447

287

6042

010

840

7815

068

1925

410

0742

0(k)

1581

232

513

450

4029

98.

619

94-9

523

1375

266

005

7978

07

4370

2080

925

186

-35

85(l)

1354

5-

1146

4300

331

8.4

1995

-96

280

1565

858

446

7438

482

4561

1704

421

687

-57

49(m

)81

52-

1710

2374

310

6.0

1996

-97

714

557

8036

894

932

240

5422

367

2642

3-

3461

(n)

4714

-97

713

1329

16.

519

97-9

84

1339

410

2507

1159

051

3391

2597

529

367

-22

86(o

)26

24-

615

664

283

6.9

1998

-99

3412

559

1254

1213

8005

829

6029

522

3249

0-

1652

(p)

1220

-10

228

766

38.

219

99-0

016

1297

315

2924

1659

134

2974

3505

838

036

--

--

--

658

8.2

2000

-01

1112

711

1844

8219

7204

227

2539

554

4228

1-

--

--

-61

68.

220

01-0

250

1486

824

9118

2640

3610

3047

5104

954

106

--

--

--

610

11.3

2002

-03

1916

785

3414

7635

8280

435

3471

890

7542

8-

--

--

-67

213

.820

03-0

410

1821

646

6215

4844

412

4198

1074

4811

1648

--

--

--

1311

17.0

-’ :

deno

tes

nil.

@E

xclu

des

Rs.

544

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cror

e un

der

Tru

st F

und.

@@

Dra

wal

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Ext

ende

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und

Fac

ility

(EF

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of S

tand

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Arr

ange

men

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raw

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of R

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217.

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unde

r C

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ory

and

Con

tinge

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Fin

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cro

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Fir

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Arr

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Incl

udes

vol

unta

ry r

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f R

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) an

d sa

les

of R

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the

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F u

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its

gen

eral

Res

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cout

(R

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5.2

cror

e)$$

Sal

es o

f R

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s by

the

Fun

d.#

Add

ition

ally

, S

DR

59.

9 m

illio

n in

May

197

9,S

DR

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9 m

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n in

Jul

y 19

80 a

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DR

34.

5 m

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Mar

ch 1

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wer

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or r

epur

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f R

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34.

5 m

illio

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urch

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r C

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nsat

ory

Fin

anci

ng F

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ty.

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R 3

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mill

ion

and

Rs.

117

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cror

e in

for

eign

cur

renc

ies

wer

e us

ed f

or r

epur

chas

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wal

s un

der

CF

F.

(c)

SD

R 6

6.5

mill

ion

and

SD

Rs

131.

25 m

illio

n w

ere

used

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purc

hase

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sun

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or r

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R 7

04.1

7 m

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F.

(g)

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R 6

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5 m

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FF

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ed f

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37.4

9 m

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ere

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urch

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r E

FF

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DR

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mill

ion

wer

e us

ed f

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EF

F.

(k)

SD

R

95.8

4 m

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ere

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FF

.(l

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DR

337

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mill

ion

wer

e us

ed f

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es o

f dr

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s un

der

EF

F.

(m)

SD

R 2

37.4

9 m

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n w

ere

used

for

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urch

ases

of

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r E

FF

.(n

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DR

678

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mill

ion

wer

e us

ed f

or r

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es o

f dr

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s un

der

EF

F.

(o)

SD

R 4

99.2

9 m

illio

n w

ere

used

for

rep

urch

ases

of

draw

als

unde

r E

FF

.(p

)S

DR

212

.46

mill

ion

wer

e us

ed f

or r

epur

chas

es o

f dr

awal

s un

der

EF

F.

Not

es:

1) F

igur

es a

fter

196

5-66

are

not

com

para

ble

with

tho

se o

f th

e ea

rlie

r ye

ars

owin

g to

dev

alua

tion

of t

h ru

pee

in J

une

1966

.2)

Als

o fig

ures

for

Jul

y 19

91 a

re n

ot c

ompa

rabl

e w

ith t

hose

of

earl

er p

erio

ds d

ue t

o th

e do

wnw

ard

adju

stm

ent

of t

he R

upee

eff

ecte

d on

Jul

y 1

& 3

, 19

91.

3) D

raw

als,

Rep

urch

ase

and

Out

stan

ding

rep

urch

ase

Obl

igat

ions

are

cal

cula

ted

at t

he r

ulin

g ra

tes

of e

xcha

nge.

4) G

old

is v

alue

d at

Rs.

53.

58 p

er 1

0 gr

ams

up t

o M

ay 1

966

and

at R

s. 8

4.39

per

10

gram

s of

gol

d up

to

Sep

tem

ber

1990

and

clo

ser

to i

nter

natio

nal

mar

ket

pric

e w

.e.f

. O

ctob

er 1

7,19

90.

5) F

orei

gn E

xcha

nge

incl

udes

a)

For

eign

ass

ets

of t

he R

eser

ve B

ank

of I

ndia

b)

Gov

ernm

ent

bal

ance

hel

d ab

road

up

to 1

955-

56.

6) W

hile

res

erve

s pe

rtai

n to

end

per

iod,

rep

urch

ases

are

for

the

rel

evan

t pe

riod

.7)

Im

port

cov

er i

s ar

rive

d at

by

divi

ding

to

tal

rese

rves

with

im

port

s (b

oth

in $

mill

ion)

and

mul

tiply

ing

the

resu

lt by

12.

Sou

rces

:G

over

nmen

t of

Ind

ia,

Eco

nom

ic S

urve

y (v

ario

us i

ssue

s) a

nd R

BI,

Ann

ual

Rep

ort

(var

ious

iss

ues)

Balance of Payments 14

15 Balance of Payments

Tab

le 3

: F

inan

cin

g o

f C

urr

ent

Acc

ou

nt

Def

icit

s :

1950

-51

to 2

003-

04(R

upee

s, C

rore

)

Fin

ance

d b

y

Cur

rent

Ext

erna

l A

ssis

tanc

eC

omm

erci

al B

orro

win

gN

RI

Dep

osits

IMF

and

SD

RF

orei

gnR

upee

Deb

tO

ther

Mov

emen

tA

ccou

ntA

lloca

tions

Inve

stm

ents

Ser

vice

Cap

ital

in R

eser

ves

Def

icit

Yea

r(C

AD

)N

etP

erce

nt D

raw

als

Rep

ay-

Net

Per

cent

Dra

wal

sR

epay

-N

etP

erce

ntN

etN

etP

erce

ntN

etN

et i

nclu

-(D

ecre

ase+

/of

CA

Dm

ents

of C

AD

men

tsof

CA

Dof

CA

Ddi

ng e

rror

sIn

crea

se-)

and

omis

sion

s(1

)(2

)(3

)(4

)(5

)(6

)(7

)(8

)(9

)(1

0)(1

1)(1

2)(1

3)(1

4)(1

5)(1

6)(1

7)(1

8)

1950

-51

39-5

12.8

813

0-

00

0-

04

10.3

0-9

-29

1951

-52

-163

4728

.860

130

-0

00

-0

42.

50

-53

165

1952

-53

6022

36.7

3513

0-

00

0-

04

6.7

0-6

9-1

7

1953

-54

48-1

020

.82

110

-0

00

--1

78

16.7

00

-29

1954

-55

6-1

016

6.7

111

0-

00

0-

-17

813

3.3

0-5

18

1955

-56

76

85.7

94

0-

00

0-

-724

342.

90

-19

-11

1956

-57

-313

278.

630

30

-0

00

-55

216.

70

-11

221

1957

-58

-431

368.

411

579

**0

-0

00

-35

30.

70

9826

0

1958

-59

-327

218

66.7

226

70

-0

00

-0

103.

10

5742

1959

-60

-186

175

94.1

187

120

-0

00

--2

452

28.0

0-3

316

1960

-61

-392

219

55.9

257

380

-0

00

--1

128

7.1

097

59

1961

-62

-307

214

69.7

274

600

-0

00

-58

309.

80

-16

1962

-63

-354

343

96.9

396

530

-0

00

-12

00.

00

-32

1963

-64

-349

388

111.

244

657

0-

00

0-

-24

267.

40

-30

-11

1964

-65

-468

544

116.

262

278

0-

00

0-

047

10.0

0-1

7956

1965

-66

-510

475

93.1

560

850

-0

00

-30

183.

50

35-4

8

1966

-67

-843

822

97.5

966

144

0-

00

0-

4631

3.7

0-9

337

1967

-68

-807

831

103.

010

2719

50

-0

00

-24

374.

60

-14

-71

1968

-69

-410

645

157.

383

018

50

-0

00

--5

928

6.8

0-1

66-3

8

1969

-70

-234

469

200.

468

421

50

-0

00

--3

024

10.3

09

-238

1970

-71

-445

504

113.

373

523

116

-427

110

--7

936

8.1

0-1

2189

1971

-72

-499

508

101.

875

824

910

-230

210

-75

448.

80

-43

-95

1972

-73

-312

377

120.

866

328

654

-17

7723

0-

030

9.6

0-1

8233

1973

-74

1135

@@

465

41.0

872

407

726

102

290

-62

524.

60

-14

-84

1974

-75

-956

854

89.3

1137

283

156

-16

195

400

-48

569

7.2

0-6

01-7

1975

-76

-178

1219

684.

815

5333

423

1-1

3029

160

3620

.221

8-8

4.5

0-6

88-8

30

1976

-77

894

1270

142.

116

5138

116

318

235

7216

718

.7-3

06-2

62.

90

-766

-139

6

1977

-78

1124

882

78.5

1360

478

343

116

8320

017

.8-2

88-1

00.

90

-396

-154

6

1978

-79

-238

455

191.

293

347

816

4-6

925

389

156

65.5

-74

2410

.10

513

-100

0

1979

-80

-553

656

118.

611

9854

244

-811

571

162

29.3

4270

12.7

0-5

2-3

69

1980

-81

-221

411

1250

.218

0469

119

9-9

316

117

178

8.0

383

--

--1

7751

6

(Con

td)

Balance of Payments 16T

able

3:

Fin

anci

ng

of

Cu

rren

t A

cco

un

t D

efic

its

: 19

50-5

1 to

200

2-03

(C

oncl

uded

)(R

upee

s, C

rore

)

Fin

ance

d b

y

Cur

rent

Ext

erna

l A

ssis

tanc

eC

omm

erci

al B

orro

win

gN

RI

Dep

osits

IMF

and

SD

RF

orei

gnR

upee

Deb

tO

ther

Mov

emen

tA

ccou

ntA

lloca

tions

Inve

stm

ents

Ser

vice

Cap

ital

in R

eser

ves

Def

icit

Yea

r(C

AD

)N

etP

erce

nt D

raw

als

Rep

ay-

Net

Per

cent

Dra

wal

sR

epay

-N

etP

erce

ntN

etN

etP

erce

ntN

etN

et i

nclu

-(D

ecre

ase+

/of

CA

Dm

ents

of C

AD

men

tsof

CA

Dof

CA

Ddi

ng e

rror

sIn

crea

se-)

and

omis

sion

s(1

)(2

)(3

)(4

)(5

)(6

)(7

)(8

)(9

)(1

0)(1

1)(1

2)(1

3)(1

4)(1

5)(1

6)(1

7)(1

8)

1981

-82

-283

974

626

.313

6762

214

6-5

373

227

206

7.3

635

--

--5

1316

18

1982

-83

-328

011

2534

.317

7565

073

2-2

294

321

138

311

.718

95-

--

-228

-625

1983

-84

-331

611

8335

.719

2574

178

5-2

410

5426

970

921

.413

51-

--

59-7

73

1984

-85

-287

314

0749

.019

5354

611

10-3

914

7236

287

930

.659

--

-34

2-9

26

1985

-86

-595

616

7628

.124

8180

511

67-2

018

2766

017

6729

.7-2

65-

--

904

707

1986

-87

-583

018

0831

.030

5612

4925

13-4

343

0417

9116

5028

.3-6

7224

94.

324

9-4

5073

2

1987

-88

-629

329

4546

.8-4

614

1669

1266

-20

3208

1942

1840

29.2

-120

956

38.

956

3-6

995

6

1988

-89

-104

1032

1030

.848

6016

5027

43-2

642

6515

2236

3634

.9-1

547

517

5.0

517

1572

1449

1989

-90

-983

030

9031

.449

9819

0929

58-3

048

2318

6540

0040

.7-1

460

683

6.9

683

886

1232

1990

-91

-173

6639

6522

.860

9521

2940

35-2

376

3035

9527

5615

.921

7818

31.

1-2

140

4096

2293

1991

-92

-223

573

9533

0.9

1071

533

2038

07-1

7078

5240

4510

0845

.120

7733

915

.2-2

785

-256

-935

1

1992

-93

-127

6357

4845

.010

172

4424

-109

59

3583

4677

6097

47.8

3363

1699

13.3

-233

517

68-2

481

1993

-94

-363

459

6416

4.1

1090

449

4019

05-5

291

3772

3237

8010

4.0

587

1328

136

5.5

-330

287

86-2

7366

1994

-95

-105

8247

9845

.310

025

5227

3238

-31

1304

198

0353

95.

1-3

585

1508

814

2.6

-309

078

11-1

4575

1995

-96

-196

4633

5617

.110

101

6895

4548

-23

1444

098

9238

2119

.4-5

749

1562

479

.5-3

106

-933

497

98

1996

-97

-162

8139

9824

.610

893

7071

1000

4-6

126

867

1686

311

894

73.1

-346

121

162

130.

0-2

542

-468

1-2

0759

1997

-98

-208

8334

6116

.610

826

7365

1460

1-7

027

254

1265

343

2520

.7-2

286

1983

295

.0-2

784

-198

7-1

4367

1998

-99

-167

8934

8520

.811

507

8022

1857

8-1

1130

645

1206

740

6024

.2-1

652

9737

58.0

-330

820

72-1

6593

1999

-00

-203

3139

1519

.313

339

9424

1447

-713

910

1246

367

0933

.0-1

122

2218

410

9.1

-305

916

675

-266

48

2000

-01

-115

9820

0217

.313

521

1151

920

171

-174

4445

524

284

1056

191

.1-1

1535

054

302.

2-2

760

-143

96-2

7528

2001

-02

1642

654

0932

.916

070

1066

1-7

528

-46

1284

520

373

1312

779

.9-

3192

019

4.3

-245

750

45-5

6593

2002

-03

3066

0-1

5020

49.0

1390

228

922

-822

0-2

716

976

2519

614

424

47.0

-20

098

65.6

-230

645

667

-820

37

2003

-04

4795

2-1

2500

26.1

1526

927

769

-694

2-1

430

073

3701

516

869

35.2

-67

592

141.

0-1

758

3637

1-1

4399

4

**In

clud

es s

ilver

dis

patc

hed

to U

SA

and

del

iver

ed t

o th

e A

mer

ican

em

bass

y va

lues

at

Rs.

64.

8 cr

ore

duri

ng A

pril-

June

195

7 an

d R

s. 9

.6 c

rore

dur

ing

June

-Sep

tem

ber

1957

in

fulfi

lmen

t of

lead

-lea

se o

blig

atio

ns.

#In

clud

es I

ndia

Dev

elop

men

t B

onds

@O

ther

cap

ital

incl

udes

ban

king

cap

ital

net

of n

on-r

esid

ents

dep

osits

but

exc

lude

s sh

ort-

term

cap

ital.

@@

The

net

fig

ure

as p

er l

ates

t da

ta i

s -1

123,

whi

ch i

s af

ter

excl

udin

g ce

rtai

n pr

epay

men

ts.

Not

es:

* R

ecei

pts/

disb

urse

men

ts f

or t

he y

ear

1973

-74

excl

ude

Rs.

166

4 cr

ore

as o

ffic

ial

gran

t re

ceip

ts/a

mor

tisat

ion

unde

r th

e ag

reem

ent

date

d F

eb.1

8, 1

974

betw

een

the

gove

rnm

ent

of I

ndia

and

US

A.

Sig

ns h

ave

been

ign

ored

in

colu

mns

4,

8, 1

2, 1

5S

ourc

e:

RB

I B

ulle

tin,

Aug

ust

2004

and

ear

lier

issu

es

17 Balance of Payments

Tab

le 4

: B

alan

ce o

f P

aym

ents

-Sel

ecte

d I

nd

icat

ors

: 1

950-

51 t

o 2

001-

02

Yea

rE

xpor

t as

Impo

rt a

sM

erch

andi

seIn

visi

bles

as

Exp

orts

of

Impo

rts

ofC

urre

ntM

erch

andi

seN

et I

nvis

ible

sG

ross

Pri

vate

Per

cent

age

Per

cent

age

as p

erce

ntag

eP

erce

ntag

eG

oods

and

Goo

ds a

ndA

ccou

ntD

efic

it as

as P

er C

ent

ofT

rans

fer

asin

GD

P i

n G

DP

of G

DP

of G

DP

Ser

vice

s as

Ser

vice

s as

Def

icit

asP

erce

ntag

eM

erch

andi

sepe

rcen

tage

Per

cent

age

Per

cent

age

Per

cent

age

of C

urre

ntD

efic

itof

:of

GD

Pof

GD

Pof

:A

ccou

nt(2

+6)

(3+

7)D

efic

itN

etR

ecP

ayG

DP

GD

CF

Mer

ch.

Inv.

Def

icit

Rec

.

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

(13)

(14)

(15)

1950

-51

6.5

6.5

13.1

0.4

1.4

1.0

7.9

7.5

0.4

4.5

-7.7

-136

6.7

1366

.729

.5

1951

-52

6.9

9.1

16.0

0.7

1.7

1.0

8.6

10.2

-1.5

-14.

014

3.6

-30.

320

.526

.7

1952

-53

5.8

6.1

11.9

0.9

1.9

1.0

7.7

7.1

0.6

7.3

-51.

7-3

00.0

167.

726

.7

1953

-54

4.8

5.2

10.0

0.9

1.7

0.8

6.5

6.1

0.4

5.5

-108

.3-1

94.2

92.3

25.0

1954

-55

5.6

6.5

12.0

0.9

1.9

1.0

7.5

7.5

0.1

0.6

-155

0.0

-106

.554

.824

.8

1955

-56

5.9

7.1

13.0

1.3

2.4

1.1

8.2

8.2

0.1

0.5

-190

0.0

-105

.343

.622

.6

1956

-57

4.9

8.5

13.4

1.2

2.1

0.9

7.0

9.4

-2.4

-16.

114

9.2

-33.

013

.724

.1

1957

-58

5.0

9.2

14.2

1.0

1.9

0.9

6.9

10.1

-3.2

-23.

213

0.9

-23.

411

.024

.9

1958

-59

3.9

6.9

10.8

0.8

1.7

0.9

5.6

7.8

-2.2

-18.

313

8.5

-27.

612

.822

.9

1959

-60

4.0

5.9

10.0

0.7

1.6

0.9

5.7

6.8

-1.2

-9.4

160.

8-3

7.8

18.7

22.0

1960

-61

3.7

6.4

10.1

20.

51.

51.

05.

27.

5-2

.3-1

5.9

121.

2-1

7.3

9.5

17.3

1961

-62

3.7

5.5

9.20

0.2

1.3

1.1

5.0

6.6

-1.7

-12.

411

0.5

-9.2

12.1

17.4

1962

-63

3.5

5.6

9.09

0.3

1.5

1.1

4.9

6.7

-1.8

-12.

111

7.5

-14.

99.

614

.1

1963

-64

3.6

5.5

9.1

0.4

1.5

1.0

5.0

6.6

-1.6

-10.

912

6.9

-21.

010

.614

.4

1964

-65

3.1

5.4

8.5

0.6

1.5

1.0

4.6

6.4

-1.8

-12.

613

2.5

-24.

46.

810

.3

1965

-66

2.8

4.9

7.8

0.3

1.3

1.0

4.1

5.9

-1.8

-11.

411

4.1

-12.

513

.422

.5

1966

-67

3.5

6.4

9.8

0.2

1.5

1.3

4.9

7.6

-2.7

-15.

910

7.2

-6.6

8.1

15.9

1967

-68

3.4

5.6

9.1

0.0

1.2

1.2

4.6

6.8

-2.2

-15.

699

.30.

69.

016

.5

1968

-69

3.5

4.6

8.1

0.0

1.2

1.2

4.8

5.8

-1.1

-8.0

103.

7-3

.521

.619

.1

1969

-70

3.3

3.7

7.0

-0.1

1.0

1.2

4.3

4.9

-0.5

-3.7

73.1

36.3

57.3

22.3

1970

-71

3.1

4.0

7.1

-0.1

1.1

1.2

4.2

5.2

-1.0

-6.3

91.9

9.1

24.7

20.4

1971

-72

3.2

4.2

7.4

0.0

1.1

1.2

4.3

5.4

-1.0

-6.4

95.2

5.1

24.4

221

.3

1972

-73

3.7

4.0

7.7

-0.3

1.0

1.2

4.6

5.2

-0.6

-3.8

54.0

85.7

66.0

721

.6

1973

-74

3.6

4.4

8.0

2.5

3.5

1.0

7.1

5.3

1.7

10.0

-44.

9-3

22.7

30.9

86.

9

1974

-75

4.1

5.8

9.9

0.4

1.3

0.8

5.4

6.6

-1.2

-7.3

134.

6-2

5.7

18.2

623

.9

1975

-76

5.0

6.4

11.5

1.2

2.2

1.0

7.2

7.4

-0.2

-1.3

664.

6-8

4.9

38.3

825

.0

1976

-77

5.7

6.1

11.8

1.3

2.5

1.1

8.2

7.2

1.0

5.6

-34.

7-3

88.5

245.

8134

.6

1977

-78

5.4

5.9

11.3

1.7

2.7

1.0

8.1

7.0

1.1

6.0

-53.

1-2

88.4

185.

5940

.0

1978

-79

5.1

7.1

12.2

1.8

2.9

1.1

8.0

8.2

-0.2

-1.0

929.

4-8

9.2

50.1

834

.9

1979

-80

5.2

8.1

8.6

2.4

3.6

1.2

8.9

9.3

-0.5

-2.2

622.

1-8

3.9

51.2

240

.2

(Con

td)

Balance of Payments 18T

able

4:

Bal

ance

of

Pay

men

ts-S

elec

ted

In

dic

ato

rs :

195

0-51

to

200

1-02

(C

oncl

uded

)

Yea

rE

xpor

t as

Impo

rt a

sM

erch

andi

seIn

visi

bles

as

Exp

orts

of

Impo

rts

ofC

urre

ntM

erch

andi

seN

et I

nvis

ible

sG

ross

Pri

vate

Per

cent

age

Per

cent

age

as p

erce

ntag

eP

erce

ntag

eG

oods

and

Goo

ds a

ndA

ccou

ntD

efic

it as

as P

er C

ent

ofT

rans

fer

asin

GD

P i

n G

DP

of G

DP

of G

DP

Ser

vice

s as

Ser

vice

s as

Def

icit

asP

erce

ntag

eM

erch

andi

sepe

rcen

tage

Per

cent

age

Per

cent

age

Per

cent

age

of C

urre

ntD

efic

itof

:of

GD

Pof

GD

Pof

:A

ccou

nt(2

+6)

(3+

7)D

efic

itN

etR

ecP

ayG

DP

GD

CF

Mer

ch.

