Win24 3 Import Export FDI FPI Mrunal

Mrunal's Win24: PILLAR#3 : Balance of Payment , Currency Exchange, Intl.
Org
Table of Contents
30 Pillar#3A: Balance of Payment ( ⇥⇤⌅⇧⌃ ⌥⌅⇥ ⌃)................................................................... .164
30.1 Academic Disclaimer........................................................................................................ .164
30.2 Bene/ts of International Trade.................................................................................... .164
30.2.1 Types of Economies..................................................................................................... .164
30.2.2 Circular Flow of Income & Import Export............................................................... .165
30.2.3 Entry into international business - various modes/types.............................................. .165
30.2.4 Documents related to Import/export.............................................................................. .166
30.2.5 Docx related to Loans - Bill of Exchange........................................................................ .167
30.2.6 Docx related to Loans - others......................................................................................... .167
31.1.1 Bank Docx → E-BRC/ Bank Realisation Certi.cate (BRC) for exporters ..............168
31.1.2 Bank Docx → Foreign Inward Remittance Certi.cate (FIRC) for recipients .............168
30.3 BoP- meaning / de/nition................................................................................................. .168
30.4 Export Problem → Canals in Negative News.............................................................. .169
30.4.1 Export Problem → Red Sea Attacks by Houthi Rebels (2023-Dec)........................169
30.4.2 Export Problem → Panama Canal Drying (2023).................................................... .170
30.4.3 FDI: Inward vs Outward Direct Investment (ODI)..........................................170
30.4.4 Foreign Direct Investment (FDI: ⌦↵क्ष ✏⇣⌘✓ ◆⌃ ⇣⌘)..................................... .171
30.4.5 → Foreign Investment Limits in some sectors................................................ .171
30.4.6 FDI in Space Sector (2024-Feb reforms).............................................................................. .172
30.4.7 Commerce Ministry: Export Inspection Council (EIC)............................................... .172
30.5 RBI<s Forex Reserve: ✏⇣⌘✓ ⇥द्र⇧ ⌫⇠ .⇡.......................................................................... .172
30.5.1 Forex Reserve: goes up or down: when / how:............................................... .173
30.5.2 Signi.cance of Foreign Exchange Reserves (⇢त्व)................................................... .173
31 Currency Exchange Rate: ⇥द्र⇧ ◆⌃⌧ ✏⌫................................................................................. .174
31.1 Currency Exchange →Factors a=ecting........................................................................ .175
31.2 Bad Money drives out good money / Tughluq / Gresham................................................175
31.2.1 Bad Money vs good money - Modern examples- Zimbabwe Gold Coin.....................176
31.2.2 → Fixed / Pegged System Challenges: Study of SriLanka (2022)...................... .177
31.2.3 Afghan Currency is the Best Performing Currency in the world: (2023)....................177
31.3 SoA vs Hard Currency....................................................................................................... .178
31.3.1 So> currency - factors a?ecting....................................................................................... .178
31.3.2 So> Dollars vs Hard Dollars........................................................................................ .178
31.4 Liberalisation of currency exchange (⇥द्र⇧ ◆⌃⌧ ें ✏⇧⌫✓ ⌫ )...................................... .179
Mrunal's Economy Win24 Series Pillar3: Intl. Trade, Currency Exchange, Intl. Orgs → Page: 161
31.4.1 Runaway in@ation and Runaway depreciation.............................................................. .180
31.5 LRS: TCS on Foreign: trip / shopping / investment (2023-Oct)...........................180
31.5.1 TCS Rates from 1/October/2023..................................................................................... .181
31.5.2 TCS on LRS: Objectives.................................................................................................... .181
31.1.1 (Prepaid) Forex Card:...................................................................................................... .181
31.1.2 ZERO Forex Cards........................................................................................................ .182
31.6 RBI's Currency Swaps (⇥द्र⇧ !"#/$✏ ⇧%✏ ✓ ⌥&'⌅⇧)......................................................182
31.1.1 RBIBs Currency Swap Agreement with Japan ( ⇥द्र⇧ !"#/$✏ ⇧%✏ ✓ ⌥&'⌅⇧)............182
31.1.2 RBI Currency Swap with Indian Bankers....................................................................... .182
31.6.1 Overseas ETF ban by SEBI (2024)........................................................................................ .184
31.7 Dollarisation - meaning and examples........................................................................ .184
31.7.1 Dollarisation- Pros....................................................................................................... .184
31.7.2 Dollarisation- Cons...................................................................................................... .185