Inv.

Def

icit

Rec

.

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

(13)

(14)

(15)

1980

-81

4.6

9.0

13.6

2.8

3.9

1.2

8.6

10.1

-1.5

-7.6

280.

5-6

4.4

34.4

137

.7

1981

-82

4.6

8.5

5.4

2.2

3.4

1.2

8.0

9.6

-1.7

-8.4

228.

7-5

6.3

32.0

836

.8

1982

-83

4.9

8.4

13.3

1.8

3.2

1.4

8.1

9.8

-1.7

-8.9

204.

8-5

1.2

36.1

840

.1

1983

-84

4.6

7.8

12.4

1.6

3.1

1.5

7.8

9.3

-1.5

-8.1

208.

8-5

2.1

38.2

438

.4

1984

-85

4.9

7.6

12.5

1.6

3.4

1.8

8.2

9.4

-1.2

-5.8

233.

9-5

7.3

44.3

736

.2

1985

.86.

4.2

7.6

11.8

1.3

2.8

1.5

7.0

9.1

-2.1

-9.9

160.

9-3

7.9

22.0

726

.9

1986

-87

4.3

7.3

11.6

1.1

2.7

1.5

6.9

8.8

-1.9

-8.9

160.

4-3

7.7

31.9

836

.1

1987

-88

4.6

7.3

11.9

0.8

2.6

1.8

7.2

9.0

-1.8

-7.9

147.

7-3

2.3

38.0

138

.1

1988

-89

4.9

8.1

13.0

0.5

2.6

2.1

7.5

10.2

-2.7

-11.

611

7.1

-14.

628

.54

35.4

1989

-90

5.8

8.4

14.2

0.2

2.6

2.4

8.4

10.7

-2.3

-9.5

109.

0-8

.330

.81

30.6

1990

-91

5.8

8.8

7.3

-0.1

2.4

2.4

8.2

11.2

-3.1

-11.

697

.52.

622

.07

27.9

1991

-92

6.9

7.9

14.8

0.7

3.6

2.9

10.5

10.8

-0.3

-1.5

290.

6-6

5.6

145.

0440

.2

1992

-93

7.3

9.6

16.9

0.6

3.6

3.0

10.9

12.6

-1.7

-7.2

135.

1-2

6.0

65.3

241

.6

1993

-94

8.3

9.8

18.0

1.1

4.1

3.1

12.4

12.8

-0.4

-1.8

350.

1-7

1.4

130.

3346

.7

1994

-95

8.3

11.1

19.5

1.8

4.8

3.1

13.1

14.2

-1.0

-4.0

268.

5-6

2.8

89.6

352

.2

1995

-96

9.1

12.3

21.5

1.6

5.0

3.5

14.1

15.8

-1.7

-6.2

193.

7-4

8.4

75.5

948

.4

1996

-97

8.9

12.7

21.6

2.7

5.6

2.9

14.4

15.6

-1.2

-4.9

322.

8-6

9.0

84.1

158

.1

1997

-98

8.7

12.5

21.2

2.4

5.7

3.2

14.4

15.8

-1.4

-5.6

276.

8-6

3.9

76.0

050

.9

1998

-99

8.3

11.5

19.8

2.2

6.2

4.0

14.5

15.5

-1.0

-4.3

330.

4-6

9.7

78.4

040

.1

1999

-00

8.4

12.4

20.8

2.9

6.8

3.8

15.2

16.2

-1.0

-4.1

380.

579

.668

.87

40.5

2000

-01

9.9

12.7

22.6

2.2

7.1

4.9

17.0

17.6

-0.6

2.3

489.

279

.610

7.10

41.1

2001

-02

9.3

11.8

21.1

3.1

7.7

4.6

17.0

16.3

0.7

3.1

334.

612

9.9

139.

8043

.9

2002

-03*

10.5

12.6

23.2

3.2

8.2

4.9

18.7

17.5

1.2

5.3

168.

6-1

59.3

168.

3042

.9

2003

-04

10.7

13.3

24.0

4.3

8.8

4.5

19.5

17.7

1.7

-14

8.8

167.

215

1.40

42.4

* =

Est

imat

ed,

Rec

.:-

Rec

eipt

sP

ay.:

-P

aym

ents

, G

DC

F:-

Gro

ss D

omes

tic C

apita

l F

orm

atio

n.-

:-N

ot A

vaila

ble,

Exp

.:-E

xpor

ts,

Imp.

:-Im

port

sN

otes

:G

DP

fig

ures

for

200

0-01

are

pro

visi

onal

.G

DP

fig

ures

are

tak

en a

t cu

rren

t m

arke

t pr

ices

GD

P f

igur

es f

or 2

001-

02 a

re q

uick

est

imat

es.

In C

olum

ns 1

3 &

14,

sig

ns a

re i

gnor

ed.

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rces

:R

BI,

Rep

ort

on C

urre

ncy

and

Fin

ance

, (v

ario

us i

ssue

s),

and

RB

I, A

nnua

l R

epor

t, (v

ario

us i

ssue

s).

19 Balance of Payments

Ap

pen

dix

1(A

): B

alan

ce o

f P

aym

ents

: 1

950-

51 t

o 1

989-

90

1950

-51

1951

-52

1952

-53

1953

-54

1954

-55

1955

-56

1956

-57

1957

-58

1958

-59

1959

-60

Rs

Cr

$ M

nR

s C

r$

Mn

Rs

Cr

$ M

nR

s C

r$

Mn

Rs

Cr

$ M

nR

s C

r$

Mn

Rs

Cr

$ M

nR

s C

r$

Mn

Rs

Cr

$ M

nR

s C

r$

Mn

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

(13)

(14)

(15)

(16)

(17)

(18)

(19)

(20)

(21)

(1)

Cu

rren

t A

cco

un

t(N

et)

3982

-163

-342

6012

647

100

613

714

-313

-657

-431

-906

-327

-687

-186

-390

Rec

eipt

s78

616

4690

919

0979

516

7173

015

3480

116

8389

018

6990

118

9291

819

2882

917

4288

818

64

P

aym

ents

747

1564

1072

2251

735

1544

683

1435

795

1670

896

1883

1214

2549

1349

2834

1156

2429

1073

2254

(a

) M

erch

andi

se-4

-8-2

33-4

89-3

1-6

5-5

2-1

09-9

3-1

95-1

33-2

79-4

67-9

81-5

65-1

186

-453

-952

-299

-628

Exp

orts

f o

b64

713

5573

015

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212

6454

011

3459

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5364

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4563

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612

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port

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1366

964

2025

633

1330

592

1243

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1449

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1624

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2315

1233

2591

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932

1959

(b

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bles

(N

et)

4288

7115

091

192

100

209

9920

813

929

215

432

413

328

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353

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323

8

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140

293

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193

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256

538

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218

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men

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2808

1535

3225

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2651

1318

2769

(6)

Err

ors

an

d O

mis

sio

ns

-7-1

5-4

5-9

5-2

6-5

42

5-1

8-3

7-1

8-3

70

-18

17-2

9-6

1-2

5-5

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and

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434

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Mem

o I

tem

s :

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on-m

onet

ary

gold

m

ovem

ent(

Net

)0

00

00

00

00

00

00

00

00

00

0

(Con

td)

Balance of Payments 20A

pp

end

ix 1

(A):

Bal

ance

of

Pay

men

ts :

195

0-51

to

198

9-90

1960

-61

1961

-62

1962

-63

1963

-64

1964

-65

1965

-66

1966

-67

1967

-68

1968

-69

1969

-70

Rs

Cr

$ M

nR

s C

r$

Mn

Rs

Cr

$ M

nR

s C

r$

Mn

Rs

Cr

$ M

nR

s C

r$

Mn

Rs

Cr

$ M

nR

s C

r$

Mn

Rs

Cr

$ M

nR

s C

r$

Mn

(1)

(22)

(23)

(24)

(25)

(26)

(27)

(28)

(29)

(30)

(31)

(32)

(33)

(34)

(35)

(36)

(37)

(38)

(39)

(40)

(41)

(1)

Cu

rren

t A

cco

un

t(N

et)

-392

-824

-125

2-2

630

-211

2-4

437

-297

2-6

244

-383

2-8

050

-469

2-9

857

844

1191

-808

-107

7-4

10-5

47-2

34-3

12

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o I

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m

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td)

21 Balance of Payments

Ap

pen

dix

1(A

): B

alan

ce o

f P

aym

ents

: 1

950-

51 t

o 1

989-

90

1970

-71

1971

-72

1972

-73

1973

-74

1974

-75

1975

-76

1976

-77

1977

-78

1978

-79

1979

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Rs

Cr

$ M

nR

s C

r$

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Rs

Cr

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nR

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r$

Mn

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Cr

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nR

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r$

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Rs

Cr

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nR

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r$

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Rs

Cr

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nR

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r$

Mn

(1)

(42)

(43)

(44)

(45)

(46)

(47)

(48)

(49)

(50)

(51)

(52)

(53)

(54)

(55)

(56)

(57)

(58)

(59)

(60)

(61)

(1)

Cu

rren

t A

cco

un

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o I

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00

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(Con

td)

Balance of Payments 22A

pp

end

ix 1

(A):

Bal

ance

of

Pay

men

ts :

195

0-51

to

198

9-90

(C

oncl

uded

)

1980

-81

1981

-82

1982

-83

1983

-84

1984

-85

1985

-86

1986

-87

1987

-88

1988

-89

1989

-90

Rs

Cr

$ M

nR

s C

r$

Mn

Rs

Cr

$ M

nR

s C

r$

Mn

Rs

Cr

$ M

nR

s C

r$

Mn

Rs

Cr

$ M

nR

s C

r$

Mn

Rs

Cr

$ M

nR

s C

r$

Mn

(1)

(62)

(63)

(64)

(65)

(66)

(67)

(68)

(69)

(70)

(71)

(72)

(73)

(74)

(75)

(76)

(77)

(78)

(79)

(80)

(81)

(1)

Cu

rren

t A

cco

un

t(N

et)

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4-2

800

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166

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415

199

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417

061

1650

020

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1699

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1589

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675

1980

231

573

2180

240

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2445

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ents

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2015

8315

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1653

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680

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164

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634

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2361

740

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2441

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(b)

Invi

sibl

es (

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9750

5436

5540

7634

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td)

25 Balance of Payments

Ap

pen

dix

1(B

): B

alan

ce o

f P

aym

ents

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990-

91 t

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04 (

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2078

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9729

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Sou

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ve B

ank

of I

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Bul

letin

, A

ug 2

004,

and

its

var

ious

oth

er i

ssue

s.M

onog

raph

on

Indi

a’s

Bal

ance

of

Pay

men

ts,

July

199

3.

Balance of Payments 26A

pp

end

ix 1

(C):

Bal

ance

of

Pay

men

ts :

199

0-91

to

200

3-04

(US

Dol

lar

Mill

ion)

1990

-91

PR

1991

-92

1992

-93

1993

-94

1994

-95

Rec

eipt

sP

aym

ents

Net

Rec

eipt

sP

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ents

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ents

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ents

Net

Rec

eipt

sP

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ents

Net

A)

CU

RR

EN

T A

CC

OU

NT

(I+

II)25

941

3562

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680

2776

828

946

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828

203

3172

9-3

526

3400

235

160

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842

409

4577

8-3

369

I) M

erch

and

ise

(Fo

B/C

IF)

1847

727

915

-943

818

266

2106

4-2

798

1886

924

316

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722

683

2673

9-4

056

2685

535

904

-904

9II)

In

visi

ble

s (a

+b

+c)

7464

7706

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9502

7882

1620

9334

7413

1921

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984

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9815

554

9874

5680

B)

To

tal

Cap

ital

Acc

ou

nt

2276

615

710

7056

2333

419

424

3910

2261

718

741

3876

2895

520

060

8395

2591

417

412

8502

1. F

ore

ign

In

vest

men

t (I

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113

1010

315

118

133

589

3255

746

1137

642

3557

6395

648

07

In

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IIi

)11

310

103

151

1813

358

932

557

4611

376

4235

5753

831

4922

Abr

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(Iii

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Iii)

——

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ect

107

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530

315

651

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i)

In I

ndia

....

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....

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E

quity

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....

....

....

....

....

..

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einv

este

d E

arni

ngs

....

....

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18

i)

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10-8

ii) T

o In

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1575

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3191

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958

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998

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164

o

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b)

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2146

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4. R

up

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1359

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1977

C.

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& O

mis

sio

ns

132

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133

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0-9

4080

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654

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vera

ll B

alan

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4883

951

331

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251

102

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3-2

599

5082

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755

220

8537

6897

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190

5787

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net

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vem

ents

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644

2492

1245

459

786

1623

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321

8858

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7—

5787

-578

7

i) I

.M.F

.18

5864

412

1412

4545

978

616

2333

512

8832

113

418

7—

1143

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3

ii) F

orei

gn E

xcha

nge

Res

erve

s12

78—

1278

—33

85-3

375

—69

8-6

98—

8724

-872

4—

4644

-464

4

(Con

td)

27 Balance of Payments

Ap

pen

dix

1(C

): B

alan

ce o

f P

aym

ents

: 1

990-

91 t

o 2

003-

04(U

S D

olla

r M

illio

n)

1995

-96

1996

-97

1997

-98

PR

1998

-99

1999

-200

0PR

Rec

eipt

sP

aym

ents

Net

Rec

eipt

sP

aym

ents

Net

Rec

eipt

sP

aym

ents

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eipt

sP

aym

ents

Net

Rec

eipt

sP

aym

ents

Net

A)

CU

RR

EN

T A

CC

OU

NT

(I+

II)49

987

5588

6-5

899

5553

860

157

-461

958

924

6442

4-5

500

6006

864

106

-403

867

854

7255

2-4

698

I) M

erch

and

ise

(Fo

B/C

IF)

3231

143

670

-113

5934

133

4894

8-1

4815

3568

051

187

-155

0734

298

4754

4-1

3246

3754

255

383

-178

41II)

In

visi

ble

s (a

+b

+c)

1767

612

216

5460

2140

511

209

1019

623

244

1323

710

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3031

217

169

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l C

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al A

cco

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2008

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7836

191

2418

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3929

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448

9844

3417

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4053

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41.

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(Con

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Balance of Payments 28A

pp

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ix 1

(C):

Bal

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ts :

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Mon

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993.

29 Balance of Payments

Ap

pen

dix

2:

Bre

ak-u

p o

f In

visi

ble

s o

n C

urr

ent

Acc

ou

nt

1950

-51

1951

-52

1952

-53

1953

-54

1954

-55

1955

-56

1956

-57

1957

-58

1958

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Rs.

Cr

US

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nR

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rU

S $

Mn

Rs.

Cr

US

$ M

nR

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S $

Mn

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$ M

nR

s.C

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Mn

Rs.

Cr

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$ M

nR

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Mn

Rs.

Cr

US

$ M

n

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

(13)

(14)

(15)

(16)

(17)

(18)

(19)

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et)

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3369

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Pay

men

ts97

204

109

229

102

215

9119

110

722

511

223

511

223

511

724

712

827

1

(Con

td)

Balance of Payments 30A

pp

end

ix 2

: B

reak

-up

of

Invi

sib

les

on

Cu

rren

t A

cco

un

t

1959

-60

1960

-61

1961

-62

1962

-63

1963

-64

1964

-65

1965

-66

1966

-67

1967

-68

Rs.

Cr

US

$ M

nR

s.C

rU

S $

Mn

Rs.

Cr

US

$ M

nR

s.C

rU

S $

Mn

Rs.

Cr

US

$ M

nR

s.C

rU

S $

Mn

Rs.

Cr

US

$ M

nR

s.C

rU

S $

Mn

Rs.

Cr

US

$ M

n

(1)

(20)

(21)

(22)

(23)

(24)

(25)

(26)

(27)

(28)

(29)

(30)

(31)

(32)

(33)

(34)

(35)

(36)

(37)

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31 Balance of Payments

Ap

pen

dix

2:

Bre

ak-u

p o

f In

visi

ble

s o

n C

urr

ent

Acc

ou

nt

1968

-69

1969

-70

1970

-71

1971

-72

1972

-73

1973

-74

1974

-75

1975

-76

1976

-77

Rs.

Cr

US

$ M

nR

s.C

rU

S $

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Rs.

Cr

US

$ M

nR

s.C

rU

S $

Mn

Rs.

Cr

US

$ M

nR

s.C

rU

S $

Mn

Rs.

Cr

US

$ M

nR

s.C

rU

S $

Mn

Rs.

Cr

US

$ M

n

(1)

(38)

(39)

(40)

(41)

(42)

(43)

(44)

(45)

(46)

(47)

(48)

(49)

(50)

(51)

(52)

(53)

(54)

(55)

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1119

(Con

td)

Balance of Payments 32A

pp

end

ix 2

: B

reak

-up

of

Invi

sib

les

on

Cu

rren

t A

cco

un

t

1977

-78

1978

-79

1979

-80

1980

-81

1981

-82

1982

-83

1983

-84

1984

-85

1985

-86

Rs.

Cr

US

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(1)

(56)

(57)

(58)

(59)

(60)

(61)

(62)

(63)

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(66)

(67)

(68)

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258

302

326

397

562

696

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789

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826

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1074

1298

1092

1164

951

of w

hich

: so

ftw

are

serv

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(ne

t)-

--

--

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--

-6.

1a

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-6.

1b

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men

ts-

--

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)T

ran

sfer

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men

ts (

Net

)14

8417

3416

2519

8022

4927

8427

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1428

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9628

9230

3029

3135

4129

7931

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0217

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6928

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3729

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2221

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1619

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349

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9 P

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56

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33

77

77

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1310

(8)

To

tal

(Net

)17

2220

1119

7424

0628

8735

7339

9750

6336

5540

7834

3935

5836

0934

8938

4932

3736

3029

678.

1 R

ecei

pts

2767

3233

3184

3882

4386

5431

5667

7181

5664

7231

6062

6271

6893

6666

8243

6933

7830

6437

8.2

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men

ts10

4612

2212

1114

7615

0018

5816

7221

1820

0822

3926

2227

1332

8431

7643

9436

9642

4534

70

(Con

td)

33 Balance of Payments

Ap

pen

dix

2:

Bre

ak-u

p o

f In

visi

ble

s o

n C

urr

ent

Acc

ou

nt

1986

-87

1987

-88

1988

-89

1989

-90

1990

-91

1991

-92

1992

-93

1993

-94

1994

-95

Rs.

Cr

US

$ M

nR

s.C

rU

S $

Mn

Rs.

Cr

US

$ M

nR

s.C

rU

S $

Mn

Rs.

Cr

US

$ M

nR

s.C

rU

S $

Mn

Rs.

Cr

US

$ M

nR

s.C

rU

S $

Mn

Rs.

Cr

US

$ M

n

(1)

(74)

(75)

(76)

(77)

(78)

(79)

(80)

(81)

(82)

(83)

(84)

(85)

(86)

(87)

(88)

(89)

(90)

(91)

(1)

Fo

reig

n T

rave

l (N

et)

1236

967

1368

1055

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3780

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5412

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2 P

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1 A

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2782

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B P

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)-1

249

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3839

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f w

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tere

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3)(1

200)

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pens

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306

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(6)

Mis

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-64

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0312

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5635

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2 P

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7869

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of

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net)

--

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6.1a

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ecei

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aym

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--

--

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(7)

Tra

nsf

er P

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(N

et)

3501

2740

4030

3109

4566

3153

4695

2820

4539

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4215

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8327

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P

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7623

2934

9826

9838

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1220

6993

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9089

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8274

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675

4512

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2704

293

3435

501

1131

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838

1555

48.

2 P

aym

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4751

3718

6275

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7781

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1382

977

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190

7882

2256

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1326

412

8421

3100

398

74

(Con

td)

Balance of Payments 34A

pp

end

ix 2

: B

reak

-up

of

Invi

sib

les

on

Cu

rren

t A

cco

un

t (C

oncl

uded

)

1995

-96

1996

-97

1997

-98

1998

-99

1999

-00

2000

-01

2001

-02

2002

-03

2003

-04

Rs.

Cr

US

$ M

nR

s.C

rU

S $

Mn

Rs.

Cr

US

$ M

nR

s.C

rU

S $

Mn

Rs.

Cr

US

$ M

nR

s.C

rU

S $

Mn

Rs.

Cr

US

$ M

nR

s.C

rU

S $

Mn

Rs.

Cr

US

$ M

n

(1)

(92)

(93)

(94)

(95)

(96)

(97)

(98)

(99)

(100

)(1

01)

(102

)(1

03)

(104

)(1

05)

(106

)(1

07)

(108

)(1

09)

(1)

Fo

reig

n T

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l (N

et)

5241

1546

7183

2020

5541

1477

5277

1250

3898

897

3323

693

639

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-164

-29

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men

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6730

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Of

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For

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15)

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....

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5750

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587

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638

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367

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5313

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387

1048

1922

833

R

ecei

pts

2876

985

3944

209

1243

543

930

1187

543

494

1034

153

280

1229

059

792

1306

575

092

1576

083

115

1718

910

6427

2318

3

Pay

men

ts10

933

240

6816

545

252

6114

834

981

211

1729

362

3886

802

1608

350

Off

icia

l (N

et)

1173

345

1456

410

1418

379

1300

307

1657

382

1115

625

221

9745

821

7445

125

7256

3 R

ecei

pts

1194

351

1507

423

1418

379

1305

308

1659

382

1156

252

2197

458

2174

451

2572

563

Pay

men

ts21

651

130

05

12

0-

--

--

0-

0(8

)T

ota

l (N

et)

1841

554

4936

279

1019

636

922

1000

0738

689

9208

5702

812

935

4513

997

9471

381

1497

482

357

1703

511

9287

2601

58.

1 R

ecei

pts

5944

317

665

7609

321

405

8624

523

244

1084

5925

770

1314

4930

324

1477

7832

267

1751

0836

737

2027

5741

925

2431

0352

982

8.2

Pay

men

ts41

028

1221

639

814

1120

949

323

1323

769

770

1656

274

421

1738

910

2639

2247

310

3727

2176

312

0400

2489

012

3816

2696

7

Sou

rce:

RB

I (2

003)

, H

andb

ook

of S

tatis

tics

on t

he I

ndia

n E

cono

my.