31.7.3 Dollarisation- suitable for what type of nations:...................................................... .185
31.7.4 Strong dollars squeezes global credit..................................................................... .185
32 3C: International Organisation..................................................................................................... .186
32.1.1 BRICS Bank - Royal entry of new members........................................................................ .186
32.1.2 IMF LOAN WINDOWS: RFI, SBA EFF........................................................... .187
32.2 Trade Ceories Bullionism and mercantilism.................................................................. .187
32.2.1 Bullionism.......................................................................................................................... . 187
32.2.2 mercantilism Ieory: (⇧#⇧⌫✓ )⌥*⇧⌅............................................................................... .187
32.3 WTO ministerial conferences (MC)- notable list............................................................ .187
32.4 → WTO-2024 Summit Fish Subsidies Agreement (+ ⌥,-.✓ #⌫ ⌥&'⌅⇧)............... .188
32.4.1 Signing vs rati.cation(⇢/⇧क्ष⌫ %⌃⇧ $⌃⇥⌥0⇡⌃)........................................................ .188
32.4.2 Rati.cation : Fisheries Agreement.............................................................................. .188
32.4.3 → WTO-2024 investment facilitation agreement (IFD) REJECTED..........189
32.4.4 Food Subsidy: Iailand opposed India..................................................................... .189
32.4.5 Women Exporters in the Digital Economy (WEIDE) Fund by WTO (2024).......189
32.5 Free Trade Agreements.......................................................................................................... .189
32.5.1 India-EFTA Trade and Economic Partnership Agreement (TEPA) 2024-Mar.....189
32.5.2 U.S.-E.U. Trade and Technology Council (TTC) (2021)............................................ .190
32.5.3 Atlantic Declaration - USA-UK (2023-June)................................................................. .190
32.6 Groupings: BRICS - Royal Entry of new members................................................. .191
32.7 G20 Summit at India pe PHD.................................................................................. .191
32.7.1 G20: 3 tracks............................................................................................................. . 191
32.7.2 G20 Summit- 2023: 18th Summit @New Delhi, India: theme and logo......................192
32.7.3 G20 Summit- India's priorities (SIX:6)........................................................................... .192
32.7.4 G20 Summit-2023: Outcomes / New Delhi declaration (2023).................................. .192
32.7.5 G20 2023 Outcome India-Middle East-Europe corridor (IMEC)......................192
32.7.6 G20 2023 Outcome Global Biofuel Alliance (GBA)............................................ .192
32.7.7 G20- Truckload of PYQs - 1⇠⌥ 2 34 5⌅⇢⇧ ⌃⇢6.......................................................... .193
32.8 Tech Related Alliance................................................................................................... .193
32.8.1 Bletchley Declaration o AI Safety (UK-2023)........................................................... .193
32.8.2 D10: 5G club proposed by UK (2020)................................................................... .193
32.9 Minerals related groupings.................................................................................. .194
32.9.1 RISE by World Bank and Japan......................................................................... .194
32.9.2 Minerals Security Partnership (MSP: $ ⌅ ⇢त्व#7 ⇡8◆⌃⇠9 ⇣ : ;
⇧⇤✓✏⇧⌫✓/⌥⇢⌧3⇤)................................................................................................................................. . 194
32.10 Infrastructure related notable groups/initiatives...................................................194
32.11 Misc groupings / organizations : Misc....................................................................... .195
32.12 Russia related org/agreements........................................................................................ .195
32.12.1 Black Sea Grain Initiative (2022)......................................................................... .195
32.12.2 CTBT Nuke Treaty: Putin Exit (2023)..................................................................... .195
32.12.3 Self-study............................................................................................................................... . 195
32.12.4 What is already covered in Past: 3AB................................................................................. .195
32.12.5 Win20: already covered Following in 3AB12.................................................................... .196
32.12.6 Win21: already covered Following in Pillar3.................................................................... .198
32.12.9 Mock Tests ka Maha-Parv............................................................................................. .201
unacademy.com/goal/upsc-optional/KSCGY/subscribe:plan_type=plus&referral_code=mrunal.org
30 PILLAR#3A: BALANCE OF PAYMENT (STUVWX YZVT[X)
Year 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
MCQs 4 4 7 7 2 4 3
30.1 ACADEMIC DISCLAIMER
30.2 BENEFITS OF INTERNATIONAL TRADE

Stakeholder Bene/ts
Earning of forex, jobs, GDP, e\cient use of resources (men, material),
To Govt
increase income → improved standard of living
To (exporting) more customers, more pro.t, increased capacity utilisation, way out (escape)
Companies from intense competition within domestic market.
To Customers improved choices - in terms of quality and price.
30.2.1 Types of Economies
30.2.2 Circular Flow of Income & Import Export
30.2.3 Entry into international business - various modes/types

Type Meaning / Example Challenges
cost/risk of packaging-transport, Taxes,
simplest form of entry into
import export protectionism, exchange rate, geopolitical
intl. business
problems (Taiwan, Ukraine, Palestine)
e.g. Tata making iPhones
Contract Quality control. Contract manufacturer (Tata)
for Apple
manufacturing / will not make as much % pro.t as the original
Godrej making Dettol soaps
outsourcing company (Apple)
for Reckitt and Colman.
1) Quality control.
Dominos Pizza (USA) → 2) Royalty fees/payment.
Franchising
JUBILANT FOODWORKS 3) Danger to the original brand that later on
(services)
(India). Franchisee may pirate/misuse the trade-
secrets/receipts to launch a similar product.
Licensing
Pepsi → Varun Beverages Similar to Franchising
(goods mfg)
Hero Honda = Hero Group
- Leak of trade secrets
of India and Honda of
Joint venture - Clash of egos/ideas of the two companiesB
Japan. (later on venture was
top bosses.
terminated around 2010)
Wholly Owned Standard Chartered Bank - Issues related to taxation, transfer pricing
Subsidiaries (India) is 100% owned by etc.
Standard Chartered Bank - Business stability depends on
(UK Parent). political/diplomatic relation between the two
countries e.g. Canada/USA arrested Huawei top
o\cial then China started taking action against
American companies in China (2019–21).
• FAQ1: what is the di?erence between contract manufacturing and licensing and joint
venture: Ans. Academic disclaimer on top of HDT3A. àbW-cda-eUf-gda.
• FAQ2: you mentioned the challenges, but what are the bene.ts: Ans. Apply common sense
around how such partnerships or deals cud help in the capital/investment, risk-taking, innovation &
Idea exchange etc.
30.2.4 Documents related to Import/export