35 Balance of Payments

Ap

pen

dix

2(A

): T

rave

l A

cco

un

t :

1990

-91

to 2

001-

02

(Rs.

Cr)

(US

$ M

n)

(Rs.

Cr)

(US

$ M

n)

(Rs.

Cr)

(US

$ M

n)

(Rs.

Cr)

(US

$ M

n)

(Rs.

Cr)

(US

$ M

n)

(Rs.

Cr)

(US

$ M

n)

(Rs.

Cr)

(US

$ M

n)

Item

1990

-91

1991

-92

1992

-93

1993

-94

1994

-95

1995

-96

1996

-97

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

(13)

(14)

AR

ecei

pts

Tou

rist

Exp

ense

s26

12.5

1456

4891

.919

7760

60.3

2098

6970

.322

2274

23.8

2365

9150

.327

1310

231.

828

78in

Ind

iaT

OT

AL

-A26

12.5

1456

4891

.919

7760

60.3

2098

6970

.322

2274

23.8

2365

9150

.327

1310

231.

828

78

BP

aym

ents

Bus

ines

s44

3.8

247

679.

228

483

2.0

271

1189

.037

918

15.3

578

2347

.870

211

36.3

320

Hea

lth R

elat

ed9.

55

53.1

2312

.84

16.2

516

.75

17.6

513

.84

Edu

catio

nRel

ated

77.8

4313

6.2

5811

8.6

3910

6.6

3414

9.7

4821

8.5

6596

.524

Bas

ic t

rave

l qu

ota

( B

TQ

)..

....

....

....

....

....

....

..P

ilgrim

age

19.9

1149

.821

53.6

1769

.822

100.

232

172.

151

226.

764

Oth

ers

171.

497

243.

010

039

20.0

7141

00.0

7928

72.6

187

2657

.639

559

35.9

510

(inc

lude

s se

ttle

men

ts o

fin

tern

atio

nal

cred

it ca

rds)

TO

TA

L-B

702.

539

211

11.5

465

1176

.938

515

58.5

497

2569

.581

839

08.8

1167

3049

.385

8

C.

Tra

vel

Net

(A

-B)

1910

.010

6437

80.4

1512

4883

.417

1354

11.8

1725

4854

.315

4752

41.5

1546

7182

.520

20

(Rs.

Cr)

(US

$ M

n)

(Rs.

Cr)

(US

$ M

n)

(Rs.

Cr)

(US

$ M

n)

(Rs.

Cr)

(US

$ M

n)

(Rs.

Cr)

(US

$ M

n)

(Rs.

Cr)

(US

$ M

n)

Item

1997

-98

1998

-99

1999

-00P

R20

00-0

120

01-0

220

01-0

2

(15)

(16)

(17)

(18)

(19)

(20)

(21)

(22)

(23)

(24)

(25)

(26)

AR

ecei

pts

Tou

rist

Exp

ense

s10

880.

029

1412

604.

029

9313

166.

030

3614

505.

031

6813

880.

029

1013

880.

029

10

in

Indi

aT

OT

AL

-A10

880.

029

1412

604.

029

9313

166.

030

3614

505.

031

6813

880.

029

1013

880.

029

10

BP

aym

ents

Bus

ines

s23

91.0

643

3687

.087

754

90.0

1268

7177

.015

7060

98.0

1281

6098

.012

81H

ealth

Rel

ated

21.0

640

.09

13.0

315

.03

9.0

29.

02

Edu

catio

nRel

ated

210.

057

218.

052

263.

061

378.

083

582.

012

258

2.0

122

Bas

ic t

rave

l qu

ota

( B

TQ

)12

56.0

340

1532

.036

316

38.0

379

2977

.065

222

93.0

483

2293

.048

3P

ilgrim

age

329.

085

292.

069

602.

013

781

9.0

179

333.

069

333.

069

Oth

ers

1132

.030

615

57.0

373

1262

.029

117

70.0

387

1554

.032

515

54.0

325

(inc

lude

s se

ttle

men

ts o

fin

tern

atio

nal

cred

it ca

rds)

TO

TA

L-B

5339

.014

3773

26.0

1743

9268

.021

3913

136.

028

7410

869.

022

8210

869.

022

82

C.

Tra

vel

Net

(A

-B)

5541

.014

7752

78.0

1250

3898

.089

713

69.0

294

3011

.062

830

11.0

628

PR

:P

artia

lly r

evis

ed.

Sou

rces

:R

eser

ve B

ank

of I

ndia

Bul

letin

, M

ay 2

003,

Jan

uary

200

1, A

pril

1999

Mon

ogra

ph o

n In

dia’

s B

alan

ce o

f P

aym

ents

, Ju

ly 1

993

Balance of Payments 36A

pp

end

ix 2

(B

i):

Tra

nsp

ort

atio

n A

cco

un

t: 1

956-

57 t

o 1

989-

90

1956

-57

1957

-58

1958

-59

1959

-60

1960

-61

1961

-62

1962

-63

1963

-64

1964

-65

1965

-66

1966

-67

1967

-68

1968

-69

1969

-70

1970

-71

1971

-72

1972

-73

Item

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

(13)

(14)

(15)

(16)

(17)

Rec

eip

ts1

Rem

ittan

ces

of s

urpl

us p

assa

ge10

.610

.78.

47.

37.

19.

47.

711

.79.

78.

315

.117

.619

.317

.119

.922

.115

.9fa

re a

nd f

rieg

ht c

olle

ctio

ns b

yIn

dian

ste

amsh

ip

owne

rs o

rop

erat

ors

abro

ad*

2O

pera

ting

expe

nses

of

fore

ign

9.5

11.5

9.4

8.3

8.1

7.1

9.3

8.8

8.9

8.2

15.6

18.6

17.1

17.3

16.1

17.1

20.0

stea

msh

ip c

ompa

nies

in

Indi

a**

3R

emitt

ance

s of

sur

plus

pas

sage

....

....

....

....

....

....

..-

-fa

re a

nd f

rieg

ht c

olle

ctio

ns b

yIn

dian

air

lines

ope

rato

r or

owne

rs a

broa

d4

Ope

ratin

g ex

pens

es o

f fo

reig

n..

....

....

....

....

....

....

--

air

line

com

pani

es i

n In

dia

5E

stim

ated

fre

ight

on

expo

rts

25.0

23.4

22.6

24.6

24.5

26.0

25.9

30.4

31.4

31.0

42.8

49.6

53.9

55.4

55.3

61.3

74.5

6T

rans

port

atio

n re

ceip

ts..

....

....

....

..1.

93.

35.

65.

64.

83.

95.

15.

56.

1of

oil

com

pani

es**

*7

Oth

ers

1.1

1.8

4.7

4.9

4.9

5.1

6.4

6.5

4.6

2.8

2.3

2.7

4.0

8.1

12.1

5.3

4.4

AT

ota

l46

.247

.445

.145

.144

.647

.649

.357

.456

.553

.681

.494

.199

.110

1.8

108.

511

1.3

120.

9

Pay

men

ts1

Rem

ittan

ces

of s

urpl

us p

assa

ge8.

48.

08.

011

.112

.014

.512

.512

.815

.412

.821

.824

.123

.826

.627

.428

.633

.9fa

re a

nd f

rieg

ht c

olle

ctio

ns t

ofo

reig

n st

eam

ship

ow

ners

or o

pera

tors

abr

oad*

2O

pera

ting

expe

nses

of

Indi

an1.

92.

12.

33.

32.

93.

23.

35.

63.

73.

85.

56.

310

.310

.511

.311

.914

.1st

eam

ship

com

pani

es i

n In

dia*

*3

Rem

ittan

ces

of s

urpl

us p

assa

ge..

....

....

....

..0.

1-

--

--

--

-fa

re a

nd f

rieg

ht c

olle

ctio

ns t

o fo

reig

nai

rlin

es o

pera

tor

or o

wne

rs a

broa

d4

Ope

ratin

g ex

pens

es o

f In

dian

....

....

....

....

--

--

--

0.1

0.1

0.4

air

line

com

pani

es i

n In

dia

5O

pera

ting

expe

nses

of

fore

ign

....

....

....

....

0.3

0.1

0.3

-0.

10.

3-

--

stea

msh

ip a

nd a

ir-l

ine

com

pani

es6

Cha

rter

hir

e pa

ymen

ts..

....

....

....

..1.

11.

33.

36.

79.

913

.211

.45.

62.

77

Rem

ittan

ces

of p

assa

ge e

xpen

ses

....

....

....

....

--

-0.

2-

-0.

1-

-8

Fre

ight

pay

men

t on

exp

orts

....

....

....

....

1.1

1.8

3.9

1.5

1.5

1.7

3.0

2.8

2.2

9 F

rieg

ht p

aym

ent

on i

mpo

rts

2.7

6.9

3.4

1.4

3.9

3.1

3.0

2.4

3.3

1.5

2.2

7.5

8.5

10.0

13.6

8.7

11.1

10 T

rans

port

atio

n pa

ymen

t..

....

....

....

..6.

55.

78.

611

.09.

99.

511

.09.

53.

9of

oil-

com

pani

es@

11 o

ther

s3.

12.

04.

35.

75.

85.

79.

08.

10.

70.

90.

82.

41.

00.

50.

51.

13.

0

B T

ota

l16

.119

.018

.021

.524

.626

.527

.828

.932

.227

.946

.459

.765

.072

.378

.468

.371

.3

Net

(A

-B)

30.1

28.4

27.1

23.6

20.0

21.1

21.5

28.5

24.3

25.7

35.0

34.4

34.1

29.5

30.1

43.0

49.6

(Con

td)

37 Balance of Payments

Ap

pen

dix

2 (

Bi)

: T

ran

spo

rtat

ion

Acc

ou

nt:

195

6-57

to

198

9-90

(C

oncl

uded

)

1973

-74

1974

-75

1975

-76

1976

-77

1977

-78

1978

-79

1979

-80

1980

-81

1981

-82

1982

-83

1983

-84

1984

-85

1985

-86

1986

-87

1987

-88

1988

-89

1989

-90

Item

(18)

(19)

(20)

(21)

(22)

(23)

(24)

(25)

(26)

(27)

(28)

(29)

(30)

(31)

(32)

(33)

(34)

Rec

eip

ts1

Rem

ittan

ces

of s

urpl

us p

assa

ge10

.717

.37.

09.

38.

45.

02.

32.

83.

72.

33.

41.

41.

03.

45.

411

.45.

3fa

re a

nd f

rieg

ht c

olle

ctio

ns b

yIn

dian

ste

amsh

ip

owne

rs o

rop

erat

ors

abro

ad*

2O

pera

ting

expe

nses

of

fore

ign

23.5

58.3

46.4

58.9

42.5

35.9

48.8

59.9

59.5

67.5

41.0

75.9

49.5

51.5

76.0

107.

817

3.9

stea

msh

ip c

ompa

nies

in

Indi

a**

3R

emitt

ance

s of

sur

plus

pas

sage

--

-4.

82.

52.

00.

82.

81.

01.

80.

288

.793

.710

5.2

150.

436

0.8

208.

6fa

re a

nd f

rieg

ht c

olle

ctio

ns b

yIn

dian

air

lines

ope

rato

r or

owne

rs a

broa

d4

Ope

ratin

g ex

pens

es o

f fo

reig

n-

-8.

012

.410

.816

.418

.024

.06.

36.

711

.32.

12.

21.

23.

36.

06.

0ai

r lin

e co

mpa

nies

in

Indi

a5

Est

imat

ed f

reig

ht o

n ex

port

s92

.312

5.2

164.

720

2.2

214.

121

9.3

248.

526

2.6

305.

931

8.1

378.

047

1.1

456.

052

4.5

645.

080

8.3

1098

.66

Tra

nspo

rtat

ion

rece

ipts

8.6

6.8

10.1

3.1

--

--

--

--

--

--

-of

oil

com

pani

es**

*7

Oth

ers

10.1

10.3

20.2

4.1

2.4

1.7

2.8

8.7

21.3

10.8

5.7

4.5

1.5

2.2

1.5

5.5

18.1

AT

ota

l14

5.2

217.

925

6.4

294.

828

0.7

280.

332

1.2

360.

839

7.7

407.

243

9.6

643.

760

3.9

688.

088

1.6

1299

.815

10.5

Pay

men

ts1

Rem

ittan

ces

of s

urpl

us p

assa

ge39

.549

.359

.369

.652

.238

.156

.262

.374

.962

.061

.111

7.5

85.7

96.3

101.

316

8.0

255.

9fa

re a

nd f

rieg

ht c

olle

ctio

ns t

ofo

reig

n st

eam

ship

ow

ners

or o

pera

tors

abr

oad*

2O

pera

ting

expe

nses

of

Indi

an25

.832

.774

.883

.882

.510

7.9

117.

016

2.4

218.

231

1.5

335.

033

2.2

305.

731

8.2

496.

752

5.8

562.

0st

eam

ship

com

pani

es i

n In

dia*

*3

Rem

ittan

ces

of s

urpl

us p

assa

ge2.

6-

6.4

18.4

24.7

34.1

28.3

47.2

69.4

109.

612

3.8

161.

319

1.7

144.

827

5.2

360.

251

8.5

fare

and

fri

eght

col

lect

ions

to

fore

ign

airl

ines

ope

rato

r or

ow

ners

abr

oad

4O

pera

ting

expe

nses

of

Indi

an0.

75.

68.

818

.95.

217

.116

.621

.131

.846

.34.

75.

82.

525

.837

.317

.324

.5ai

r lin

e co

mpa

nies

in

Indi

a5

Ope

ratin

g ex

pens

es o

f fo

reig

n-

-1.

63.

45.

50.

80.

80.

53.

40.

30.

22.

514

.06.

84.

62.

510

.2st

eam

ship

and

air

-lin

e co

mpa

nies

6C

hart

er h

ire

paym

ents

4.2

5.8

8.4

11.2

10.5

8.4

17.0

28.0

35.7

63.1

70.5

90.9

32.5

42.5

64.2

101.

611

9.8

7 R

emitt

ance

s of

pas

sage

exp

ense

s-

--

--

-0.

30.

10.

21.

90.

40.

4-

0.6

0.2

1.1

0.6

8 F

reig

ht p

aym

ent

on e

xpor

ts2.

42.

62.

15.

23.

34.

22.

42.

91.

42.

14.

14.

510

.67.

12.

2-

-9

Fri

eght

pay

men

t on

im

port

s21

.023

.628

.726

.829

.323

.77.

714

.927

.175

.710

3.5

184.

115

1.1

91.1

138.

228

3.4

353.

410

Tra

nspo

rtat

ion

paym

ent

4.0

3.7

2.1

--

--

--

--

--

--

--

of o

il-co

mpa

nies

@11

oth

ers

1.3

9.3

3.5

10.4

2.4

0.9

6.4

15.7

20.4

26.0

11.9

18.5

22.3

14.7

8.0

26.6

11.8

B T

ota

l10

1.5

132.

619

5.7

247.

721

5.6

235.

225

2.7

355.

148

2.5

698.

571

5.2

917.

781

6.1

747.

911

27.9

1486

.518

56.7

Net

(A

-B)

43.7

85.3

60.7

47.1

65.1

45.1

68.5

5.7

-84.

8-2

91.3

-275

.6-2

74.0

-212

.2-5

9.9

-246

.3-1

86.7

-346

.2

Sou

rces

:R

eser

ve B

ank

of I

ndia

Bul

letin

, M

ay 2

003,

Jan

uary

200

1, A

pril

1999

Mon

ogra

ph o

n In

dia’

s B

alan

ce o

f P

aym

ents

, Ju

ly 1

993

Balance of Payments 38A

pp

end

ix 2

(Bii)

: T

ran

spo

rtat

ion

Acc

ou

nt

: 19

90-9

1to

200

1-02

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

Item

1990

-91

1991

-92

1992

-93

1993

-94

1994

-95

1995

-96

12

34

56

78

910

1112

A.

Rec

eip

ts

a.S

ea T

ran

spo

rtS

urpl

us r

emitt

ed b

y In

dian

co

mpa

nies

ope

ratin

g ab

road

11.8

725

.811

31

682.

621

871

0.5

226

303.

991

Ope

ratin

g ex

pens

es o

f fo

reig

n19

4.5

108

199.

381

135.

246

369.

911

850

3.1

160

730.

421

6

com

pani

es i

n In

dia

Cha

rter

hir

e ch

arge

s..

....

....

....

....

....

..b

.A

ir T

ran

spo

rtS

urpl

us r

emitt

ed b

y In

dian

com

pani

es o

pera

ting

abro

ad26

7.7

149

316.

712

961

8.3

212

724

231

726.

623

171

3.8

211

Ope

ratin

g ex

pens

es o

f fo

reig

n12

.77

12.9

54.

92

15.1

519

.76

657.

119

6co

mpa

nies

in

Indi

aC

hart

er h

ire

char

ges

....

....

....

....

....

....

c.F

reig

ht

on

exp

ort

s12

72.2

709

1715

.369

720

88.1

721

2690

.285

832

6210

3941

36.7

1230

d.

Oth

ers

5.7

338

.216

0.9

013

.14

106.

233

222.

667

(in

clu

des

po

rt c

har

ges

, b

un

ker,

stev

edo

rin

g, d

emu

rrag

ean

do

ther

po

rt f

acili

ties

TO

TA

L-A

1764

.698

323

08.2

939

2850

.498

244

94.9

1433

5328

.116

9667

64.5

2011

B.

Pay

men

tsa.

Sea

Tra

nsp

ort

Sur

plus

rem

itted

by

For

eign

371.

420

776

7.6

311

1129

.936

914

41.3

460

1714

.154

623

32.1

695

com

pani

es o

pera

ting

in I

ndia

Ope

ratin

g ex

pens

es o

f In

dian

596.

533

275

2.3

304

1115

.736

484

9.3

271

962.

430

792

5.9

276

com

pani

es a

broa

dC

hart

er h

ire

char

ges

b.

Air

Tra

nsp

ort

Sur

plus

rem

itted

by

For

eign

490.

627

310

73.2

434

1256

.641

016

5752

813

4642

916

68.7

497

com

pani

es o

pera

ting

in I

ndia

Ope

ratin

g ex

pens

es o

f In

dian

121.

568

24.2

1019

5.1

6427

0.5

8633

3.8

106

503.

215

0co

mpa

nies

abr

oad

Cha

rter

hir

e ch

arge

s..

....

....

....

....

....

..c.

Fre

igh

t o

n i

mp

ort

s26

2.8

146

445.

718

070

2.8*

230*

790.

425

263

4.6

202

819.

424

4d

.R

emit

tan

ce o

f p

assa

ge

11

0.2

00.

30

0.2

03.

41

1.2

0b

oo

kin

g a

bro

ade.

Oth

ers

25.5

1462

.626

01

135.

443

292.

392

388.

111

6(i

ncl

ud

es p

ort

ch

arg

es,

bu

nke

r,st

evd

ori

ng

, d

emu

rrag

e an

do

ther

po

rt f

acili

ties

)

TO

TA

L-B

1961

1093

3189

.812

8945

4714

8555

36.5

1765

5851

.818

6372

79.5

2169

Tra

nsp

ort

atio

n N

et (

A-B

)-1

96.4

-110

-881

.6-3

50-1

696.

6-5

03-1

041.

6-3

32-5

23.7

-167

-515

-158

(Con

td)

39 Balance of Payments

Ap

pen

dix

2(B

ii):

Tra

nsp

ort

atio

n A

cco

un

t :

1990

-91t

o 2

001-

02 (

Con

clud

ed)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

Item

1996

-97

1997

-98

1998

-99

1999

-00P

R20

00-0

120

01-0

2

1314

1516

1718

1920

2122

2324

A.

Rec

eip

tsa.

Sea

Tra

nsp

ort

Sur

plus

rem

itted

by

Indi

an

com

pani

es o

pera

ting

abro

ad19

4.2

5518

147

207

4926

261

250

5532

268

Ope

ratin

g ex

pens

es o

f fo

reig

n67

0.8

189

1139

308

844

201

696

161

539

118

665

137

co

mpa

nies

in

Indi

aC

hart

er h

ire

char

ges

....

176

4910

425

181

4221

447

250

52b

.A

ir T

ran

spo

rtS

urpl

us r

emitt

ed b

y In

dian

com

pani

es o

pera

ting

abro

ad94

0.8

265

937

252

700

167

781

180

804

176

835

175

Ope

ratin

g ex

pens

es o

f fo

reig

n28

7.9

8130

181

251

6087

2089

2041

9co

mpa

nies

in

Indi

aC

hart

er h

ire

char

ges

....

7219

374

8910

324

194

7616

c.F

reig

ht

on

exp

ort

s46

26.3

1303

3570

966

4318

1026

4617

1065

6177

1350

6498

1361

d.

Oth

ers

222.

460

429

114

1311

308

673

155

658

143

723

152

(in

clu

des

po

rt c

har

ges

, b

un

ker,

stev

edo

rin

g, d

emu

rrag

ean

do

ther

po

rt f

acili

ties

TO

TA

L-A

6942

.419

5368

0518

3681

0919

2574

0017

0787

5019

1394

1019

69

B.

Pay

men

tsa.

Sea

Tra

nsp

ort

Sur

plus

rem

itted

by

For

eign

2800

.578

923

9664

918

3438

816

8138

718

4140

414

6430

8co

mpa

nies

ope

ratin

g in

Ind

iaO

pera

ting

expe

nses

of

Indi

an12

81.1

361

1070

290

1353

319

1757

406

2058

450

1506

315

com

pani

es a

broa

dC

hart

er h

ire

char

ges

663

179

656

155

501

116

720

161

826

175

b.

Air

Tra

nsp

ort

Sur

plus

rem

itted

by

For

eign

1937

.754

622

4961

032

2676

935

6182

159

3612

9940

7485

4co

mpa

nies

ope

ratin

g in

Ind

iaO

pera

ting

expe

nses

of

Indi

an63

8.8

180

779

208

966

232

580

134

435

9534

673

com

pani

es a

broa

dC

hart

er h

ire

char

ges

....

529

144

345

177

324

7530

767

234

49c.

Fre

igh

t o

n i

mp

ort

s60

0.8

169

1004

268

1584

380

1317

304

2807

615

2369

497

d.

Rem

itta

nce

of

pas

sag

e14

443

011

433

231

104

2434

794

20b

oo

kin

g a

bro

ade.

Oth

ers

518.

514

623

360

969

229

625

144

324

7243

391

(in

clu

des

po

rt c

har

ges

, b

un

ker,

stev

do

rin

g,

dem

urr

age

and

oth

er p

ort

fac

iliti

es)

TO

TA

L-B

8497

.123

9493

5325

2211

265

2680

1045

024

1014

461

3170

1134

623

82T

ran

spo

rtat

ion

Net

(A

-B)

-155

4.7

-441

-254

8-6

86-3

156

-755

-305

0-7

03-5

711

-125

7-1

936

-413

* in

clud

es f

rieg

ht p

aym

ent

on e

xpor

ts a

lso.

Sou

rces

:R

eser

ve B

ank

of I

ndia

Bul

letin

, M

ay 2

003,

Jan

uary

200

1, A

pril

1999

Mon

ogra

ph o

n In

dia’

s B

alan

ce o

f P

aym

ents

, Ju

ly 1

993

Balance of Payments 40

Appendix 2(Ci): Insurance Account : 1956-57 to 1996-67(Rupees, Crore)

Year Life Marine Others Total Total Net

Receipts Payments Receipts Payments Receipts Payments Receipts Payments

1 2 3 4 5 6 7 8 (7-8)

1956-57 0.9 1.2 3.9 0.9 5.6 4.8 10.4 6.9 3.5

1957-58 0.5 0.8 4.3 0.7 4.2 4.0 9.0 5.5 3.5

1958-59 0.3 0.4 3.9 0.8 5.6 4.2 9.8 5.4 4.4

1959-60 0.4 0.4 3.8 0.8 3.8 4.1 8.0 5.3 2.7

1960-61 0.2 0.6 3.9 0.8 4.0 4.4 8.1 5.8 2.3

1961-62 0.2 0.7 4.1 0.8 3.1 4.1 7.4 5.6 1.8

1962-63 0.2 0.5 3.9 0.8 3.5 3.6 7.6 4.9 2.7

1963-64 0.2 0.6 4.4 0.9 3.5 4.0 8.1 5.5 2.6

1964-65 0.1 0.4 4.4 1.1 2.8 3.4 7.3 4.9 2.4

1965-66 0.2 0.3 4.8 1.4 6.7 4.4 11.7 6.1 5.6

1966-67 0.1 0.4 7.2 1.1 4.4 3.7 11.7 5.2 6.5

1967-68 - 0.5 7.5 1.8 5.0 4.5 12.5 6.8 5.7

1968-69 0.1 0.8 8.0 3.3 4.9 5.0 13.0 9.1 3.9

1969-70 0.1 1.6 8.5 4.1 4.6 7.7 13.2 13.4 -0.2

1970-71 0.2 0.3 7.4 2.1 4.7 9.9 12.3 12.3 0.0

1971-72 0.3 0.6 8.0 4.7 5.2 13.9 13.5 19.2 -5.7

1972-73 0.4 1.2 10.3 1.9 5.7 9.2 16.4 12.3 4.1

1973-74 0.6 0.4 12.2 2.5 7.7 10.7 20.5 13.6 6.9

1974-75 - 0.6 16.7 2.8 9.3 10.5 26.0 13.9 12.1

1975-76 0.1 1.4 21.6 8.2 13.9 14.8 35.6 24.4 11.2

1976-77 0.2 0.8 26.7 9.1 4.7 19.8 31.6 29.7 1.9

1977-78 0.3 1.2 28.3 15.1 6.8 14.8 35.4 31.1 4.3

1978-79 0.4 6.1 28.9 12.2 6.9 18.8 36.2 37.1 -0.9

1979-80 0.2 2.2 32.7 7.3 13.2 18.5 46.1 28.0 18.1

1980-81 0.2 2.9 34.5 9.7 15.9 21.3 50.6 33.9 16.7

1981-82 0.8 3.1 40.7 8.4 13.2 28.6 54.7 40.1 14.6

1982-83 0.4 2.8 42.9 17.5 14.7 48.6 58.0 68.9 -10.9

1983-84 6.3 2.4 50.1 15.7 57.4 57.1 113.8 75.2 38.6

1984-85 0.4 5.8 61.9 20.8 26.5 57.5 88.8 84.1 4.7

1985-86 0.8 3.1 60.4 28.2 17.4 52.0 78.6 83.3 -4.7

1986-87 0.9 3.9 69.3 37.5 12.9 60.2 83.1 101.6 -18.5

1987-88 1.3 2.0 86.3 22.9 17.9 82.0 105.5 106.9 -1.4

1988-89 1.7 3.0 107.0 30.0 27.3 62.2 136.0 95.2 40.8

1989-90 8.4 4.4 146.3 24.5 43.2 110.8 197.9 139.7 58.2

1990-91 5.6 12.4 1.4 47.9 191.4 98.1 198.4 158.4 40.0

1991-92 10.0 8.5 2.9 67.9 251.8 230.4 264.7 306.8 -42.1

1992-93 7.8 19.5 1.0 122.2 450.6 307.2 459.4 448.9 10.5

1993-94 3.9 8.7 0.8 121.3 383.4 481.8 388.1 611.8 -223.7

1994-95 3.5 9.4 2.8 78.8 469.4 478.4 475.7 566.6 -90.9

1995-96 4.1 22.0 2.9 67.4 592.6 389.5 599.6 478.9 120.7

1996-97 6.0 46.3 12.9 112.4 752.2 383.9 771.1 542.6 228.5

Sources: Reserve Bank of India Bulletin, May 2003, January 2001, April 1999Monograph on India’s Balance of Payments, July 1993

41 Balance of Payments

Ap

pen

dix

2(C

ii):

Insu

ran

ce A

cco

un

t :

1997

-98

to 2

001-

02

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

Item

1997

-98

1998

-99

1998

-99

1999

-00

1999

-00

2000

-01

2000

-01

2001

-02

2001

-02

12

34

56

78

910

A.

Rec

eip

ts

a.In

sura

nce

on

exp

ort

683

184

744

176

832

192

1056

231

1110

232

b.

Pre

miu

mLi

fe19

52

03

15

125

5N

on-li

fe1

034

831

722

526

5R

eins

uran

ce f

rom

for

eign

com

pani

es50

1278

1943

1018

436

8

c.C

om

mis

sio

n o

n B

usi

nes

sre

ceiv

ed f

rom

fo

reig

n c

om

pan

ies

51

154

20

72

143

d.

Oth

ers

132

3872

1793

2168

1568

14

(in

clu

des

set

tlem

ent

of

clai

ms

o

n a

cco

un

t o

f in

sura

nce

an

d

re-i

nsu

ran

ce)

TO

TA

L-A

890

240

945

224

1004

231

1176

257

1279

267

B.

Pay

men

ts

a.P

rem

ium

Life

41

20

31

10

31

Non

-life

197

5493

3445

1043

912

326

Rei

nsur

ance

333

8919

246

328

7634

475

780

163

b.

Co

mm

issi

on

on

Bu

sin

ess

123

61

246

10

112

c.O

ther

s13

436

179

3112

529

173

3829

162

(i

ncl

ud

es s

ettl

emen

t o

f cl

aim

s

on

acc

ou

nt

of

insu

ran

ce a

nd

re

insu

ran

ce

TO

TA

L-B

680

183

472

112

525

122

562

122

1208

254

Insu

ran

ce N

et (

A-B

)21

057

473

112

479

109

614

135

7113

Sou

rces

:R

eser

ve B

ank

of I

ndia

Bul

letin

, M

ay 2

003,

Jan

uary

200

1, A

pril

1999

Mon

ogra

ph o

n In

dia’

s B

alan

ce o

f P

aym

ents

, Ju

ly 1

993

Balance of Payments 42A

pp

end

ix 2

(Di)

: In

vest

men

t In

com

e A

cco

un

t :

1956

-57

to 1

996-

97

Item

1956

-57

1957

-58

1958

-59

1959

-60

1960

-61

1961

-62

1962

-63

1963

-64

1964

-65

1965

-66

1966

-67

1967

-68

1968

-69

1969

-70

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

(13)

(14)

Rec

eip

ts1

Cur

rent

pro

fits

....

....

..0.

91.

00.

81.

00.

70.

90.

90.

80.

72

Div

iden

ds o

f fo

reig

n go

vern

men

t..

....

....

0.5

0.5

0.4

0.5

0.5

1.1

1.0

0.7

0.6

s

ecur

ities

hel

d by

res

iden

ts3

Inte

rest

on

fore

ign

gove

rnm

ent

....

....

..8.

26.

77.

37.

46.

514

.215

.121

.029

.7

sec

uriti

es h

eld

by r

esid

ents

4In

tere

st o

n (n

on-b

anki

ng)

....

....

..-

--

0.3

0.2

0.2

0.4

0.3

0.3

p

riva

te c

laim

s on

non

-res

iden

ts5

Inte

rest

on

loan

s ex

tend

ed t

o no

n-re

side

nts

....

....

..-

--

--

--

--

b

y of

ficia

l an

d se

mi-

offic

ial

inst

itutio

ns6

Inte

rest

on

over

draf

ts,

loan

s, e

xten

ded

to..

....

....

0.1

0.1

0.2

0.3

0.3

0.3

0.3

0.2

0.1

n

on-r

esid

ent

bank

s an

d on

bal

ance

s

hel

d ab

road

by

bank

s in

Ind

ia7

Inte

rest

on

hold

ings

of

SD

Rs

--

--

--

--

--

--

--

8T

axes

and

tax

ref

unds

on

prof

its,

....

....

..1.

41.

20.

81.

11.

60.

81.

41.

21.

4

div

iden

ds a

nd i

nter

est

9In

com

e on

rea

l es

tate

....

....

..-

--

-0.

2-

--

-10

Oth

ers

....

....

..1.

11.

31.

40.

80.

90.

80.

91.

21.

1A

To

tal

32.8

23.3

16.3

14.0

14.2

12.2

10.8

10.9

11.4

10.9

18.3

20.0

25.4

33.9

of w

hich

:P

riva

te i

nves

tmen

t in

com

e re

ceip

ts6.

47.

17.

44.

84.

64.

14.

24.

04.

24.

54.

24.

94.

44.

3G

over

nmen

t in

vest

men

t in

com

e re

ceip

ts26

.416

.28.

99.

29.

68.

16.

66.

97.

26.

414

.115

.121

.029

.6P

aym

ents

1C

urre

nt p

rofit

s9.

011

.811

.510

.812

.210

.310

.17.

39.

89.

815

.58.

98.

08.

72

Div

iden

ds o

f fo

reig

n co

ntro

lled

com

pani

es*

7.1

8.8

8.3

11.7

12.4

18.5

20.8

18.8

18.1

17.2

24.7

29.3

25.2

27.6

3D

ivid

ends

of

non-

cont

rolle

d co

mpa

nies

....

....

....

--

3.9

2.2

4.1

3.4

4.8

4.1

4In

tere

st o

n go

vern

men

t se

curi

ties

....

....

....

--

0.2

0.2

0.3

0.1

0.2

0.1

a

nd o

blig

atio

ns h

eld

by n

on-r

esid

ents

5In

tere

st o

n ob

ligat

ions

of

priv

ate

....

....

....

--

0.5

0.5

1.8

2.5

2.6

4.9

i

ndiv

idua

ls i

nstit

utio

ns o

ther

t

han

bank

ing

inst

itutio

ns6

Inte

rest

on

long

-ter

m l

oans

rec

eive

d6.

77.

114

.323

.334

.347

.257

.973

.277

.494

.415

0.1

169.

818

4.8

189.

8

fro

m n

on-r

esid

ents

inc

ludi

ng i

nter

natio

nal

i

nstit

utio

ns b

y of

ficia

l an

d pr

ivat

e se

ctor

s**

Of

whi

ch:

Inte

rest

on

long

-ter

m l

oans

rec

eive

d

fro

m f

orei

gn g

over

nmen

ts a

nd

int

erna

tiona

l in

stitu

tions

by:

(i

) O

ffic

ial

sect

or4.

04.

59.

117

.126

.743

.153

.462

.472

.086

.013

5.3

154.

216

7.6

176.

3

(ii)

Pri

vate

sec

tor

2.7

2.6

5.2

6.2

7.6

4.1

4.5

10.8

5.4

8.4

14.8

15.6

17.2

13.5

7In

tere

st o

n lo

ans

and

over

draf

ts..

....

....

..-

-0.

30.

51.

01.

30.

41.

0

obt

aine

d by

ban

king

ins

titut

ions

8In

tere

st o

n ba

lanc

es h

eld

in I

ndia

by

....

....

....

--

6.1

7.2

11.2

10.6

11.4

9.6

n

on-r

esid

ent

bank

s an

d of

ficia

l in

stitu

tions

9C

harg

es o

n ut

itlis

atio

n of

SD

Rs

--

--

--

--

--

--

--

10T

axes

and

tax

ref

unds

on

prof

its,

....

....

....

--

2.4

2.3

1.2

1.5

2.1

2.4

d

ivid

ends

and

int

eres

t11

Ret

aine

d ea

rnin

gs o

f fo

reig

n..

....

....

..-

--

--

-17

.029

.0

con

trol

led

rupe

e co

mpa

nies

12In

com

e on

rea

l es

tate

ow

ned

by f

orei

gner

s..

....

....

..-

-0.

40.

10.

5-

--

13O

ther

s1.

10.

82.

11.

53.

04.

45.

63.

60.

60.

70.

53.

21.

52.

7B

To

tal*

23.9

28.5

36.2

47.3

61.9

80.4

94.4

102.

911

9.7

135.

121

0.9

230.

625

8.0

279.

9of

whi

chP

riva

te i

nves

tmen

t in

com

e pa

ymen

ts19

.924

.027

.130

.235

.237

.340

.940

.543

.542

.364

.766

.179

.694

.1G

over

nmen

t in

vest

men

t in

com

e pa

ymen

ts4.

04.

59.

117

.126

.743

.153

.562

.476

.292

.814

6.2

164.

517

8.4

185.

8N

et (

A-B

)8.

9-5

.2-1

9.9

-33.

3-4

7.7

-68.

2-8

3.6

-92.

0-1

08.3

-124

.2-1

92.6

-210

.6-2

32.6

-246

.0

(Con

td)

43 Balance of Payments

Ap

pen

dix

2(D

i):

Inve

stm

ent

Inco

me

Acc

ou

nt

: 19

56-5

7 to

199

6-97

Item

1970

-71

1971

-72

1972

-73

1973

-74

1974

-75

1975

-76

1976

-77

1977

-78

1978

-79

1979

-80

1980

-81

1981

-82

1982

-83

1983

-84

(15)

(16)

(17)

(18)

(19)

(20)

(21)

(22)

(23)

(24)

(25)

(26)

(27)

(28)

Rec

eip

ts1

Cur

rent

pro

fits

0.5

1.3

1.1

0.6

1.2

3.7

4.8

1.8

2.0

1.7

2.7

2.7

2.0

0.9

2D

ivid

ends

of

fore

ign

gove

rnm

ent

0.4

0.5

0.9

0.5

1.1

0.7

1.1

1.3

0.3

0.3

0.3

0.4

0.6

0.9

s

ecur

ities

hel

d by

res

iden

ts3

Inte

rest

on

fore

ign

gove

rnm

ent

44.2

28.9

23.9

32.0

80.0

91.2

150.

719

2.3

304.

352

2.1

674.

259

5.1

353.

939

2.9

s

ecur

ities

hel

d by

res

iden

ts4

Inte

rest

on

(non

-ban

king

)0.

81.

70.

10.

10.

10.

30.

60.

2-

-0.

10.

71.

81.

3

pri

vate

cla

ims

on n

on-r

esid

ents

5In

tere

st o

n lo

ans

exte

nded

to

non-

resi

dent

s-

1.2

3.0

4.6

6.4

4.9

7.0

14.1

13.7

8.6

5.3

11.6

20.7

11.9

b

y of

ficia

l an

d se

mi-

offic

ial

inst

itutio

ns6

Inte

rest

on

over

draf

ts,

loan

s, e

xten

ded

to1.

10.

40.

20.

20.

30.

50.

21.

10.

80.

20.

10.

82.

70.

5

non

-res

iden

t ba

nks

and

on b

alan

ces

h

eld

abro

ad b

y ba

nks

in I

ndia

7In

tere

st o

n ho

ldin

gs o

f S

DR

s-

--

2.8

2.8

8.0

8.8

7.4

6.0

13.2

33.8

47.8

64.5

49.9

8T

axes

and

tax

ref

unds

on

prof

its,

1.0

1.5

0.7

1.2

2.2

1.5

0.9

1.0

2.0

1.2

1.4

2.1

13.1

0.8

d

ivid

ends

and

int

eres

t9

Inco

me

on r

eal

esta

te-

0.1

0.1

--

--

-0.

1-

0.1

-1.

0-

10O

ther

s1.

11.

01.

22.

13.

58.

41.

62.

92.

02.

05.

64.

34.

73.

4A

To

tal

49.1

36.6

31.2

44.1

97.6

119.

217

5.7

222.

133

1.2

549.

372

3.6

665.

546

5.0

462.

5of

whi

ch:

Pri

vate

inv

estm

ent

inco

me

rece

ipts

5.0

6.4

6.5

7.0

12.1

18.1

13.8

12.7

12.0

7.8

12.9

20.0

15.1

8.0

Gov

ernm

ent

inve

stm

ent

inco

me

rece

ipts

44.1

30.2

24.7

37.1

85.5

101.

116

1.9

209.

431

9.2

541.

571

0.7

645.

544

9.9

454.

5P

aym

ents

1C

urre

nt p

rofit

s9.

77.

27.

614

.04.

211

.57.

06.

34.

92.

55.

36.

418

.115

.82

Div

iden

ds o

f fo

reig

n co

ntro

lled

com

pani

es*

37.4

33.8

34.4

32.3

15.8

21.2

41.2

48.4

43.0

32.0

30.3

33.1

25.8

33.5

3D

ivid

ends

of

non-

cont

rolle

d co

mpa

nies

4.8

5.1

4.7

5.2

2.5

3.7

7.3

19.5

11.4

18.9

25.6

25.8

44.5

28.6

4In

tere

st o

n go

vern

men

t se

curi

ties

0.3

0.3

0.1

-0.

10.

61.

43.

63.

30.

6-

5.1

0.5

0.4

a

nd o

blig

atio

ns h

eld

by n

on-r

esid

ents

5In

tere

st o

n ob

ligat

ions

of

priv

ate

1.7

1.8

0.6

1.1

2.2

2.0

2.1

2.1

4.7

3.3

2.0

0.6

10.5

15.7

i

ndiv

idua

ls i

nstit

utio

ns o

ther

t

han

bank

ing

inst

itutio

ns6

Inte

rest

on

long

-ter

m l

oans

rec

eive

d20

3.8

207.

323

0.3

243.

623

4.7

217.

324

4.7

275.

527

6.4

282.

024

4.1

279.

339

5.3

463.

0

fro

m n

on-r

esid

ents

inc

ludi

ng i

nter

natio

nal

i

nstit

utio

ns b

y of

ficia

l an

d pr

ivat

e se

ctor

s**

Of

whi

ch:

Inte

rest

on

long

-ter

m l

oans

rec

eive

d

fro

m f

orei

gn g

over

nmen

ts a

nd

int

erna

tiona

l in

stitu

tions

by:

(i

) O

ffic

ial

sect

or18

6.1

183.

620

3.5

216.

418

5.2

180.

820

8.0

243.

323

6.6

248.

220

5.5

237.

231

4.4

381.

1

(ii)

Pri

vate

sec

tor

17.7

23.7

26.8

27.2

49.5

36.5

36.7

32.2

39.8

33.8

38.6

42.1

80.9

81.9

7In

tere

st o

n lo

ans

and

over

draf

ts1.

20.

90.

70.

51.

11.

42.

82.

919

.929

.530

.133

.639

.354

.7

obt

aine

d by

ban

king

ins

titut

ions

8In

tere

st o

n ba

lanc

es h

eld

in I

ndia

by

10.4

10.1

9.6

11.6

0.3

0.8

1.3

0.7

0.7

0.2

0.7

0.2

0.6

0.9

n

on-r

esid

ent

bank

s an

d of

ficia

l in

stitu

tions

9C

harg

es o

n ut

itlis

atio

n of

SD

Rs

-1.

8-

3.7

7.5

39.0

13.2

12.8

12.3

18.5

45.7

77.9

239.

238

3.6

10T

axes

and

tax

ref

unds

on

prof

its,

2.6

2.1

2.2

2.1

2.7

1.2

5.8

3.3

18.9

2.3

2.4

4.0

3.0

6.5

d

ivid

ends

and

int

eres

t11

Ret

aine

d ea

rnin

gs o

f fo

reig

n28

.432

.533

.647

.273

.443

.337

.154

.357

.563

.178

.2..

....

c

ontr

olle

d ru

pee

com

pani

es12

Inco

me

on r

eal

esta

te o

wne

d by

for

eign

ers

--

-0.

1-

-0.

3-

-0.

10.

10.

1-

-13

Oth

ers

3.0

2.8

5.3

0.9

1.2

1.0

0.4

4.1

5.4

7.2

2.7

8.8

11.2

3.6

BT

ota

l*30

3.3

305.

732

9.1

362.

334

5.7

343.

036

4.6

433.

545

8.4

460.

246

7.2

474.

978

8.0

1006

.3of

whi

chP

riva

te i

nves

tmen

t in

com

e pa

ymen

ts10

7.0

110.

111

5.9

130.

115

3.4

121.

714

1.9

174.

920

8.0

193.

021

4.7

154.

823

3.8

250.

2G

over

nmen

t in

vest

men

t in

com

e pa

ymen

ts19

6.3

195.

621

3.2

232.

219

2.3

221.

322

2.7

258.

625

0.4

267.

225

2.5

320.

155

4.2

756.

1N

et (

A-B

)-2

54.2

-269

.1-2

97.9

-318

.2-2

48.1

-223

.8-1

88.9

-211

.4-1

27.2

89.1

256.

419

0.6

-323

.0-5

43.8

(Con

td)

Balance of Payments 44A

pp

end

ix 2

(Di)

: In

vest

men

t In

com

e A

cco

un

t :

1956

-57

to 1

996-

97 (

Con

clud

ed)

Item

1984

-85

1985

-86

1986

-87

1987

-88

1988

-89

1989

-90

1990

-91

1991

-92

1992

-93

1993

-94

1994

-95

1995

-96

1996

-97

(29)

(30)

(31)

(32)

(33)

(34)

(35)

(36)

(37)

(38)

(39)

(40)

(41)

Rec

eip

ts1

Cur

rent

pro

fits

1.5

3.2

1.4

0.4

1.4

9.0

2.1

1.5

0.2

1.3

61.0

82.1

107.

62

Div

iden

ds o

f fo

reig

n go

vern

men

t0.

21.

50.

91.

61.