Document Meaning / example
quotation / proforma
I (Exporter) can supply you (importer) tea at X price on Y date.
invoice
indent / Receipt of I (importer) agree with your (ExporterBs) quotation & I want buy _ _ _ kg
order tea at the price quoted by you.
Indian importer/ exporters have to get this number / license/registration
Importer-Exporter
number from Directorate General Foreign Trade (DGFT, under
Code
Commerce Ministry)
Indian exporter may have to get this from Export Inspection Council of
Certi/cate of
India (EIC, under Commerce Ministry)- depending on the type of
Inspection
product.
1) Suppose USA banned Chinese seafood. Ien Indian exporter need to
produce certi.cate to USA-o\cials ke hmy product is from India (and not
from China)i.
Certi/cate of origin 2) Suppose India signed free trade agreement (FTA) with Sri Lanka ke 0%
import tax (customs duty) on Srilankan Ink→ Srilankan seller need to
show certi.cate to Indian o\cials ke hmy product is made in Sri Lanka
(and not in China)
End-user certi/cate e.g. If USA sells .ghter jets to Pak Airforce (PAF), then PAF has to certify
(EUC) to USA that we (=PAF/buyer) are the .nal recipient of the materials, and
we are not planning on selling/transferring the jets to another party e.g.
Hamas/Taliban. EUCs are required by many govts to
restrict the @ow of the materials to undesired destinations/organizations.
Shipping/Courier e.g. carting order, cart ticket, mateBs receipt, bill of lading, airway bill:
related docx what do they mean: How do they work: not important.
Mundra Port owner (=Adani) will demand penalty fees from the
Demurrages importer/exporter/shipping company IF those players cause delays in
loading/unloading cargo in Adani's port.
30.2.5 Docx related to Loans - Bill of Exchange
30.2.6 Docx related to Loans - others

Document Meaning / example
Export Credit Guarantee / NIRVIC Scheme: e.g. ECGC<s letter to SBI:-L
Export Credit Insurance Dear@SBI please approve the loan to Indian Exporter. If he
(Ref: Pillar#1D) doesnBt repay loan, weBll cover _ _ _ % losses.
Letter of Credit / Letter of PNB (Mumbai Branch)<s letter to HSBC (HongKong):L

Undertaking for importer Dear@HSBC Bank (HongKong) plz give foreign currency loan to
(Ref: Pillar#1B2-NPA) our client (Indian importer) Nirav Modi for import of diamonds.
If he doesnBt pay, we (PNB) will pay.
FAQ: How are above two terms (export credit guarantee versus letter of credit) similar to
di?erent: CanBt we say X is a sub-topic of Y: Ans. If you are intelligent enough, then you will .nd out
that one of the product is primarily targeting importer and other is meant for exporter. But anyways
thatBs Not imp4exam. àbW-cda-eUf-gda.
31.1.1 Bank Docx → E-BRC/ Bank Realisation Certi/cate (BRC) for exporters
• BRC is documents that shows rate at which foreign currency is converted into the Indian
rupee.
• BRC is mandatory for exporters for applying for tax bene.t / duty reimbursement for various
schemes which we learnt under Foreign Trade Policy.
• If the BRCs are issued electronically → faster tax bene.ts to exporters.
• So, RBI & Commerce ministry are working with the help of bankers towards Electronic Bank
Realisation Certi.cate (E-BRC)
31.1.2 Bank Docx → Foreign Inward Remittance Certi/cate (FIRC) for recipients
• FIRC is a document that provides proof that an individual / company, who has received
payment in foreign currency from outside the country.
• FIRC are issued by authorised dealers (AD = Bank/NBFC), who provide currency exchange
service to their clients. (jkXflcXfmWnZo pa nVXq rstfuq kTvW cwxsyVV pxpf tq jz{YW |kW} c~ )
• FIRC helps RBI, Tax o\cials, ED etc to combat money laundering, and other illegal
activities.
• 2016 onwards these certi.cates are issued digitally, called electronic FIRC (e-FIRC).
• FAQ: similarity and di=erence between BRC vs FIRC = Notimp.
30.3 BOP- MEANING / DEFINITION
- BoP is a systematic record of all economic transactions made between the residents and non-
residents of a country for a speci.c time period, usually a year. ÄpYq tfu pf rXsWÅYÇaZÉx Uzx-rXsWÅYÇaZpf
gqÑ ÄpÖ UÖ YSq eÜ`p [fXtfX pW Öp wxpáàâjz
- Central Banks of each country prepare BoP records as per the format given in IMFBs BPM-6
manual, all the .gures are expressed in Dollar$.
- Since any countryBs debit (outgoing money) is a credit (incoming money) for another country →
WorldBs NET Balance of Payment is ZERO.
- BoP is further sub classi.ed into two parts → Current Account (ÑW[ãåWVW) and Capital Account
(cãZçq åWVW), based on the nature of transactions.
30.4 EXPORT PROBLEM → CANALS IN NEGATIVE NEWS

30.4.1 Export Problem → Red Sea Attacks by Houthi Rebels (2023-Dec)
• 1869 : Suez Canal constructed in 1869 in Egypt between Port Said in the north and Port Suez
in the south
• It links the Mediterranean Sea and the Red Sea.
• 2023-Dec Yemen-based Houthi rebels started attacking ships in Red Sea to protest IsraelBs
military o?ensive in Gaza.
• Consequently, Indian ships may have to travel via Africa to reach Europe. (Instead of Red
Sea/ Suez Canal Route)
• Iis will increase both the travel-time and shipping-cost in exporting the goods, esp.
agriculture / Basmati-rice etc.
30.4.2 Export Problem → Panama Canal Drying (2023)
• 1914: Panama Canal connects the Paci.c and Atlantic Oceans.
• 2023: Shipping via the Panama Canal has dropped by over 50% due to drought conditions/
shortage of water.
• Consequently, ships may have to travel via South America.
30.4.3 FDI: Inward vs Outward Direct Investment (ODI)
30.4.4 Foreign Direct Investment (FDI: PQR STUVWX SYTVW)
 FDI is the (more than 10% equity / share) investment made by a foreign entity into an Indian
company, with the objective to get involved in the management / production of that Indian
company. SWxVqÇ pZcXq pf YZÑW[X/ éèWtX kêuWëk[ jaXfpf éífì Yf10% ÇW éYYfîWtW ufÇx åxqtXW
 (e.g. 2018: Walmart-USA bought 77% stakes in Flipkart @$16 billion.)
30.4.5 FOREIGN INVESTMENT → LIMITS IN SOME SECTORS

Sector → Foreign Investment limits Automatic With Govt
pTï ÄpñaZkêóÑWò[V kWUâYf. pTï ÄpñaZkêpêv YxpWx pô lXTkrV [fXq çöxq uptoZ approvalZ
Banking - Public Sector N/A 20%
State owned/public sector Life insurance corporation i.e. LIC 20% Not Required.
 Printing / Publishing newspaper, current a=airs magazines; N/A 26%
 News/Current A=airs through Digital Media
Broadcasting of News TV-channels, FM-Radio N/A 49%
Multi Brand Retail Trading N/A 51%
REITs / InvITs Infrastructure Companies N/A 49%
Banking (Private Sector) Upto 49% >49 upto 74%
Telecom Services, Private Security Agencies, Upto 49% ABOVE 49%
Air Transport Services
Insurance Company (earlier 49% then Budget-2021 to → ) Upto 74% Not Required.
[Pension sector % = Insurance sector so it shd be 74% as well]
Sector → Foreign Investment limits Automatic With Govt
pTï ÄpñaZkêóÑWò[V kWUâYf. pTï ÄpñaZkêpêv YxpWx pô lXTkrV [fXq çöxq uptoZ approvalZ
Note: this limit is not applicable on LIC.
1) Defense (2020-Sept: FDI in Defense limit from 49% to 74%) Upto 74% ABOVE 74%
2) Brown/eld projects in Pharma, Biotech, Healthcare
Space Sector / Satellite operation refer to next section
For future updates, refer to https://www.investindia.gov.in/foreign-direct-investment
30.4.6 FDI in Space Sector (2024-Feb reforms)
Previously, Space/Satellite FDI permitted ONLY a>er Govt approval. But now liberalized:
Space Sector → Foreign Investment limits Automatic With Govt
uptoZ approvalZ
Space-ports, launch vehicles upto 49% beyond 49%
Satellites-Manufacturing & Operation, Satellite Data Products upto 74% beyond 74%
and Ground Segment & User Segment.
Manufacturing components/systems for satellites, ground upto 100% no need
segment and user segment.
30.4.7 Commerce Ministry: Export Inspection Council (EIC)