42.

82.

83.

711

.24.

46.

416

.019

.6

sec

uriti

es h

eld

by r

esid

ents

3In

tere

st o

n fo

reig

n go

vern

men

t52

1.3

571.

157

7.5

5.2

481.

651

4.0

476.

839

0.3

842.

810

69.7

2604

.045

18.3

3329

.8

sec

uriti

es h

eld

by r

esid

ents

4In

tere

st o

n (n

on-b

anki

ng)

3.4

1.3

1.2

1.8

4.0

3.9

4.5

4.0

22.7

5.9

6.1

20.0

95.0

p

riva

te c

laim

s on

non

-res

iden

ts5

Inte

rest

on

loan

s ex

tend

ed t

o no

n-re

side

nts

2.8

2.7

7.4

24.0

15.5

16.1

64.6

69.6

51.9

44.4

0.2

0.9

5.6

b

y of

ficia

l an

d se

mi-

offic

ial

inst

itutio

ns6

Inte

rest

on

over

draf

ts,

loan

s, e

xten

ded

to0.

80.

50.

40.

51.

67.

24.

75.

54.

07.

70.

45.

031

.0

non

-res

iden

t ba

nks

and

on b

alan

ces

h

eld

abro

ad b

y ba

nks

in I

ndia

7In

tere

st o

n ho

ldin

gs o

f S

DR

s53

.737

.437

.036

.133

.658

.367

.950

.845

.582

.67.

913

.77.

18

Tax

es a

nd t

ax r

efun

ds o

n pr

ofits

,1.

00.

61.

02.

23.

73.

72.

16.

52.

46.

538

.422

.312

1.9

d

ivid

ends

and

int

eres

t9

Inco

me

on r

eal

esta

te-

0.1

0.1

--

-0.

00.

00.

00.

00.

00.

02.

010

Oth

ers

1.2

50.7

*13

.610

.059

.972

.835

.09.

923

.215

.158

.153

.791

.4A

To

tal

585.

966

9.1

640.

581

.860

2.7

687.

866

0.5

541.

810

03.9

1237

.627

82.5

4732

.038

11.0

of w

hich

:P

riva

te i

nves

tmen

t in

com

e re

ceip

ts5.

019

.217

0.9

15.3

18.3

34.2

....

....

....

..G

over

nmen

t in

vest

men

t in

com

e re

ceip

ts58

0.9

649.

946

9.6

563.

358

4.4

653.

6..

....

....

....

Pay

men

ts1

Cur

rent

pro

fits

12.5

10.6

7.8

9.2

40.8

39.1

34.8

51.1

40.0

18.9

3.4

25.4

16.0

2D

ivid

ends

of

fore

ign

cont

rolle

d co

mpa

nies

*33

.932

.740

.231

.834

.632

.070

.610

3.4

78.6

149.

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44.3

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36.5

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a

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l in

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by:

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pos

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89-9

0 in

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e ce

rtai

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ms

elab

orat

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n R

BI

Bul

letin

, A

pril

1999

. H

ence

the

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tal

ly.@

: U

pto

196

3-64

thi

s ite

m i

nclu

des

divi

dend

s of

non

-con

trol

led

com

pani

es.

:**:

Inte

rest

Pay

men

ts i

n 19

61 i

nclu

de f

or U

.K.

Indi

a cr

edit

for

oil-

pipe

lin

e un

der

priv

ate

acco

unt.

:*:

incl

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an i

nter

est

subs

idy

of R

s 44

.5 c

rore

rec

eive

d fr

om I

MF

.N

ote

: D

ata

do n

ot i

nclu

de i

nter

est

on F

orei

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urre

ncy

(Non

-Res

iden

ts)

Acc

ount

s sc

hem

e si

nce

its i

ncep

tion

in 1

975.

Sou

rces

: R

eser

ve B

ank

of I

ndia

Bul

letin

, M

ay 2

003,

Jan

uary

200

1, A

pril

1999

Mon

ogra

ph o

n In

dia’

s B

alan

ce o

f P

aym

ents

, Ju

ly 1

993

45 Balance of Payments

Ap

pen

dix

2(D

ii):

Inco

me

Acc

ou

nt

: 19

97-9

8 to

200

1-02

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

Item

1997

-98

1997

-98

1998

-99

1998

-99

1999

-00P

R19

99-0

0PR

2000

-01

2000

-01

2001

-02

2001

-02

AR

EC

EIP

TS

IC

om

pen

sati

on

of

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plo

yees

1W

ages

rec

eive

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the

Ind

ians

wor

king

00

180

4264

614

848

710

740

486

on

for

eign

con

trac

ts o

r th

e fo

reig

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w

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n In

dia

on f

orei

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ontr

acts

IIIn

vest

men

t In

com

e1

Inte

rest

rec

eive

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loa

ns

to n

on-r

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171

4629

469

688

159

741

163

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428

2D

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end/

prof

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ceiv

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s95

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6816

113

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on d

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RN

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1220

550

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hel

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proc

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on o

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of

VO

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acc

ount

s55

1440

1038

1021

652

11

of f

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ents

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nche

s by

the

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5P

aym

ent

of t

axes

by

the

non-

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358

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426

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195

456

104

691

145

of

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y fo

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n go

vern

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ts t

o In

dian

s6

Inte

rest

/dis

coun

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c. e

arni

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on R

BI

inve

stm

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4113

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1951

9597

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on S

DR

hol

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s2

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137

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vest

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e1

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8414

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537

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106

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112

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on

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317

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132

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4

Sou

rces

: R

eser

ve B

ank

of I

ndia

Bul

letin

, M

ay 2

003,

Jan

uary

200

1, A

pril

1999

Mon

ogra

ph o

n In

dia'

s B

alan

ce o

f P

aym

ents

, Ju

ly 1

993

Balance of Payments 46A

pp

end

ix 2

(Ei)

: G

ove

rnm

ent

no

t in

clu

ded

els

ewh

ere

Acc

ou

nt

: F

rom

195

6-57

to

198

9-90

Item

1956

-57

1957

-58

1958

-59

1959

-60

1960

-61

1961

-62

1962

-63

1963

-64

1964

-65

1965

-66

1966

-67

1967

-68

1968

-69

1969

-70

1970

-71

1971

-72

1972

-73

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

(13)

(14)

(15)

(16)

(17)

1M

aint

enan

ce o

f fo

reig

n em

bass

ies

15.0

7.8

16.3

26.1

20.0

14.0

19.8

30.3

57.1

40.1

71.3

67.7

36.8

22.1

23.6

22.1

25.1

and

dipl

omat

ic m

issi

ons

in I

ndia

incl

udin

g U

.S.

emba

ssy

expe

nditu

reou

t of

PL

480

fund

s2

Mai

nten

ance

of

inte

rnat

iona

l an

d-

--

--

--

--

0.4

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titut

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in

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a3

PL

480

frei

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refu

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81.6

80.6

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26.9

29.8

28.9

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Pay

men

ts1

Mai

nten

amce

of

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an e

mba

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s7.

27.

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05.

27.

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49.

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to I

ndus

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in-

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38.

38.

38.

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--

--

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t F

und*

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5.5

6.8

7.5

7.2

5.7

7.7

9.5

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8.0

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324

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26.

74.

88.

1

Item

1973

-74

1974

-75

1975

-76

1976

-77

1977

-78

1978

-79

1979

-80

1980

-81

1981

-82

1982

-83

1983

-84

1984

-85

1985

-86

1986

-87

1987

-88

1988

-89

1989

-90

(18)

(19)

(20)

(21)

(22)

(23)

(24)

(25)

(26)

(27)

(28)

(29)

(30)

(31)

(32)

(33)

(34)

1M

aint

enan

ce o

f fo

reig

n em

bass

ies

25.9

51.9

70.6

57.9

64.7

82.4

73.5

72.1

111.

092

.911

8.0

93.8

114.

910

6.0

81.8

65.7

31.2

and

dipl

omat

ic m

issi

ons

in I

ndia

incl

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g U

.S.

emba

ssy

expe

nditu

reou

t of

PL

480

fund

s2

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nten

ance

of

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iona

l an

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54.

16.

52.

54.

40.

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10.9

18.0

12.1

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10.9

0.8

26.7

38.6

44.2

19.7

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ins

titut

ions

in

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a3

PL

480

frei

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nd*

--

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Oth

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4.5

18.6

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8.7

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48.

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To

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32.9

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ents

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aint

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f In

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14.2

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21.3

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26.3

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9.8

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484

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818

2.1

212.

221

1.0

Net

(A

-B)

11.1

44.5

71.6

33.6

33.4

22.7

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42.9

20.3

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3-9

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Not

es :

*: R

epre

sent

s fr

eigh

t on

PL

480

impo

rts

initi

ally

bor

ne b

y In

dia

but

subs

eque

ntly

ref

unde

d by

the

U.S

. au

thor

ities

.:*

*; T

his

is n

ow s

how

n un

der

offic

ial

tran

sfer

pay

men

ts f

rom

196

4-65

Sou

rces

:R

eser

ve B

ank

of I

ndia

Bul

letin

, M

ay 2

003,

Jan

uary

200

1, A

pril

1999

Mon

ogra

ph o

n In

dia

’s B

alan

ce o

f P

aym

ents

, Ju

ly 1

993

47 Balance of Payments

Ap

pen

dix

2(E

ii):

Go

vern

men

t n

ot

incl

ud

ed e

lsew

her

e A

cco

un

t :

1990

-98

to 2

001-

02

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

1990

-91

1991

-92

1992

-93

1993

-94

1994

-95

1995

-96

A.

Rec

eip

ts

a.M

aint

enan

ce o

f fo

reig

n em

bass

ies

20.5

11.0

39.2

16.0

24.6

8.0

47.2

15.0

23.6

8.0

31.0

9.0

and

dipl

omat

ic m

issi

ons

in I

ndia

.b.

Mai

nten

ance

of

inte

rnat

iona

l an

d6.

84.

02.

81.

019

5.0

64.0

5.0

2.0

0.5

0.0

0.0

0.0

regi

onal

ins

titut

ions

in

Indi

ac.

Oth

ers

0.0

0.0

0.0

0.0

0.0

3.0

42.3

13.0

4.2

2.0

13.0

4.0

TO

TA

L-A

27.3

15.0

42.0

17.0

219.

675

.094

.530

.028

.310

.044

.013

.0

B.

Pay

men

ts

a.M

aint

enan

ce o

f In

dian

em

bass

ies

310.

717

3.0

286.

111

6.0

261.

085

.038

3.3

122.

041

0.9

131.

056

9.8

170.

0an

d di

plom

atic

mis

sion

s ab

road

b.R

emitt

ance

s by

for

eign

em

bass

ies

....

....

....

....

....

....

and

mis

sion

s in

Ind

iac

Oth

ers

0.5

0.0

6.4

3.0

44.2

14.0

97.3

31.0

107.

534

.015

4.3

48.0

TO

TA

L-B

311.

217

3.0

292.

511

9.0

305.

299

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0.6

153.

051

8.4

165.

072

4.1

218.

0G

nie

Net

(A

-B)

-283

.9-1

58.0

-250

.5-1

02.0

-85.

6-2

4.0

-386

.1-1

23.0

-490

.1-1

55.0

-680

.1-2

05.0

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

1996

-97

1997

-98

1998

-99

1999

-00P

R20

00-0

120

01-0

2

A.

Rec

eip

ts

a.M

aint

enan

ce o

f fo

reig

n em

bass

ies

75.6

21.0

457.

012

5.0

749.

017

8.0

887.

020

5.0

1016

.085

3.0

222.

017

8.0

and

dipl

omat

ic m

issi

ons

in I

ndia

.b.

Mai

nten

ance

of

inte

rnat

iona

l an

d0.

00.

058

1.0

151.

017

71.0

419.

016

36.0

377.

019

96.0

1382

.043

5.0

291.

0re

gion

al i

nstit

utio

ns i

n In

dia

c.O

ther

s18

1.3

51.0

TO

TA

L-A

256.

972

.010

38.0

276.

025

20.0

597.

025

23.0

582.

030

12.0

2235

.065

7.0

469.

0

B.

Pay

men

ts

a.M

aint

enan

ce o

f In

dian

em

bass

ies

581.

616

3.0

1227

.029

3.0

1023

.023

7.0

1232

.095

6.0

270.

020

1.0

270.

020

1.0

and

dipl

omat

ic m

issi

ons

abro

adb.

Rem

ittan

ces

by f

orei

gn e

mba

ssie

s..

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2.0

32.0

144.

033

.032

5.0

337.

071

.071

.0an

d m

issi

ons

in I

ndia

cO

ther

s53

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.0

TO

TA

L-B

634.

717

8.0

594.

016

0.0

1359

.032

5.0

1167

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0.0

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93.0

341.

027

2.0

Gn

ie N

et (

A-B

)-3

77.8

-106

.044

4.0

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011

61.0

272.

013

56.0

312.

014

55.0

942.

031

6.0

197.

0

Sou

rces

:R

eser

ve B

ank

of I

ndia

Bul

letin

, M

ay 2

003,

Jan

uary

200

1, A

pril

1999

Mon

ogra

ph o

n In

dia'

s B

alan

ce o

f P

aym

ents

, Ju

ly 1

993

Balance of Payments 48A

pp

end

ix 2

(Fi)

: M

isce

llan

eou

s A

cco

un

t :

Fro

m 1

956-

57 t

o 1

989-

90(R

upee

s, C

rore

)

Item

1956

-57

1957

-58

1958

-59

1959

-60

1960

-61

1961

-62

1962

-63

1963

-64

1964

-65

1965

-66

1966

-67

1967

-68

1968

-69

1969

-70

1970

-71

1971

-72

1972

-73

12

34

56

78

910

1112

1314

1516

17

AR

ecei

pts

1T

echn

icia

ns..

....

....

....

..-

15

1.5

7.3

7.1

7.8

7.7

5.3

2P

rofe

ssio

nal

Ser

vice

s0.

30.

20.

60.

50.

50.

30.

23.

13.

12.

4-

-0.

10.

40.

30.

30.

8 3

Tec

hnic

al k

now

-how

....

....

....

....

--

--

0.1

0.1

-2.4

0.2

0.4

4M

anag

emen

t fe

es,

offic

e ex

pens

es,

11.5

11.3

9.6

9.7

11.8

12.1

12.3

15.1

12.8

13.4

17.2

19.7

15.8

13.5

13.5

15.7

14.3

ag

ency

ser

vice

s, e

tc.

5U

nder

wri

ters

’ co

mm

issi

on..

....

....

....

..-

--

--

--

--

6S

ettle

men

t on

acc

ount

of

post

,..

....

....

....

..0.

90.

71.

52.

23.

22.

31.

61.

61.

5

tele

grap

h, t

elep

hone

and

ra

dio

char

ges

7A

dver

tisem

ent

char

ges

--

--

....

....

0.2

0.1

0.2

0.2

0.3

0.2

0.3

0.1

0.1

8F

orei

gn S

ubsc

ript

ions

to

Indi

an..

....

....

....

..0.

1-

0.1

0.1

0.2

0.1

0.1

0.1

0.1

pe

riod

ical

s, m

agaz

ines

, et

c. 9

Film

ren

tals

....

....

....

....

0.1

-0.

10.

40.

20.

10.

30.

20.

110

Ref

unds

and

reb

ates

on

impo

rts

....

....

....

....

0.5

0.8

0.6

1.0

0.6

0.4

0.2

0.3

0.4

11O

ther

ref

unds

and

reb

ates

....

....

....

....

0.4

0.2

0.4

0.2

1.0

0.6

0.8

0.2

0.3

12R

oyal

ties

....

....

....

....

--

--

0.1

0.1

-0.

10.

213

Ren

tals

....

....

....

....

--

--

--

--

-14

Oil

com

pani

es’

mis

cella

neou

s..

....

....

....

..7.

97.

612

.27.

54.

04.

62.

70.

80.

6

rem

mitt

ance

equ

ival

ents

15P

roce

eds

of r

upee

tra

velle

rs’

cheq

ues

....

....

....

....

--

--

--

--

-

sold

by

non-

resi

dent

ban

ks16

Oth

ers

25.3

25.1

27.0

19.9

24.3

23.1

20.9

14.3

-2.6

-0.4

13.1

10.2

26.5

14.0

6.1

20.7

23.0

AT

ota

l37

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.136

.635

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.432

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.047

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Pay

men

ts 1

Tec

hnic

ians

....

....

....

....

12.6

13.3

16.8

15.1

12.1

11.4

8.4

8.3

8.2

2O

ther

pro

fess

iona

l S

ervi

ces

5.5

4.7

4.4

5.8

5.5

9.6

1312

.71.

92.

12.

62.

82.

53.

02.

23.

92.

7 3

Tec

hnic

al k

now

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....

....

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3.6

7.0

10.4

14.7

16.0

12.8

20.6

13.9

11.3

4M

anag

emen

t fe

es,

offic

e ex

pens

es,

9.6

10.5

9.2

10.0

9.1

10.0

9.6

12.7

10.3

12.0

15.8

16.5

16.2

18.2

21.3

26.9

26.0

ag

ency

ser

vice

s, e

tc.

5N

ewsp

aper

cor

resp

onde

nts

....

....

....

....

0.2

0.2

0.3

0.3

0.3

0.3

0.3

0.4

0.3

6U

nder

wri

ters

’ co

mm

issi

on..

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Rem

ittan

ces

agai

nst

non-

fulfi

lmen

t..

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0.1

0.3

0.2

0.1

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1-

of

con

trac

ts 8

Set

tlem

ent

on a

ccou

nt o

f po

st,

....

....

....

....

0.1

0.2

0.3

0.3

0.2

0.4

0.4

0.4

0.3

te

legr

aph,

tel

epho

ne a

nd

radi

o ch

arge

s 9

Adv

ertis

emen

t ch

arge

s..

....

....

....

..0.

40.

40.

40.

50.

40.

50.

71.

70.

810

Indi

an S

ubsc

ript

ions

to

For

eign

....

....

....

....

1.6

1.8

2.7

3.1

3.5

4.5

4.6

5.3

5.6

pe

riod

ical

s, m

agaz

ines

, et

c.11

Film

ren

tals

....

....

....

....

0.3

0.2

0.3

0.6

0.3

0.3

0.3

0.1

-12

Ref

unds

and

reb

ates

on

expo

rts

....

....

....

....

--

--

-0.

31.

92.

11.

813

Oth

er r

efun

ds a

nd r

ebat

es..

....

....

....

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00.

92.

51.

42.

41.

50.

61.

21.

514

Roy

altie

s1.

20.

91.

31.

82.

52.

43.

64.

64.

42.

95.

14.

34.

85.

85.

25.

97.

315

Ren

tals

....

....

....

....

-0.

30.

10.

10.

2-

--

-16

Oil

com

pani

es’

mis

cella

neou

s..

....

....

....

..9.

27.

21.

77.

46.

46.

68.

22.

30.

4

rem

mitt

able

lia

bilit

ies

(n

ot i

nclu

ded

else

whe

re)

17O

ther

s7.

39.

213

.611

.117

.516

.718

16.5

0.2

0.8

2.3

-1.

81.

23.

86.

416

.0B

To

tal

23.6

25.3

28.5

28.7

34.6

38.7

44.2

46.5

45.8

49.4

61.6

67.3

67.2

6778

.579

.082

.2N

et (

A-B

)13

.511

.38.

71.

42.

0-3

.2-1

0.8

-14.

0-2

2.4

-23.

6-1

1.2

-24.

3-7

.8-2

3.5

-47.

2-3

1.0

-35.

1

(Con

td)

49 Balance of Payments

Ap

pen

dix

2(F

i):

Mis

cella

neo

us

Acc

ou

nt

: F

rom

195

6-57

to

198

9-90

(C

oncl

uded

)(R

upee

s, C

rore

)

Item

1973

-74

1974

-75

1975

-76

1976

-77

1977

-78

1978

-79

1979

-80

1980

-81

1981

-82

1982

-83

1983

-84

1984

-85

1985

-86

1986

-87

1987

-88

1988

-89

1989

-90

1819

2021

2223

2425

2627

2829

3031

3233

34

AR

ecei

pts

1T

echn

icia

ns2.

70.

20.

70.

90.

50.

50.

71.

22.

11.

92.

33.

24.

12.

75.

013

.369

.0 2

Pro

fess

iona

l S

ervi

ces

0.5

1.1

1.3

3.1

4.6

3.3

7.2

5.1

6.7

8.4

7.0

8.9

10.2

6.6

12.4

20.2

44.2

3T

echn

ical

kno

w-h

ow0.

10.

50.

50.

91.

16.

11.

93.

15.

88.

16.

03.

68.

312

.86.

38.

48.

7 4

Man

agem

ent

fees

, of

fice

expe

nses

,18

.921

.125

.225

.830

.258

.873

.774

.590

.819

8.6

153.

623

2.4

172.

821

4.3

347.

851

6.1

817.

3

agen

cy s

ervi

ces,

etc

. 5

Und

erw

rite

rs’

com

mis

sion

--

-0.

10.

40.

10.

30.

7-

-0.

10.

20.

1-

-0.

3-

6S

ettle

men

t on

acc

ount

of

post

,0.

51.

42.

52.

81.

20.

92

1.4

1.9

5.7

7.2

4.3

0.5

0.7

3.1

50.1

16.2

te

legr

aph,

tel

epho

ne a

nd

radi

o ch

arge

s 7

Adv

ertis

emen

t ch

arge

s0.

20.

20.

10.

10.

20.

10.

10.

80.

11.

21

0.9

0.2

0.5

2.4

6.7

13.7

8F

orei

gn S

ubsc

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ions

to

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an0.

20.

10.

30.

30.

80.

60.

41.

00.

30.

40.

21.

61.

62.

36.

211

.124

.9

peri

odic

als,

mag

azin

es,

etc.

9F

ilm r

enta

ls-

-0.

1-

0.3

-0.

20.

20.

20.

21.

40.

20.

11.

30.

10.

40.

510

Ref

unds

and

reb

ates

on

impo

rts

0.3

0.2

0.7

0.5

0.6

1.1

1.7

0.8

2.9

9.3

6.3

1.2

1.1

4.7

3.5

3.3

6.4

11O

ther

ref

unds

and

reb

ates

0.3

0.5

0.3

0.9

1.8

0.8

0.9

1.0

1.8

1.7

1.8

1.1

2.5

1.3

5.2

10.7

11.7

12R

oyal

ties

0.1

0.1

0.2

0.1

0.2

0.1

0.1

0.1

0.2

10.0

0.5

0.1

0.3

0.6

1.4

1.2

2.5

13R

enta

ls-

--

-0.

1-

-0.

1-

--

-0.

10.

10.

20.

41.

314

Oil

com

pani

es’

mis

cella

neou

s0.

30.

40.

10.

1-

--

--

--

--

--

--

re

mm

ittan

ce e

quiv

alen

ts15

Pro

ceed

s of

rup

ee t

rave

llers

’ ch

eque

s-

--

0.1

0.3

0.4

0.1

0.7

0.5

0.3

1.4

0.4

1.1

0.8

1.3

22.

3

sold

by

non-

resi

dent

ban

ks16

Oth

ers

24.4

56.9

119.

415

1.5

233.

130

4.5

439.

765

9.9

704.

384

0.3

1426

.421

03.7

1859

.713

54.1

1272

.614

73.5

1905

.0A

To

tal

48.5

82.7

151.

418

7.2

275.

437

7.3

529.

075

0.6

817.

610

77.0

1615

.023

62.0

2063

.016

03.0

103.

016

0.0

175.

3 2

Oth

er p

rofe

ssio

nal

Ser

vice

s2.

83.

44.

113

.237

.68.

011

.311

.913

.942

.045

.382

.669

.510

5.7

282.

023

0.4

169.

2 3

Tec

hnic

al k

now

-how

14.1

12.5

25.7

37.8

28.1

55.5

44.0

98.0

270.

725

8.6

314.

930

0.6

367.

835

8.4

459.

331

6.7

458.

8 4

Man

agem

ent

fees

, of

fice

expe

nses

,28

.933

.150

.973

.180

.096

.218

5.5

146.

626

1.0

210.

623

3.5

294.

633

1.7

447.

947

0.2

714.

390

2.6

ag

ency

ser

vice

s, e

tc.

5N

ewsp

aper

cor

resp

onde

nts

0.2

0.1

0.2

0.2

0.1

0.1

0.2

0.1

0.4

0.5

0.3

0.8

1.4

0.6

0.7

0.9

1.1

6U

nder

wri

ters

’ co

mm

issi

on-

-0.

1-

-0.

1-

0.1

-0.

10.

10.

20.

2-

0.3

-3.

9 7

Rem

ittan

ces

agai

nst

non-

fulfi

lmen

t0.

20.

20.

20.

20.

30.

10.

20.

21.

80.

58.

92.

20.

91.

62.

84.

16.

5

of c

ontr

acts

8S

ettle

men

t on

acc

ount

of

post

,0.

50.

20.

31.

50.

51.

80.

81.

32.

814

.77.

37.

23.

914

.562

.240

.59.

2

tele

grap

h, t

elep

hone

and

ra

dio

char

ges

9A

dver

tisem

ent

char

ges

1.8

2.6

1.3

0.8

2.9

2.5

2.0

3.2

2.6

5.0

10.1

3.9

10.0

51.8

7.0

15.0

10.7

10In

dian

Sub

scri

ptio

ns t

o F

orei

gn7.

06.

011

.213

.913

.519

.126

.828

.932

.048

.040

.810

2.1

83.3

131.

799

.711

4.7

134.

4

peri

odic

als,

mag

azin

es,

etc.

11F

ilm r

enta

ls0.

30.

2-

0.6

0.3

0.4

0.2

0.6

0.1

-0.

20.

10.

1-

0.2

0.3

0.5

12R

efun

ds a

nd r

ebat

es o

n ex

port

s2.

92.

24.

515

.013

.78.

18.

56.

03.

89.

37.

56.

710

.523

.823

.320

.137

.113

Oth

er r

efun

ds a

nd r

ebat

es0.

91.

01.

93.

118

.83.

826

.76.

14.

010

.312

.916

.269

.913

.911

.228

.527

.214

Roy

altie

s6.

28.

510

.515

.919

.512

.79.

68.

916

.039

.727

.628

.523

.540

.160

.418

0.6

197.

415

Ren

tals

0.4

0.7

0.5

1.2

0.5

0.7

0.2

0.2

0.1

0.5

1.5

1.3

1.5

1.3

9.7

3.7

4.7

16O

il co

mpa

nies

’ m

isce

llane

ous

1.8

-0.

71.

4-

--

--

--

--

--

--

re

mm

ittab

le l

iabi

litie

s

(not

inc

lude

d el

sew

here

)17

Oth

ers

12.5

21.9

52.0

64.1

32.3

71.2

237.

032

8.2

166.

112

8.4

372.

842

1.2

147.

622

0.8

428.

545

7.3

848.

9B

To

tal

90.6

100.

017

1.2

252.

325

8.3

325.

756

2.1

662.

978

8.4

798.

311

10.0

1298

.011

64.0

1485

.020

21.0

2287

.029

88.0

Net

(A

-B)

-42.

1-1

7.3

-19.

8-6

5.1

17.1

51.6

-33.

187

.729

.227

8.8

505.

410

64.0

898.

911

7.7

-353

.0-1

69.0

-63.

8

Sou

rces

: R

eser

ve B

ank

of I

ndia

Bul

letin

, M

ay 2

003,

Jan

uary

200

1, A

pril

1999

Mon

ogra

ph o

n In

dia'

s B

alan

ce o

f P

aym

ents

, Ju

ly 1

993

Balance of Payments 50

Ap

pen

dix

2(F

ii):

Mis

cella

neo

us

Acc

ou

nt

: 19

90-9

1 to

200

1-02

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

1990

-91

1991

-92

1992

-93

1993

-94

1994

-95

1995

-96

A.

Rec

eip

ts

Com

mun

icat

ion

serv

ices

....

....

....

....

....

....

Con

stru

ctio

n S

evic

es..

....

....

....

....

....

..

Fin

anci

al s

ervi

ces

....

....

....

....

....

....

Sof

twar

e se

rvic

es..

....

....

..10

2032

511

85.4

489

2520

747

New

s ag

ency

ser

vice

s..

....

....

....

....

....

..

Roy

altie

s, c

opyr

ight

and

lic

ense

fee

s..

....

....

....

....

....

..

Man

agem

ent

serv

ices

1009

.956

312

53.5

512

1124

.838

613

92.8

444

1910

.760

918

66.5

554

Oth

er s

ervi

ces

(Adv

ertis

ing,

ren

tals

,..

....

....

....

....

....

..

offic

e m

aint

enan

ce,

priz

es,

exhi

bitio

ns &

oth

er s

ervi

ces

not

enum

erat

ed e

lsew

here

)

TO

TA

L-A

1009

.956

312

53.5

512

1124

.838

624

12.8

769

3096

.110

9843

86.5

1301

B.

Pay

men

ts

Com

mun

icat

ion

serv

ices

....

....

....

....

....

....

Con

stru

ctio

n se

rvic

es..

....

....

....

....

....

..

Fin

anci

al s

ervi

ces

....

....

....

....

....

....

Sof

twar

e se

rvic

es..

....

....

....

....

....

..

New

s ag

ency

ser

vice

s..

....

....

....

....

....

..

Roy

altie

s, c

opyr

ight

and

lic

ense

fee

s..

....

....

....

....

....

..

Man

agem

ent

serv

ices

1197

.166

722

46.7

946

2279

.874

420

46.7

653

3130

.399

766

55.5

1961

Oth

er s

ervi

ces

(Adv

ertis

ing,

....

....

....

....

....

....

re

ntal

s, o

ffic

e m

aint

enan

ce,

priz

es,

ex

hibi

tions

& o

ther

ser

vice

s

no

t en

umer

ated

els

ewhe

re)

TO

TA

L-B

1197

.166

722

46.7

946

2279

.874

420

46.7

653

3130

.399

766

55.5

1961

C.

Mis

cella

neo

us

Net

(A

-B)

-187

.2-1

04-9

93.2

-434

-115

5-3

5836

6.1

116

-34.

210

1-2

269

-660

(Con

td)

51 Balance of Payments

Ap

pen

dix

2(F

ii):

Mis

cella

neo

us

Acc

ou

nt

: 19

90-9

1 to

200

1-02

(C

oncl

uded

)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

1996

-97

1997

-98

1998

-99

1999

-00

2000

-01

2001

-02

A.

Rec

eip

ts

Com

mun

icat

ion

serv

ices

....

624

171

2552

601

4601

1064

5949

1288

4377

921

Con

stru

ctio

n S

evic

es..

..37

010

163

415

016

9138

930

8167

180

316

7

Fin

anci

al s

ervi

ces

....

1112

296

1190

283

1569

361

3193

696

3719

780

Sof

twar

e se

rvic

es39

0010

9965

7017

6011

064

2626

1741

240

1629

014

6341

3421

671

75

New

s ag

ency

ser

vice

s..

..58

615

611

0626

214

8534

251

111

435

7

Roy

altie

s, c

opyr

ight

and

lic

ense

fee

s..

..80

2173

1823

754

280

6240

084

Man

agem

ent

serv

ices

1394

.339

320

4454

924

7759

027

9064

344

7197

045

4695

1

Oth

er s

ervi

ces

(Adv

ertis

ing,

ren

tals

,..

..41

0311

0912

254

2917

1425

932

8412

671

2733

2183

945

86

offic

e m

aint

enan

ce,

priz

es,

exhi

bitio

ns &

oth

er s

ervi

ces

not

enum

erat

ed e

lsew

here

)

TO

TA

L-A

5294

.314

9215

489

4163

3135

074

4744

044

1015

359

170

1287

569

935

1467

1

B.

Pay

men

ts

Com

mun

icat

ion

serv

ices

....

323

8743

510

382

619

011

3824

727

1957

1

Con

stru

ctio

n se

rvic

es..

..23

965

414

9822

051

996

216

2462

517

Fin

anci

al s

ervi

ces

....

2402

647

2885

687

5785

1632

9221

2003

1111

723

35

Sof

twar

e se

rvic

es..

..82

922

314

6134

816

0013

827

0659

032

0267

2

New

s ag

ency

ser

vice

s..

..53

014

243

110

469

390

1378

299

1509

317

Roy

altie

s, c

opyr

ight

and

lic

ense

fee

s..

..61

816

610

5525

013

5131

123

6751

426

7156

1

Man

agem

ent

serv

ices

4074

.211

5131

3284

128

0266

334

5679

563

7613

8583

4117

52

Oth

er s

ervi

ces

(Adv

ertis

ing,

....

6120

1637

1650

639

0815

126

3497

2131

446

3119

861

4172

re

ntal

s, o

ffic

e m

aint

enan

ce,

priz

es,

ex

hibi

tions

& o

ther

ser

vice

s

no

t en

umer

ated

els

ewhe

re)

TO

TA

L-B

4074

.211

5114

193

3808

2598

961

6129

057

6704

4549

698

8551

882

1089

7

C.

Mis

cella

neo

us

Net

(A

-B)

1220

.134

112

9635

553

6112

8614

987

3449

1367

429

9018

053

3774

PR

: P

artia

lly r

evis

ed.

Sou

rces

: R

eser

ve B

ank

of I

ndia

Bul

letin

, M

ay 2

003,

Jan

uary

200

1, A

pril

1999

Mon

ogra

ph o

n In

dia'

s B

alan

ce o

f P

aym

ents

, Ju

ly 1

993

Balance of Payments 52

Ap

pen

dix

2(G

i):

Off

icia

l T

ran

sfer

Pay

men

ts A

cco

un

t :

1956

-57

to 1

989-

90(R

upee

s, C

rore

)

1956

-57

1957

-58

1958

-59

1959

-60

1960

-61

1961

-62

1962

-63

1963

-64

1964

-65

1965

-66

1966

-67

1967

-68

1968

-69

1969

-70

1970

-71

1971

-72

1972

-73

Item

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

(13)

(14)

(15)

(16)

(17)

Rec

eip

ts

1G

rant

s fr

om v

ario

us c

ount

ries

36.7

32.8

35.5

37.5

33.2

30.3

22.7

19.3

15.3

26.9

87.6

40.0

57.8

20.4

49.7

52.7

11.7

2P

L 48

0 T

itle

I-

--

0.3

11.8

*13

.354

.462

.812

2.0

60.2

0.2

-10

.941

.217

.940

.844

.4

3P

L 48

0 T

itle

II-

--

--

--

-14

.016

.537

.048

.150

.749

.455

.862

.761

.1

4O

ther

s0.

30.

10.

10.

20.

22.

30.

11.

30.

80.

2-

0.2

3.8

4.1

4.6

2.0

1.2

AT

ota

l37

.032

.935

.638

.045

.245

.977

.283

.415

2.1

103.

812

4.8

88.3

123.

211

5.1

128.

015

8.2

118.

4

Pay

men

ts

1P

ensi

on o

n go

vern

men

t ac

coun

t-

--

--

--

-0.

30.

40.

40.

60.

40.

30.

50.

50.

6

in

Ind

ia

2G

over

nmen

t co

ntri

butio

n to

--

--

--

--

1.7

2.8

3.8

4.4

4.6

3.0

4.5

3.1

4.6

in

tern

atio

nal

agen

cies

3D

onat

ions

and

tec

hnic

al a

ssis

tanc

e-

--

--

--

--

--

0.1

-0.

11.

412

.00.

1

ex

tend

ed b

y G

over

nmen

t of

Ind

ia

4C

ontr

ibut

ion

to I

ndus

Bas

in-

--

--

--

-8.

38.

313

.013

.011

.211

.3-

-

D

evel

opm

ent

Fun

d

5C

omm

odity

agr

eem

ent

with

Gul

f st

ates

--

--

--

--

--

--

-2.

2-

0.6

0.2

6E

xpor

ts o

n gi

ft b

asis

--

--

--

--

--

--

--

--

4.5

7G

over

nmen

t exp

orts

-gra

nts

--

--

--

--

--

--

--

0.1

--

8G

rant

s to

Ban

glad

esh

--

--

--

--

--

--

--

-23

.599

.5

9G

rant

s to

IT

EC

pro

gram

me

--

--

--

--

--

--

--

--

-

10C

ontr

ibut

ion

to W

orld

Hea

lth-

--

--

--

--

--

--

--

2.2

0.5

O

rgan

isat

ion

11O

ther

s-

--

--

--

--

--

--

--

--

BT

ota

l-

--

--

--

-10

.311

.517

.218

.116

.216

.96.

541

.911

0.0

Net

(A

-B)

37.0

32.9

35.6

38.0

33.4

45.9

77.2

83.4

141.

892

.310

7.6

70.2

107.

098

.212

1.5

116.

38.

4

(Con

td)

53 Balance of Payments

Ap

pen

dix

2(G

i):

Off

icia

l T

ran

sfer

Pay

men

ts A

cco

un

t :

1956

-57

to 1

989-

90 (

Con

clud

ed)

(Rup

ees,

Cro

re)

1973

-74

1974

-75

1975

-76

1976

-77

1977

-78

1978

-79

1979

-80

1980

-81

1981

-82

1982

-83

1983

-84

1984

-85

1985

-86

1986

-87

1987

-88

1988

-89

1989

-90

Item

(18)

(19)

(20)

(21)

(22)

(23)

(24)

(25)

(26)

(27)

(28)

(29)

(30)

(31)

(32)

(33)

(34)

Rec

eip

ts

1G

rant

s fr

om v

ario

us c

ount

ries

15.2

71.4

317.

625

9.2

268.

639

7.3

306.

234

8.2

291.

127

5.1

242.

940

5.6

319.

436

9.9

391.

951

8.2

749.

9

2P

L 48

0 T

itle

I16

88.4

@16

.4-

--

--

--

--

--

--

--

3P

L 48

0 T

itle

II60

.859

.711

7.6

121.

911

2.0

115.

515

9.8

119.

315

4.3

110.

013

6.9

134.

311

9.9

119.

211

6.9

171.

012

7.9

4O

ther

s2.

60.

550

.312

.713

.723

.641

.412

8.0

5.3

1.2

19.5

38.2

0.6

40.9

26.9

43.7

24.2

AT

ota

l17

67.0

148.

048

5.5

393.

839

4.3

536.

450

7.4

595.

545

0.7

386.

339

9.3

578.

143

9.9

530.

053

5.7

732.

990

2.0

Pay

men

ts

1P

ensi

on o

n go

vern

men

t ac

coun

t0.

51.

10.

80.

50.

50.

60.

40.

20.

50.

30.

10.

10.

30.

20.

20.

30.

2

in

Ind

ia

2G

over

nmen

t co

ntri

butio

n to

4.8

6.8

3.0

6.3

3.2

0.9

3.5

-1.

65.

87.

13.

612

.14.

43.

18.

45.

0

in

tern

atio

nal

agen

cies

3D

onat

ions

and

tec

hnic

al a

ssis

tanc

e-

--

--

0.1

--

-0.

1-

0.1

0.2

0.1

--

-

ex

tend

ed b

y G

over

nmen

t of

Ind

ia

4C

ontr

ibut

ion

to I

ndus

Bas

in-

--

--

--

--

--

--

--

--

D

evel

opm

ent

Fun

d

5C

omm

odity

agr

eem

ent

with

Gul

f st

ates

0.2

0.1

--

--

--

--

--

--

--

-

6E

xpor

ts o

n gi

ft b

asis

3.0

1.0

-0.

10.

10.

14.

80.

30.

50.

30.

1-

--

--

-

7G

over

nmen

t exp

orts

-gra

nts

--

--

--

--

--

--

--

--

-

8G

rant

s to

Ban

glad

esh

2.7

1.2

1.1

1.0

1.4

0.2

0.1

0.2

--

--

--

--

-

9G

rant

s to

IT

EC

pro

gram

me

--

2.8

2.9

6.7

3.0

4.1

3.0

--

--

--

--

-

10C

ontr

ibut

ion

to W

orld

Hea

lth-

--

--

--

--

--

--

--

--

O

rgan

isat

ion

11O

ther

s5.

8-

0.1

--

--

--

--

--

--

--

BT

ota

l17

.010

.27.

810

.811

.94.

912

.93.

72.

66.

57.

33.

812

.64.

73.

38.

75.

2

Net

(A

-B)

1750

.013

7.8

477.

738

3.0

382.

453

1.5

494.

559

1.8

448.

137

9.8

392.

057

4.3

427.

352

5.3

532.

472

4.2

896.

8

Not

es:

*: I

nclu

de R

s 8.

4 cr

ore

earm

arke

d by

the

U.S

. au

thor

ities

to

finan

ce e

xpor

t of

goo

ds a

nd s

ervi

ces

to N

epal

und

er t

heir

eco

nom

ic a

id p

rogr

amm

e to

tha

t co

untr

y.:@

: R

ecei

pts

for

the

year

197

3-74

inc

lude

Rs

1664

cro

re a

s of

ficia

l gr

ant

rece

ipts

und

er t

he a

gree

men

t da

ted

Feb

ruar

y 18

, 19

74 b

etw

een

the

gove

rnm

ent

of I

ndia

and

US

A.

Sou

rces

: R

eser

ve B

ank

of I

ndia

Bul

letin

, M

ay 2

003,

Jan

uary

200

1, A

pril

1999

Mon

ogra

ph o

n In

dia'

s B

alan

ce o

f P

aym

ents

, Ju

ly 1

993

Balance of Payments 54

Ap

pen

dix

2(G

ii):

Off

icia

l T

ran

sfer

s A

cco

un

t :

1990

-91

to 2

001-

02

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

1990

-91

1991

-92

1992

-93

1993

-94

1994

-95

1995

-96

AR

ecei

pts

Don

atio

ns r

ecei

ved

from

Non

- re

side

nts

178.

810

020

1.5

8130

6.6

106

0.8

031

5.4

100

223.

566

Gra

nt u

nder

PL

480

II11

.87

5.3

20.

60

291.

393

4.6

114

.14

Gra

nts

from

oth

er G

over

nmen

ts63

8.7

356

934.

737

874

7.8

258

878.

228

010

02.9

319

956.

128

1

TO

TA

L-A

829.

346

311

41.5

461

1055

364

1170

.337

313

22.9

420

1193

.735

1

BP

aym

ents

Gra

nts/

dona

tions

fro

m o

ffic

ial

sect

or1.

71

1.4

12.

21

14.9

513

.35

205

TO

TA

L-B

1.8

11.

51

2.3

115

513

.95

216

Off

icia

l T

ran

sfer

s N

et (

A-B

)82

7.5

462

1140

460

1052

.736

311

55.3

368

1309

415

1172

.734

5

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

1996

-97

1997

-98

1998

-99

1999

-00

2000

-01

2001

-02

AR

ecei

pts

Don

atio

ns r

ecei

ved

from

Non

- re

side

nts

42.3

126

20

017

440

489

107

296

Gra

nt u

nder

PL

480

II0

038

610

540

094

414

9643

995

279

58G

rant

s fr

om o

ther

Gov

ernm

ents

1465

.141

110

2627

290

521

410

7124

662

813

615

4332

1

TO

TA

L-A

1507

.442

314

1837

913

0530

816

5938

215

5633

818

5138

5

BP

aym

ents

Gra

nts/

dona

tions

fro

m o

ffic

ial

sect

or50

130

05

12

010

24

1

TO

TA

L-B

50.3

130

05

12

010

24

1

Off

icia

l T

ran

sfer

s N

et (

A-B

)14

57.1

410

1418

379

1300

307

1657

382

1546

336

1847

384

Sou

rces

: R

eser

ve B

ank

of I

ndia

Bul

letin

, M

ay 2

003,

Jan

uary

200

1, A

pril

1999

Mon

ogra

ph o

n In

dia'

s B

alan

ce o

f P

aym

ents

, Ju

ly 1

993

55 Balance of Payments

Ap

pen

dix

2(H

i):

Pri

vate

Tra

nsf

er P

aym

ents

Acc

ou

nt

: 19

56-5

7 to

198

9-90

(Rup

ees,

Cro

re)

1956

-57

1957

-58

1958

-59

1959

-60

1960

-61

1961

-62

1962

-63

1963

-64

1964

-65

1965

-66

1966

-67

1967

-68

1968

-69

1969

-70

1970

-71

1971

-72

1972

-73

Item

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

(13)

(14)

(15)

(16)

(17)

Rec

eip

ts*

1R

ecei

pts

for

fam

ily m

aint

enan

ce..

....

....

....

..3.

31.

82.

14.

55.

04.

44.

43.

93.

02

Per

sona

l gi

fts

and

dona

tions

to

21.4

21.5

20.7

20.5

19.0

19.6

31.1

35.7

26.5

11.4

21.5

52.6

62.7

68.3

72.6

90.1

75.3

relig

ious

org

ains

atio

ns a

ndch

arita

blei

nstit

utio

ns i

n In

dia

3M

igra

nts’

tra

nsfe

rs b

y In

dian

6.8

6.1

5.9

6.1

5.0

3.5

3.7

4.6

1.6

0.8

0.7

2.2

3.0

3.2

4.5

3.1

3.7

natio

nals

4M

igra

nts’

tra

nsfe

rs b

y fo

reig

n..