➢BossZ Commerce ministry
➢TypeZ Statutory body under Export (Quality Control and Inspection) Act, 1963
➢HQ in Delhi. Its .eld o\ces of Export Inspection Agencies (EIAs) @Mumbai, Kolkata, Kochi,
Delhi and Chennai
➢FunctionZ ensures quality and safety of products exported from India.
EIC certi/cates description / examples

Compulsory for .sh, dairy, honey, egg products, meat, Gelatine, crushed bones, Ossein
(`SYTabcde) (collagen of bones)
Voluntary for
(1) food items not mentioned in above list. (2) non-food items
(feghi de)
30.5 RBI<S FOREX RESERVE: STUVWX jkla mnoTc

Ie Forex Reserve component(s) are =
• Foreign Currency Assets (includes foreign currencies & G-Sec/bonds of foreign Govts)
• Gold (ó}â)
• Reserve Tranche Position (RTP) in the IMF. Also called Gold Tranche (What is it: = NOT
IMP.)
• Special Drawing Right (SDR) of International Monetary Fund (IMF)
Largest forex: 1) China ($3 Trillion) 2) Japan 3) Swiz >> 6) India (As of 2022-Nov as per ES23)
USA is not in the top-10 list, it barely keeps ~$250 billions in reserve. Because USA has @oating
exchange rate so USA central bank doesnBt worry about currency exchange.
30.5.1 Forex Reserve: goes up or down: when / howZ
Factor / Variable Forex Reserve goes up when Forex goes down when
When RBI has to sell dollars to
in situation when RBI has to buy dollars
BoP accommodating get net BoP=0. e.g. when
to get net BoP =0. e.g. when Both current
transaction Current account de.cit number
account and capital account are surplus.
is very high.
RBI interventions when RBI has to buy dollars to keep when RBI has to SELL dollars to
mnoTcpqi ir Ust rupee stable. keep rupee stable.
when the market value of the forex assets reverse. Refer to the chart for
Valuation E=ect
increases (çg wxçsâgùp pô ûáxfü YZc†°ÇaZpW fall in value of gold and Euro
(uvwxybzviV j{| ir ùn)
gWçWx kã¢ gd çWÖ) during 2023-Oct-Week1.
30.5.2 Signi/cance of Foreign Exchange Reserves (jd})
 To maintain the exchange rate stability (kTvW tx kê£§xVW pf ò[Ö rstfuq kTvW SZàWx •öxq)
 To absorb external-shocks (gW¶ szß®p ©opaZYfSWxVqÇ l`âVZ~ pa YZSW[XW)
 To help economy in situations where foreign loans are very expensive/unavailable e.g. in
situations similar to Pakistan/SriLanka. (çg rstfuq ™aVaZYfp•âX ëk[ xjW ja)
31 CURRENCY EXCHANGE RATE: kTvW rsrXkÇ tx
Currency Exchange Rate Indian Exporter of Tea Indian Importer of Dell Laptops
Weaker ~ = Stronger $  (assuming no  . kfxf pa eÇWV pxVfspV ´WtW
($1=60 → 80) change in in+ation) ç¨fkêczYW tfXW jaUW!
Stronger ~ = Weaker $  kfxf pa rXÇWâV pxVfsÆ 
($1=60 → 40) pk ç¨fkêczYW ëk[fUW
(De.nition) Ie price of one currency in terms of the other currency is called exchange rate. E.g. $1
= Ø 70. Meaning, it costs Ø 70 to buy one dollar (or $0.014 to buy Ø 1).
31.1 CURRENCY EXCHANGE → FACTORS AFFECTING
What does this mean: How does it work: Ans. Watch Video Lecture.
31.2 BAD MONEY DRIVES OUT GOOD MONEY / TUGHLUQ / GRESHAM