....

....

....

..-

-0.

10.

2-

0.3

0.3

0.3

0.2

natio

nals

5T

rans

fers

of

lega

cies

and

....

....

....

....

0.2

0.4

0.5

0.2

0.3

0.4

0.3

0.3

0.4

asse

ts i

n tr

ust

6R

epat

riat

ion

of s

avin

gs b

y..

....

....

....

..2.

71.

22.

36.

310

.010

.68.

69.

718

.0In

dian

s re

side

nt a

broa

d7

Rem

ittan

ces

of p

rofe

ssio

nal

....

....

....

....

0.2

0.1

-0.

2-

0.3

0.3

--

inco

me-

tax

and

inco

me-

tax

refu

nds

8R

ecei

pts

of p

rovi

dent

fun

d..

....

....

....

..0.

20.

30.

30.

40.

70.

70.

90.

60.

9an

d ot

her

retir

emen

t be

nefit

fund

s fr

om a

broa

d9

Rei

mbu

rsem

ent

of m

oney

33.2

33.2

28.1

24.9

20.7

13.9

....

7.5

4.6

5.9

5.2

9.9

9.4

8.8

8.3

9.1

orde

r dr

awin

gs10

Oth

ers

2.2

1.4

3.2

4.6

0.2

4.2

5.3

7.1

--

--

--

--

-

AT

ota

l63

.662

.257

.956

.144

.941

.240

.147

.442

.278

.4*

73.2

*71

.891

.697

.610

0.7

116.

311

0.6

Pay

men

ts1

Fam

ily m

aint

enan

ce..

....

....

....

..5.

45.

36.

56.

34.

84.

43.

22.

82.

72

Per

sona

l gi

fts

and

dona

tions

to

....

....

....

....

0.3

-0.

10.

10.

10.

30.

10.

21.

2re

ligio

us o

rgan

isat

ion

and

char

itabl

e in

stitu

tions

abr

oad

3M

igra

nts’

tra

nsfe

rs b

y In

dian

....

....

....

....

1.1

1.0

1.3

1.3

1.0

1.0

1.1

1.0

0.5

natio

nals

4M

igra

nts’

tra

nsfe

rs b

y fo

reig

n..

....

....

....

..5.

85.

67.

46.

66.

24.

65.

14.

23.

6na

tiona

ls5

Tra

nsfe

rs o

f le

gaci

es a

nd a

sset

s..

....

....

....

..0.

50.

60.

50.

50.

60.

60.

60.

50.

5in

tru

st6

Rem

ittan

ces

of s

avin

gs b

y fo

reig

n..

....

....

....

..2.

11.

82.

82.

11.

61.

41.

21.

11.

0na

tiona

ls7

Per

sona

l in

com

e-ta

x an

d..

....

....

....

..-

--

--

--

0.8

0.4

inco

me-

tax

refu

nds

8T

rans

fers

of

prov

iden

t fu

nd a

nd..

....

....

....

..0.

60.

50.

50.

70.

70.

50.

50.

20.

2ot

her

retir

emen

t be

nefit

fun

ds9

Pen

sion

s..

....

....

....

..0.

71.

01.

11.

31.

41.

31.

31.

31.

210

Rei

mbu

rsem

ent

of m

oney

....

....

....

....

0.1

--

--

--

--

orde

r dr

awin

gs11

Lott

ery

ticke

ts a

nd p

rize

s..

....

....

....

..-

--

--

--

--

BT

ota

l15

.816

.516

.716

.116

.816

.214

.013

.316

.615

.820

.218

.916

.414

.113

.112

.111

.3N

et (

A-B

)47

.845

.741

.240

.028

.125

.026

.134

.125

.662

.653

.052

.975

.283

.587

.610

4.2

99.3

(Con

td)

Balance of Payments 56A

pp

end

ix 2

(Hi)

: P

riva

te T

ran

sfer

Pay

men

ts A

cco

un

t :

1956

-57

to 1

989-

90 (

Con

clud

ed)

(Rup

ees,

Cro

re)

1973

-74

1974

-75

1975

-76

1976

-77

1977

-78

1978

-79

1979

-80

1980

-81

1981

-82

1982

-83

1983

-84

1984

-85

1985

-86

1986

-87

1987

-88

1988

-89

1989

-90

Item

(18)

(19)

(20)

(21)

(22)

(23)

(24)

(25)

(26)

(27)

(28)

(29)

(30)

(31)

(32)

(33)

(34)

Rec

eip

ts*

1R

ecei

pts

for

fam

ily m

aint

enan

ce5.

710

.548

.581

.712

0.5

133.

120

6.1

241.

632

6.9

339.

833

8.9

371.

040

3.6

500.

383

5.4

777.

611

99.1

2P

erso

nal

gift

s an

d do

natio

ns t

o99

.415

2.3

201.

131

5.5

453.

435

8.3

573.

858

7.5

495.

553

1.1

532.

461

0.3

506.

245

1.4

566.

255

1.2

673.

6re

ligio

us o

rgai

nsat

ions

and

char

itabl

eins

titut

ions

in

Indi

a 3

Mig

rant

s’ t

rans

fers

by

Indi

an5.

46.

24.

66.

49.

01.

21.

759

.94.

33.

82.

72.

62.

12.

22.

52.

00.

6na

tiona

ls 4

Mig

rant

s’ t

rans

fers

by

fore

ign

0.4

0.4

0.4

0.6

1.0

0.1

0.1

-0.

40.

310

.28.

26.

10.

5-

0.4

-na

tiona

ls 5

Tra

nsfe

rs o

f le

gaci

es a

nd0.

50.

7-

0.4

0.1

-1.

06.

40.

40.

70.

80.

70.

50.

20.

50.

4-

asse

ts i

n tr

ust

6R

epat

riat

ion

of s

avin

gs b

y30

.140

.813

7.6

268.

938

6.4

573.

690

8.6

1239

.312

51.8

1551

.417

58.7

1983

.217

90.5

2027

.921

17.8

1878

.919

32.8

Indi

ans

resi

dent

abr

oad

7R

emitt

ance

s of

pro

fess

iona

l0.

20.

1-

0.1

0.1

1.0

1.6

-0.

41.

11.

61.

82.

82.

92.

81.

61.

4in

com

e-ta

x an

d in

com

e-ta

x re

fund

s 8

Rec

eipt

s of

pro

vide

nt f

und

1.1

2.4

4.5

8.8

15.5

2.3

3.7

2.0

2.4

2.4

3.0

4.1

3.7

5.2

7.2

8.3

16.1

and

othe

r re

tirem

ent

bene

fitfu

nds

from

abr

oad

9R

eim

burs

emen

t of

mon

ey15

.422

.057

.179

.712

2.4

39.9

65.5

-0.

70.

4-

--

-0.

30.

80.

3or

der

draw

ings

10O

ther

s-

--

--

--

--

--

--

--

644.

2@-

AT

ota

l15

8.2

235.

445

3.8

762.

111

08.4

1109

.517

62.1

2136

.720

82.8

2431

.026

48.3

2981

.927

15.5

2990

.635

32.7

3865

.438

23.9

Pay

men

ts 1

Fam

ily m

aint

enan

ce2.

01.

51.

71.

10.

80.

70.

92.

01.

42.

01.

33.

75.

34.

73.

74.

08.

1 2

Per

sona

l gi

fts

and

dona

tions

to

1.2

0.1

0.2

0.1

0.1

0.1

0.2

0.2

0.2

0.2

0.5

0.6

1.0

0.9

0.9

0.7

0.6

relig

ious

org

anis

atio

n an

dch

arita

ble

inst

itutio

ns a

broa

d 3

Mig

rant

s’ t

rans

fers

by

Indi

an1.

60.

20.

70.

20.

30.

30.

30.

61.

50.

50.

80.

90.

50.

50.

50.

40.

6na

tiona

ls 4

Mig

rant

s’ t

rans

fers

by

fore

ign

3.1

2.1

2.9

2.2

1.4

9.3

2.0

0.8

0.8

1.5

1.9

1.5

1.5

2.8

3.1

5.1

4.2

natio

nals

5T

rans

fers

of

lega

cies

and

ass

ets

0.4

0.3

0.4

0.4

0.6

1.1

0.5

0.8

0.3

0.3

0.3

0.6

0.3

0.6

0.4

0.4

0.7

in t

rust

6R

emitt

ance

s of

sav

ings

by

fore

ign

1.3

0.6

1.5

0.9

0.8

3.1

1.2

1.4

1.7

0.5

0.6

2.5

1.8

2.8

22.5

6.2

4.4

natio

nals

7P

erso

nal

inco

me-

tax

and

0.6

0.3

4.3

0.7

0.5

0.6

0.8

1.2

0.5

2.2

1.5

0.4

1.3

0.7

0.5

2.0

2.8

inco

me-

tax

refu

nds

8T

rans

fers

of

prov

iden

t fu

nd a

nd0.

20.

20.

2-

0.8

0.2

--

0.6

--

3.8

-0.

10.

71.

1-

othe

r re

tirem

ent

bene

fit f

unds

9P

ensi

ons

1.2

1.0

1.4

1.3

1.2

1.3

1.8

1.4

1.6

1.2

3.7

1.2

3.1

1.7

2.0

3.9

4.6

10R

eim

burs

emen

t of

mon

ey0.

4-

--

--

-3.

27.

95.

6-

--

--

--

orde

r dr

awin

gs11

Lott

ery

ticke

ts a

nd p

rize

s-

--

--

--

--

0.1

--

--

--

0.2

BT

ota

l12

.06.

313

.36.

96.

516

.77.

711

.616

.514

.110

.615

.214

.814

.834

.323

.826

.2N

et (

A-B

)14

6.2

229.

144

0.5

755.

211

01.9

1092

.817

54.4

2125

.120

66.3

2416

.926

37.7

2966

.727

00.7

2975

.834

98.4

3841

.637

97.7

Not

es:*

:E

xclu

sive

of

PL

480

Titl

e gr

ants

whi

ch a

re s

how

n se

para

tely

in

the

tabl

e on

Off

icia

l T

rans

fer

Pay

men

ts.

:@:T

he f

igur

e of

Rs

644.

2 cr

ore

repo

rted

in

1988

-89

agai

nst

Oth

ers

is t

he c

ompe

nsat

ion

for

Bho

pal

Gas

tra

gedy

rec

eive

d fr

om U

nion

Car

bide

Cor

pora

tion

($ 4

25 m

illio

n in

US

$)

and

Uni

on C

arbi

de (

Indi

a) L

imite

d ($

45 m

illio

n in

Ind

ian

rupe

es)

depo

site

d w

ith R

BI

on M

arch

14,

198

9.S

ourc

es:

Res

erve

Ban

k of

Ind

ia B

ulle

tin,

May

200

3, J

anua

ry 2

001,

Apr

il 19

99M

onog

raph

on

Indi

a's

Bal

ance

of

Pay

men

ts,

July

199

3

57 Balance of Payments

Ap

pen

dix

2(H

ii):

Pri

vate

Tra

nsf

ers

: 19

90-9

1 to

200

1-02

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

1990

-91

1991

-92

1992

-93

1993

-94

1994

-95

1995

-96

Item

s(1

)(2

)(3

)(4

)(5

)(6

)(7

)(8

)(9

)(1

0)(1

1)(1

2)

A.

RE

CE

IPT

SIn

war

d re

mitt

ance

fro

m I

ndia

n w

orke

rs11

22.8

626

1743

.570

221

27.9

730

1611

.851

454

2117

2733

87.1

1003

ab

road

for

fam

ily m

aint

enan

ceLo

cal

with

draw

als

/ re

dem

ptio

ns0

00

00

00

00

00

0

of n

on-r

esid

ent

depo

sits

Gol

d an

d si

lver

bro

ught

thr

ough

00

00

3136

.710

7652

38.4

1670

6593

.121

0065

46.2

1943

pa

ssen

ger

bagg

age

Per

sona

l gi

fts

/ do

natio

ns t

o74

7.5

417

852.

534

412

99.3

445

2629

.183

818

43.9

587

4584

.713

59

char

itabl

e/re

ligio

us i

nstit

utio

ns i

n In

dia

TO

TA

L -

A37

36.7

2083

9418

.937

9811

260.

838

6416

582.

152

8725

474.

281

1228

768

8539

B.

PA

YM

EN

TS

Rem

ittan

ce b

y fo

reig

n w

orke

rs9.

75

10.6

410

.33

5.9

28.

73

37.9

11

for

fam

ily m

aint

aina

nce

Per

sona

l gi

fts/

dona

tions

to

0.9

19.

84

9.3

36.

12

11.6

420

6

char

itabl

e/re

ligio

us i

nstit

utio

ns a

broa

d

TO

TA

L -

B25

.714

37.5

1535

1268

.422

57.6

1910

8.2

33P

RIV

AT

E T

RA

NS

FE

RS

NE

T (

A-B

)37

1120

6993

81.4

3783

1122

5.8

3852

1651

3.7

5265

2541

6.6

8093

2865

9.8

8506

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

(Rs.

Cro

re)

(US

$ M

n)

1996

-97

1997

-98

1998

-99

1999

-00

2000

-01

2001

-02

Item

s(1

3)(1

4)(1

5)(1

6)(1

7)(1

8)(1

9)(2

0)(2

1)(2

2)(2

3)(2

4)

A.

RE

CE

IPT

SIn

war

d re

mitt

ance

fro

m I

ndia

n w

orke

rs89

50.2

2518

1930

352

3232

253

7661

3219

274

2337

681

8255

3851

480

76

abro

ad f

or f

amily

mai

nten

ance

Loca

l w

ithdr

awal

s /

rede

mpt

ions

1221

5.1

3427

1277

334

1878

0818

5917

849

4120

1730

537

9116

422

3444

of

non

-res

iden

t de

posi

tsG

old

and

silv

er b

roug

ht t

hrou

gh96

49.5

2718

9900

2699

705

171

5713

419

6213

pa

ssen

ger

bagg

age

Per

sona

l gi

fts

/ do

natio

ns t

o25

76.1

726

1954

526

2728

650

3182

734

3729

818

3138

659

ch

arita

ble/

relig

ious

ins

titut

ions

in

Indi

a

TO

TA

L -

A44

208.

312

435

4393

011

875

4349

410

341

5328

012

290

5875

612

873

5813

612

192

B.

PA

YM

EN

TS

Rem

ittan

ce b

y fo

reig

n w

orke

rs61

.317

153

4221

953

125

2920

144

172

37

for

fam

ily m

aint

aina

nce

Per

sona

l gi

fts/

dona

tions

to

7.9

212

333

823

514

331

143

30

char

itabl

e/re

ligio

us i

nstit

utio

ns a

broa

d

TO

TA

L -

B24

0.2

6816

545

252

6114

834

344

7531

567

PR

IVA

TE

TR

AN

SF

ER

S N

ET

(A

-B)

4396

8.1

1236

743

765

1183

043

242

1028

053

132

1225

658

412

1279

857

821

1212

5

Not

e:T

he t

otal

fig

ures

for

the

yea

r 19

90-9

1 to

199

6-97

will

not

tal

ly s

ince

all

the

item

s ar

e no

t av

aila

ble

for

all

the

year

s. T

he s

ame

can

be t

aken

fro

m t

he R

eser

ve B

ank

of I

ndia

Bul

letin

, A

pril,

199

9S

ourc

e: R

eser

ve B

ank

of I

ndia

Bul

letin

, M

ay 2

003,

Jan

uary

200

1, A

pril

1999

M

onog

raph

on

Indi

a's

Bal

ance

of

Pay

men

ts,

July

199

3

Balance of Payments 58A

pp

end

ix 3

(A):

Pri

vate

Fo

reig

n I

nve

stm

ent

: 19

55-5

6 to

196

3-64

(Rup

ees,

Cro

re)

Item

1955

-56

1956

-57

1957

-58

1958

-59

1959

-60

1960

-61

1961

-62

1962

-63

1963

-64

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

I.O

uts

tan

din

g L

iab

ility

un

der

fo

reig

n i

nve

stm

ent

442.

447

8.3

532.

056

2.5

582.

863

4.6

679.

873

5.5

629.

0(i

)D

irec

t In

vest

men

t38

6.5

409.

743

0.0

434.

144

3.7

495.

752

7.2

567.

656

5.5

(ii)

Por

tfol

io I

nves

tmen

t55

.968

.610

1.4

128.

413

9.1

138.

915

2.6

167.

963

.5

II.N

et I

nfl

ow

of

Fo

reig

n I

nve

stm

ent

14.9

23.8

20.7

2.6

10.2

51.8

28.1

29.6

25.6

(a)

Gro

ss I

nflo

w19

.930

.826

.728

.125

.763

.335

.638

.635

.8(i

)R

etai

ned

earn

ings

12.0

19.2

9.5

9.1

14.6

14.1

15.8

7.8

7.4

(ii)

Equ

ity7.

911

.617

.219

.011

.149

.219

.830

.828

.4(b

)O

utflo

w5.

07.

06.

025

.515

.511

.57.

59.

010

.2

Ap

pen

dix

3(B

): P

riva

te F

ore

ign

In

vest

men

t :

1964

-65

to 1

987-

88(R

upee

s, C

rore

)

1964

-65

1965

-66

1966

-67

1967

-68

1968

-69

1969

-70

1970

-71

1971

-72

1972

-73

1973

-74

1974

-75

1975

-76

1976

-77

1977

-78

1978

-79

1979

-80

1986

-87

1987

-88

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

(13)

(14)

(15)

(16)

(17)

(18)

I.O

uts

tan

din

g L

iab

ility

un

der

677.

569

6.1

766.

379

6.6

826.

484

4.3

878.

792

8.7

996.

110

48.2

1103

.910

88.2

1052

.010

15.7

1015

.810

74.7

2201

.027

64.0

F

ore

ign

In

vest

men

t(a

)D

irec

t in

vest

men

t61

1.9

628.

269

2.0

710.

173

7.7

735.

476

7.3

816.

.86

7.0

916.

997

3.3

957.

l92

0.2

876.

087

5.4

933.

217

42.0

2045

.0(b

)P

ortf

olio

inve

stm

ent

65.6

67.9

74.3

86.5

88.7

108.

911

1.4

112.

312

9.1

131.

313

0.6

131.

113

1.8

139.

714

0.4

141.

545

9.0

719.

0

II.In

flo

w u

nd

er f

ore

ign

in

vest

men

t46

.817

.531

.137

.127

.524

.435

.943

.830

.451

.969

.1-7

.6-2

6.1

-9.9

24.4

69.6

249.

0..

1D

irec

t In

vest

men

t (n

et)

44.7

15.2

24.7

24.8

25.3

21.9

33.4

43.1

28.4

48.7

69.9

-26.

8-1

7.8

23.7

184.

0..

A.

For

eign

con

trol

led

rupe

e42

.633

.324

.929

.928

.834

.437

.434

.434

.831

.784

.937

.56.

147

.849

.165

.217

6.0

303.

0

com

pani

es(a

)G

ross

inf

low

42.8

33.5

25.6

30.8

30.8

35.6

38.1

37.6

35.5

40.1

95.5

48.0

42.1

60.1

65.0

72.8

177.

0..

(i)E

quity

22.4

14.7

10.7

12.6

13.0

6.6

9.7

3.7

3.4

2.2

2.9

3.7

5.0

5.8

1.5

9.1

77.0

..(i

i)R

etai

ned

earn

ings

20.4

18.8

14.9

18.2

17.8

29.0

28.4

33.9

32.1

37.9

92.6

44.3

37.1

54.3

51.5

63.1

100.

0..

(b)

Out

flow

0.2

0.0

0.7

0.9

2.0

1.2

0.7

3.2

0.7

8.4

10.6

10.5

36.0

12.3

15.9

1.6

1.0

..B

.B

ranc

hes

(net

)2.

1-1

8.1

-0.2

-5.1

-3.5

-12.

5-4

.08.

7-6

.417

.0-1

5.0

-45.

6-3

2.9

-65.

6-2

5.4

3.3

8.0

..2

Por

tfol

io i

nves

tmen

t (n

et)

2.1

2.3

6.4

12.3

2.2

2.5

2.5

0.7

2.0

3.2

-0.8

-0.5

0.7

.7.9

0.7

1.1

65.0

260.

0(a

)In

flow

2.6

2.4

6.9

12.3

2.6

2.9

2.6

1.2

2.0

3.4

0.7

1.3

4.3

9.9

2.0

2.1

87.0

..(b

)O

utflo

w0.

50.

10.

5-

0.4

0.4

0.1

0.5

-0.

21.

50.

83.

62.

01.

31.

022

.0..

Not

es:

c: I

nclu

des

port

folio

inv

estm

ent

d: I

nflo

w d

urin

g 19

48 t

o 19

53e:

Inf

low

dur

ing

1954

to

1955

1. F

orei

gn c

ontr

olle

d ru

pee

com

pani

es a

re I

ndia

n jo

int

stoc

k co

mpa

nies

whi

ch a

re (

i) s

ubsi

diar

ies

of f

orei

gn c

ompa

nies

(ii)

com

pani

es i

n w

hich

40%

or

mor

e of

the

equ

ity s

hare

capi

tal

is h

eld

by a

for

eign

com

pany

or

its n

omin

ees;

ban

king

, In

sura

nce

and

Gov

ernm

ent

com

pani

es a

re e

xclu

ded.

Fig

ures

rep

rese

nt e

quity

hol

ding

of

inve

stor

s in

the

cou

ntry

of

cont

rol

and

thei

r pr

opor

tiona

te s

hare

in

the

free

res

erve

s of

the

for

eign

con

trol

led

rupe

e co

mpa

nies

.2.

Por

tfol

io e

quity

inv

estm

ent

in n

on-f

orei

gn c

ontr

olle

d ru

pee

com

pani

esan

d or

dina

ry s

hare

s of

for

eign

con

trol

led

rupe

e co

mpa

nies

hel

d by

inv

esto

rs i

n co

untr

ies

othe

r th

an t

he c

ount

ryof

con

trol

and

inv

estm

ent

in p

refe

renc

e sh

ares

and

deb

entu

res,

non

-res

iden

t ho

ldin

gs o

f pr

efer

ence

sha

res

and

debe

ntur

es o

f ru

pee

com

pani

es.

3. F

low

of

long

-ter

m f

orei

gn l

iabi

litie

s ar

e ex

clus

ive

of v

alua

tion

chan

ges

and

henc

e w

ould

diff

er f

rom

the

net

cha

nges

in

the

book

val

ues

at f

rom

out

stan

ding

lev

els.

4. D

ata

for

the

year

s 19

53 t

o 19

62 r

elat

e to

cal

enda

r ye

ars

whi

le t

hose

for

196

3-64

onw

ards

rel

ate

to f

isca

l ye

ars.