 - hBad money drives out good money.i Iomas GreshamBs law (Britain)
 - hGood money drives out bad moneyi Adolphe IiersBs law (France)
 - People stop using currencies that they consider to be of poor quality and adopt
currencies that are found to be of better quality. AND/OR
 - People hoard/store the currency that they .nd to be of better quality.
 FAQ: arenBt these two laws contradictory- one says good money drive bad money whereas
other statement says bad money drives out good money: Ans. Depends on the context/MCQ
Statement.
31.2.1 Bad Money vs good money - Modern examples- Zimbabwe Gold Coin
 2008: Zimbabwe ki local public prefers to use American dollars over their local currency
due to heavy in@ation. Once the price of a loaf of bread = 10 million Zimbabwe dollar
currency units. So, it was more convenient to carry American dollars in pocket (=good
money), than Zimbabwe currency in a truck/cart (=bad money). → hGood money drives
out bad moneyi Adolphe IiersBs law (France)
 2022: Zimbabwe launched Gold coin currency called ÅMosi-oa-Tunya< (priced at 1 coin =
$1,800) because their public doesn't trust the local paper currency due to hyper-in@ation.
 2022: Foreigners DONOT ACCEPT the FIXED exchange rate of Srilankan Rupee Because
Sri-Lankan Rupee at .xed exchange rate (Dollar=200) is BAD MONEY for them. xxx
FAQ: I've 500 jaat ke counter argument / doubts ke why X didn't happen in YZ and why "A"
should be called "B": or can we say "C" also is example of "D" : Ans. NOTIMP4exam / waste ur time
in chatGPT & mere ko maaf karo. I'm .nished from exam point of view.
31.2.2 Fixed / Pegged System → Challenges: Study of SriLanka (2022)
FAQ: Why doesn<t Srilankan Central bank supply dollars from its Forex ReserveZ Ans. Bhai Iey
donBt have enough forex. Iey're begging to IMF. More in Mains HDT- Debt Trap Diplomacy.
31.2.3 Afghan Currency is the Best Performing Currency in the worldZ (2023)
31.3 SOFT VS HARD CURRENCY
Type Hard currency SoA currency

Volatility in currency high volatility
low volatility (=more stability)
exchange rate (=less stability)
Dollar, Pound, Euro etc currencies of currencies of the poor
Examples
the developed nations countries in Africa & Asia
31.3.1 SoA currency - factors a=ecting
 1) Income of customers 2) Demand vs Supply of Forex
 3) Interest Rate Arbitrage 4) Speculation.