5.In

vie

w o

f th

e sh

ift i

n th

e as

sess

men

t pe

riod

fro

m c

alen

dar

year

to

finan

cial

yea

r it

has

not

been

pos

sibl

e to

ind

icat

e th

e in

flow

s/ou

tflo

ws

duri

ng 1

962-

63.

6. S

tock

fig

ures

rel

ate

to e

nd o

f th

e pe

riod

and

flo

w f

igur

es r

elat

e to

dur

ing

the

year

.7.

Dat

a ar

e no

t av

aila

ble

for

1980

-81

thro

ugh

1985

-86

as n

o su

rvey

was

con

duct

ed d

urin

g th

is p

erio

d.8.

Dat

a be

twee

n 19

87-8

8 to

198

9-90

is

not

avai

labl

e.S

ourc

e:M

onog

raph

on

Indi

a’s

Bal

ance

of

Pay

men

ts,

July

199

3

59 Balance of Payments

Ap

pen

dix

3(C

): F

ore

ign

In

vest

men

t In

flo

ws

: 19

90-9

1 to

200

2-03

(In

US

Mill

ion)

1990

-91

1991

-92

1992

-93

1993

-94

1994

-95

1995

-96

1996

-97

1997

-98

1998

-99

1999

-00

2000

-01

2001

-02

2002

-03

2003

-04

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

(13)

(14)

(15)

A.

Dir

ect

Inve

stm

ent

(I+

II+III

)97

129

315

586

1,31

42,

144

2,82

13,

557

2,46

221

554,

029

6,13

14,

660

4675

I.

Equ

ity (

a+b+

c+d+

e)..

129

315

586

1,31

42,

144

2,82

13,

557

2,46

22,

155

2,40

04,

095

2,70

023

87

a.

Gov

ernm

ent

(S

IA/F

IPB

)..

6622

228

070

11,

249

1,92

22,

754

1,82

11,

410

1,45

62,

221

919

928

b.

RB

I..

-42

8917

116

913

520

217

917

145

476

773

953

4

c.

NR

I..

6351

217

442

715

639

241

6284

6735

--

d.

Acq

uisi

tion

of

sh

ares

*..

....

....

1112

536

040

049

036

288

191

673

5

e.

Equ

ity c

apita

l of

uni

ncor

pora

ted

bod

ies

....

....

....

....

....

6119

112

619

0

II.

Rei

nves

ted

ea

rnin

gs $

....

....

....

....

....

1,35

01,

646

1,49

818

00

III

. O

ther

Cap

ital

$$..

....

....

....

....

..27

939

046

248

8

B.

Po

rtfo

lio I

nve

stm

ent

64

244

3,56

73,

824

2,74

83,

312

1,82

8-6

13,

026

2,76

02,

021

979

1137

7

a.

GD

Rs/

AD

Rs

#-

-24

01,

520

2,08

268

31,

366

645

270

768

831

477

600

459

b.

FII

s **

--

11,

665

1,50

32,

009

1,92

697

9-3

902,

135

1,84

71,

505

377

1091

8

c.

Off

shor

e fu

nds

and

ot

hers

64

338

223

956

2020

459

123

8239

2-

To

tal

(A+B

)10

313

355

941

5351

3848

9261

3353

8524

0151

8167

8981

5256

3916

052

*:

Rel

ates

to

acqu

isiti

on o

f sh

ares

of

Indi

an c

ompa

nies

by

non-

resi

dent

s un

der

Sec

tion

5 of

FE

MA

, 19

99.

Dat

a on

suc

h ac

quis

ition

s ha

ve b

een

incl

uded

as

part

of

FD

I si

nce

Janu

ary

1996

.

#:

Rep

rese

nts

the

amou

nt r

aise

d by

Ind

ian

corp

orat

es t

hrou

gh G

loba

l D

epos

itary

Rec

eipt

s (G

DR

s) a

nd A

mer

ican

Dep

osito

ry R

ecei

pts

(AD

Rs)

**:

Rep

rese

nts

inflo

w o

f fu

nds

(net

) by

For

eign

Ins

titut

iona

l In

vest

ors

(FII

s)

$:

Dat

a fo

r 20

02-0

3 ar

e es

timat

ed a

s av

erag

e of

pre

viou

s tw

o ye

ars.

$$:

Dat

a pe

rtai

n to

int

er-c

ompa

ny d

ebt

tran

sact

ions

of

FD

I en

titie

s.

Not

es:

Dat

a on

FD

I ha

s be

en r

evis

ed s

ince

200

0-01

with

exp

ande

d co

vera

ge t

o ap

proa

ch i

nter

natio

nal

best

pra

ctic

es.

The

se d

ata,

the

refo

re,

are

not

com

para

ble

with

FD

I da

ta f

or p

revi

ous

year

s.

Sou

rces

: R

eser

ve B

ank

of I

ndia

Bul

letin

, A

ugus

t 20

04 a

nd v

ario

us e

arlie

r is

sues

.

Balance of Payments 60

Ap

pen

dix

4(A

): I

nfl

ow

s u

nd

er F

CN

R a

nd

NR

(E)R

A A

cco

un

ts :

197

5-76

to

200

3-03

FC

NR

A@

NR

(E)R

A

Yea

rIn

clud

ing

accr

ued

inte

rest

Exc

ludi

ng e

stim

ated

acc

rued

int

eres

t

Rs.

cro

reU

.S.$

mill

ion

Rs.

cro

reU

.S.$

mill

ion

Rs.

cro

reU

.S.$

mill

ion

(1)

(2)

(3)

(4)

(5)

(6)

(7)

1975

-76

6.5

7.5

33.1

38.1

29.8

34.3

1976

-77

50.0

55.7

126.

114

0.4

117.

213

0.5

1977

-78

83.4

97.1

134.

715

6.8

116.

713

5.8

1978

-79

17.6

21.3

167.

220

3.2

138.

616

8.4

1979

-80

-5.0

-6.2

209.

025

8.1

167.

320

6.5

1980

-81

-3.7

-4.7

236.

829

9.4

93.7

118.

519

81-8

2-1

6.3

-18.

232

1.3

358.

387

.3-9

7.3

1982

-83

109.

111

2.8

420.

243

4.7

111.

911

5.8

1983

-84

331.

432

0.9

575.

155

6.2

341.

233

0.0

1984

-85

275.

423

1.7

609.

751

2.8

603.

650

7.7

1985

-86

1151

.294

0.8

597.

548

8.3

616.

050

3.4

1986

-87

1172

.891

7.8

874.

868

4.6

477.

037

3.4

1987

-88

1362

.810

51.1

770.

859

4.5

477.

036

8.0

1988

-89

2230

.015

40.0

792.

054

6.9

235.

016

2.0

1989

-90

2165

.013

09.0

608.

036

5.2

277.

016

6.0

1990

-91

255.

016

8.0

689.

038

4.0

156.

084

.019

91-9

2-3

605.

0-1

611.

079

3.0

324.

0-4

4.0

-27.

019

92-9

322

3.0

86.0

783.

025

5.0

111.

039

.019

93-9

4-7

416.

0-2

364.

024

37.0

777.

0-

-19

94-9

5-

-32

95.0

1049

.0-

-19

95-9

6-

--8

96.0

-208

.0-

-19

96-9

7-

-44

34.0

1244

.0-

-19

97-9

8-

-43

81.0

1197

.0-

-19

98-9

9-

-33

61.0

799.

0-

-19

99-0

0-

-38

35.0

885.

0-

-20

00-0

1-

-39

29.0

860.

0-

-20

01-0

2-

-77

55.0

1626

.0-

-20

02-0

3-

-29

981.

061

95.0

--

2003

-04

--

2157

4.0

4695

.0-

-

Not

es:

@:

Exc

ludi

ng a

ccru

ed i

nter

est.

Sou

rces

: M

onog

raph

on

Indi

a's

Bal

ance

of

Pay

men

ts,

July

, 19

93H

andb

ook

of S

tatis

tics

on t

he I

ndia

n E

cono

my,

RB

I 20

03-0

4

61 Balance of Payments

Ap

pen

dix

4(B

): N

RI

Dep

osi

ts -

Ou

tsta

nd

ing

s :

1975

-76

to 2

002-

03

(U.S

. $

mill

ion)

(As

at t

he e

nd o

f M

arch

)

Yea

r (e

nd M

arch

)19

7519

7619

7719

7819

7919

8019

8119

8219

8319

84(1

)(2

)(3

)(4

)(5

)(6

)(7

)(8

)(9

)(1

0)(1

1)

1.F

CN

R(A

)**

965

168

192

188

185

157

252

570

2.F

CN

R(B

)**

****

****

****

****

**

3.N

R(E

)RA

4071

216

386

604

856

1145

1347

1684

2105

4.N

R(N

R)R

D**

****

****

****

****

**

(U.S

. $

mill

ion)

(As

at t

he e

nd o

f M

arch

)

Yea

r (e

nd M

arch

)19

8519

8619

8719

8819

8919

9019

9119

9219

9319

94(1

)(2

)(3

)(4

)(5

)(6

)(7

)(2

)(3

)(4

)(5

)

1.F

CN

R(A

)77

017

7027

1938

2852

7565

8610

103

9792

1061

793

00

2.F

CN

R(B

)**

****

****

****

****

1108

3.N

R(E

)RA

2304

2817

3354

3942

3774

3777

3618

3025

2740

3523

4.N

R(N

R)R

D**

****

****

****

***

*61

017

54

(U.S

. $

mill

ion)

(As

at t

he e

nd o

f M

arch

)

Yea

r (e

nd M

arch

)19

9519

9619

9719

9819

9920

0020

0120

0220

0320

04(1

)(6

)(7

)(8

)(9

)(1

0)(1

1)(1

2)(1

3)(1

4)(1

5)

1.F

CN

R(A

)70

5142

5523

061

**

**

**

2.F

CN

R(B

)30

6357

2074

9684

6778

3581

7290

7696

7310

199

1096

1

3.N

R(E

)RA

4556

3916

4983

5637

6045

6758

7,14

78,

449

14,9

2320

,559

4.N

R(N

R)R

D24

8635

4256

0462

6266

1867

5468

4970

5234

0717

46

@:

incl

usiv

e of

acc

rued

int

eres

t*

:w

ithdr

awn

effe

ctiv

e A

ugus

t, 1

994

@@

:T

he i

nflo

ws

into

NR

(E)R

A d

epos

its d

urin

g th

e ye

ar 2

003-

04 m

ay p

artly

be

due

to c

redi

ting

of m

atur

ity p

roce

eds

of t

he N

R(N

R)R

de

posi

ts w

hich

wer

e di

scon

tinue

d w

ith e

ffec

t fr

omA

pril

1, 2

002.

**:

intr

oduc

ed i

n M

ay,

1993

***

:in

trod

uced

in

June

, 19

92N

ote

: A

ll fig

ures

are

inc

lusi

ve o

f in

tere

st a

nd v

alua

tion

chan

ges

aris

ing

on a

ccou

nt o

f flu

ctua

tion

in n

on-d

olla

r cu

rren

cies

aga

inst

US

Dol

lar

Sou

rce

:R

eser

ve B

ank

of I

ndia

Bul

letin

, N

ovem

ber

2004

and

var

ious

ear

lier

issu

es.

Balance of Payments 62

Appendix 5: External Transactions As Per CSO’s National Accounts Statistics As Per 1980-81 Series (at Current Prices)

(Rupees, Crore)

Item 1960-61 1961-62 1962-63 1963-64 1964-65 1965-66 1966-67 1967-68 1968-69 1969-70

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)(12)

I Current Transactions

(1) Exports of goods and services 784 802 835 985 1015 932 1325 1508 1597 1625(4.6) (4.4) (4.3) (4.4) (3.9) (3.4) (4.2) (4.1) (4.1) (3.8)

(2) Compensation of Employees from the rest of the world 2 2 2 1 3 4 5 1 7 7

(3) Property and enterprenuerial income from the rest of the world 14 12 11 11 11 11 18 20 26 34

(4) Other current transfers from the rest of the world 45 53 48 55 56 95 110 121 144 139

(5) Adjustment of merchandise exports to the change of ownership basis* N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

(6) Current receipts 845 869 896 1052 1085 1042 1458 1650 1774 1805 (7) Imports of goods and services 1236 1110 1209 1363 1526 1464 2115 2201 1897 1747

(7.2) (6.1) (6.2) (6.1) (5.8) (5.3) (6.8) (6.0) (4.9) (4.1) (8) Compensation of employees

to the rest of the world 11 16 18 13 22 26 35 37 37 33 (9) Property and enterpreneurial income

to the rest of the world 62 80 95 103 120 135 211 230 240 252(10) Other current tranfers

to the rest of the world 17 18 14 13 17 16 20 19 16 14(11) Adjustment of merchandise

imports to the change of ownership basis* N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

(12) Surplus of the nation on current transactions -495 -361 -448 -448 -619 -616 -930 -849 -427 -269

(13) Disposal of current receipts 845 869 896 1052 1085 1042 1458 1650 1774 1805

II Capital Transactions

(14) Surplus of the nation on current transactions -495 -361 -448 -448 -619 -616 -930 -849 -427 -269

(15) Capital transfers from the rest of the world (Net) 45 23 60 76 128 76 71 22 40 19

(16) Incurrence of foreign liabilities (Net) 0 0 0 0 0 0 0 0 0 0(17) Receipts -450 -338 -388 -372 -491 -540 -859 -827 -387 -250(18) Purchases of intangible assets

n.e.c. from the rest of the world (Net) 0 0 0 0 0 0 0 0 0 0

(19) Acquisition of foreign financial assets -450 -338 -388 -372 -491 -540 -859 -827 -387 -250

(20) Disbursements -450 -338 -388 -372 -491 -540 -859 -827 -387 -250

(Contd)

63 Balance of Payments

Appendix 5: External Transactions As Per CSO’s National Accounts Statistics As Per 1980-81 Series (at Current Prices)

(Rupees, Crore)

Item 1970-71 1971-72 1972-73 1973-74 1974-75 1975-76 1976-77 1977-78 1978-79 1979-80

(1) (2) (13) (14) (15) (16) (17) (18) (19) (20) (21)(22)

I Current Transactions

(1) Exports of goods and services 1771 1785 2149 2830 3835 4812 6139 6636 7115 8381(3.9) (3.6) (4.0) (4.3) (4.9) (5.8) (6.8) (6.5) (6.5) (6.9)

(2) Compensation of Employees from the rest of the world 8 8 6 3 1 2 4 56 4 8

(3) Property and enterprenuerial income from the rest of the world 49 35 38 42 95 116 188 268 398 645

(4) Other current transfers from the rest of the world 136 175 165 204 280 541 746 1029 1059 1632

(5) Adjustment of merchandise exports to the change of ownership basis* -132 N.A. N.A. -172 -149 -135 -13 30 -171 -258

(6) Current receipts 1832 2003 2358 2907 4062 5606 7064 7968 8405 10408(7) Imports of goods and services 1816 1994 2328 3176 4779 5143 5614 6522 7426 9859

(4.0) (4.1) (4.3) (4.8) (6.2) (6.2) (6.3) (6.4) (6.7) (8.2)(8) Compensation of employees

to the rest of the world 11 12 11 12 11 11 23 48 54 20(9) Property and enterpreneurial income

to the rest of the world 300 282 305 325 281 322 368 410 452 433(10) Other current tranfers

to the rest of the world 13 12 11 12 6 13 7 7 17 8(11) Adjustment of merchandise

imports to the change of ownership basis* 86 N.A. N.A. -226 -362 0 -257 -487 584 668

(12) Surplus of the nation on current transactions -424 -518 -327 -425 -748 77 1275 1417 -180 -627

(13) Disposal of current receipts 1832 2003 2358 2907 4062 5606 7064 7968 8405 10408

II Capital Transactions

(14) Surplus of the nation on current transactions -424 -518 -327 -425 -748 77 1257 1417 -180 -627

(15) Capital transfers from the rest of the world (Net) 53 75 43 1691 8 176 216 270 296 336

(16) Incurrence of foreign liabilities (Net) 0 0 0 0 0 0 0 0 0 0(17) Receipts -371 -443 -284 1266 -740 -371 253 1491 116 -288(18) Purchases of intangible assets

n.e.c. from the rest of the world (Net) 0 0 0 0 0 0 0 0 0 0

(19) Acquisition of foreign financial assets -371 -443 -284 1266 -740 253 1491 1687 116 -288

(20) Disbursements -371 -443 -284 1266 -740 253 1491 1687 116 -288

(Contd)

Balance of Payments 64

Appendix 5: External Transactions As Per CSO’s National Accounts Statistics As Per 1980-81 Series (at Current Prices)

(Rupees, Crore)

Item 1980-81 1981-82 1982-83 1983-84 1984-85 1985-86 1986-87 1987-88 1988-89 1989-90

(1) (2) (23) (24) (25) (26) (27) (28) (29) (30) (31)(32)

I Current Transactions

(1) Exports of goods and services 9029 10256 11563 13139 15846 14951 16543 20281 25913 34632(6.3) (6.1) (6.1) (6.0) (6.5) (5.4) (5.3) (5.7) (6.1) (7.1)

(2) Compensation of Employees from the rest of the world 6 9 10 9 12 14 9 17 33 113

(3) Property and enterprenuerial income from the rest of the world 859 820 515 469 590 679 654 586 613 700

(4) Other current transfers from the rest of the world 2269 2237 2541 2785 3116 2835 2991 3533 3865 3824

(5) Adjustment of merchandise exports to the change of ownership basis* -135 -41 334 397 215 683 853 722 415 584

(6) Current receipts 12028 13281 14963 16799 19779 19161 21060 25139 30839 39817(7) Imports of goods and services 13596 14809 15736 17675 19484 21754 22359 25259 32010 40300

(9.5) (8.8) (8.4) (8.1) (7.9) (7.8) (7.2) (7.1) (7.6) (8.3)(8) Compensation of employees

to the rest of the world 35 27 72 72 113 112 178 380 390 332(9) Property and enterpreneurial

income to the rest of the world 485 762 1087 1350 1913 2009 2290 2842 4752 6212(10) Other current tranfers

to the rest of the world 12 16 14 11 15 14 15 34 34 26(11) Adjustment of merchandise

mports to the change of ownership basis* -6 278 620 208 1546 1506 2573 3448 5667 5226

(12) Surplus of the nation on current transactions -2094 -2611 -2566 -2517 -3292 -6234 -6335 -6825 -12304 -12279

(13) Disposal of current receipts 12028 13281 14963 16799 19779 19161 21060 25139 30839 39817

II Capital Transactions

(14) Surplus of the nation on current transactions -2094 -2611 -2566 -2517 -3292 -6234 -6355 -6825 -12304 -12279

(15) Capital transfers from the rest of the world (Net) 438 294 270 255 440 307 525 532 724 897

(16) Incurrence of foreign liabilities (Net) 1864 1342 3257 3774 3588 4232 5707 5864 9658 10990(17) Receipts 208 -975 961 1512 736 -1665 -123 -429 -1922 -392(18) Purchases of intangible assets

n.e.c.from the rest of the world (Net) 0 0 0 0 0 0 0 0 0 0

(19) Acquisition of foreign financial assets 208 -975 961 1512 736 -1695 -123 -429 -1922 -392

(20) Disbursements 208 -975 961 1512 736 -1695 -123 -429 -1922 -392

(Contd)

65 Balance of Payments

Appendix 5: External Transactions As Per CSO’s National Accounts Statistics As Per 1980-81 Seriesfor 1990-91 to 1992-93 and As Per 1993-94 Series thereafter (All at Current Prices) (Concluded)

(Rupees, Crore)

Item 1990-91 1991-92 1992-93 1993-94 1994-95 1995-96 1996-97 1997-98 1998-99 1999-00

(1) (2) (33) (34) (35) (36) (37) (38) (39) (40) (41)(42)

I Current Transactions

(1) Exports of goods and services 40635 56254 67312 86147 101607 130733 144854 165203 195281 231111(7.1) (8.6) (9.0) (10.0) (10.0) (11.0) (10.6) (10.9) (11.1) (11.8)

(2) Compensation of Employees from the rest of the world 74 117 35 105 278 302 528 0 180 646

(3) Property and enterprenuerial income from the rest of the world 676 558 1021 1284 2830 4838 3811 5795 7953 7727

(4) Other current transfers from the rest of the world 3737 9419 8124 11344 18881 22220 44208 43929 43494 53280

(5) Adjustment of merchandise exports to the change of ownership basis* 595 880 1074 1395 1655 2127 2377 2602 4683 3068

(6) Current receipts 45717 67228 77566 100238 125251 160220 195778 217529 251591 2955832(7) Imports of goods and services 48696 56249 73000 85999 104710 144953 161022 184333 224743 256007

(8.6) (8.6) (9.8) (10.0) (10.3) (12.2) (11.8) (12.1) (12.8) (13.1)(8) Compensation of employees

to the rest of the world 320 286 347 1277 1299 1504 1841 235 69 57(9) Property and enterpreneurial income

to the rest of the world 7975 10466 12512 12455 14892 17120 15580 18765 23032 23747(10) Other current tranfers

to the rest of the world 26 37 35 68 58 108 240 165 252 148(11) Adjustment of merchandise

imports to the change of ownership basis* 6894 3567 5488 5529 16183 17315 34833 36333 21582 35529

(12) Surplus of the nation on current transactions -18196 -3377 -13816 -4791 -11891 -20780 -17738 -22302 -18087 -19656

(13) Disposal of current receipts 5717 67228 77566 100238 125251 160220 195778 217529 251591 295832

II Capital Transactions

(14) Surplus of the nation on current transactions -18196 -3377 -13816 -4791 -11891 -20780 -17738 -22302 -18087 -19656

(15) Capital transfers from the rest of the world (Net) 828 1140 1053 1155 1309 1173 1457 1417 1300 1657

(16) Incurrence of foreign liabilities (Net) 16624 10606 12608 23965 19331 18753 53210 48072 48285 45675(17) Receipts -744 8369 -155 20329 8749 -854 36929 27187 31497 27676(18) Purchases of intangible assets

n.e.c.from the rest of the world (Net) 0 0 0 0 0 0 0 0 0 0

(19) Acquisition of foreign financial assets -744 8369 -155 20329 8749 -854 36929 27187 31497 27676

(20) Disbursements -744 8369 -155 20329 8749 -854 36929 27187 31497 27676

* Shows the difference between the figures of merchandise exports/imports from the two sources viz. RBI and DGCI & S.Note: Figures within bracket represent percentages to GDP at Current Market Prices.Sources: CSO, National Accounts Statistics, (various issues)