31.3.2 SoA Dollars vs Hard Dollars

 Iis is a technical concept associated with American Sharemarket mutual fund commission. Not
very imp for our exam. But some Babushonas will come to drink my blood (a>er they out-of-
trend mock-MCQs from inexperienced quizmasters) - so here is the answer:
 in above chart, Who is the paying purple box commission to the brokerZ
 - if Mutual fund is paying from his own pro.t / own pocket called Hard Dollars
 - if Investor is paying it (via hidden charges imposed by Mutual Fund) called SoA
Dollars.
 Note: Iis concept is from American Sharemarket, and not Indian Sharemarket. I've used
Indian brand photos/logos for easier visualization. now plz don't come to ask me IF there
is similar concept of "Hard Rupee vs SoA Rupee" in India's Mutual fund = waste your time
in ChatGPT.
31.4 LIBERALISATION OF CURRENCY EXCHANGE (jkla STSYjb jÉÑUanXinÖ)
To address the 1991's balance of payment crisis- following currency exchange system reforms done:
Year  Event
1991-  RBI (Govt)^^ o\cially devalued Indian rupee against dollar by 18–19%
July  ≤cÇfpW lskã¢X ÄpÇW UÇW/ àá[x pf kT≥Wg[fpk•ax ÄpÇW UÇW
 Dual exchange rate regime. Importers can buy 1) some dollars at free-market rate and
1992
2) some dollars at RBI determined .xed exchange rate. (tajxq rsrXkÇ XqrV)
 India o\cially moved from hFixedi to ¥Managed @oat exchange rateB regime. In other
1993 words, 1992Bs ¥dual exchange rateB regime was discontinued, so this new system also
called ¥uni.ed the exchange rateB because there is single exchange rate. (Öp[ rsrXkÇ XqrV)
 IndiaBs exports improved with weakening of rupee. SWxVqÇ ≤cÖ pf lskã¢X/pkçax jaXfYf,
Result
SWxV pf rXÇWâV kêsµë∂ ∑∏
^^ FAQ: isn<t it the role of RBI to do thisZ Why have you written governmentZ Ans. Yes,
RBIBs role.But when UPSC examiners make MCQs related to devaluation, they use the word
RBI/Govt interchangeably- as evident from the PYQs and o\cial answerkeys related to this topic in
Ref: Pillar#3B)
MCQ. [Prelims-2000] Assertion (A) : Ce rate of growth of India<s exports has shown an
appreciable increase aAer 1991.
Reason (R) : Ie Govt. of India has resorted to devaluation.
(a) Both A and R are true and R is the correct explanation of A
(b) Both A and R are true but R is not a correct explanation of A
(c) A is true but R is false (d) A is false but R is true
31.4.1 Runaway ináation and Runaway depreciation
 hrunawayi is a word to describe a situation in which something increases or develops very
quickly and cannot be controlled.
Term Meaning
Runaway When prices of goods & services rise at an extremely fast and uncontrollable rate.
ináation kjZUW∏ g∑V Vfçq Yfgd çWÖ.
Runaway When local currency faces an extremely rapid and big decline in value relative to
depreciation other currencies. e.g. $ 1= 175 Pakistani rupees (2022) to 300 Paki Rupees (2023)
31.5 LRS: TCS ON FOREIGN: TRIP / SHOPPING / INVESTMENT (2023-OCT)
 Under the RBIBs LRS scheme, an individual can remit up to USD 2.5 lakh annually
overseas without approval of the RBI. (2.50 lakh Dollars= 2.07 crore Rupees; when
1Dollar=83Rs)
 Remittances beyond the USD 2.5 lakh or its equivalent in foreign currency require
approval from the RBI.
 If Indian resident spending money abroad, his banker/NBFC/Forex supplier in India is
required to collect TCS in following rates:
Foreign Payment Debit Card/ Forex Card/
Credit Card
Method Bank-transfer
No. Money spent via credit card is not Yes. Rates given below in next
TCS applicable
counted under LRS quota table:
31.5.1 TCS Rates from 1/October/2023
Type of transaction upto ~7 lakh beyond ~7 L
Foreign tour package, foreign shopping 5% 20%
overseas investments in foreign companies< shares, bonds,
0% 20%
real estate etc.
Education / medical treatment 0% 5%
Any other purpose e.g. donation, pilgrimage, giAing etc. 0% 20%
 Note: there are many terms-conditions here e.g. medical trip ke liye separate rules, education
loans ke liye separate TCS rules but weBre not for Chartered Accountant exam, basic is enough.
31.5.2 TCS on LRS: Objectives
 Discourage Indians from too much shopping abroad (because more foreign shopping =
higher CAD= not good for BoP/ exchange rate stability).
 Data surveillance on Tax evaders.
 Note: TCS is not additional tax. - it is adjusted against the income tax liability- just like
TDS. (Ref: Pillar#2A1 for more)
31.1.1 (Prepaid) Forex CardZ

• Forex cards are prepaid cards. You .rst give rupee currency to Bank/NBFC → theyBll
topup/.ll foreign currency inside a card.
• e.g. HDFC Hajj Umrah Card (Saudi Riyal Currency) pay Rs.2.65 lakh to HDFC to get
Prepaid Forex card worth 12000 Saudi Riyal balance.
• need not carry physical foreign currency to Saudi. Swipe the card for shopping in Saudi.
31.1.2 ZERO Forex Cards

• Normally, bank/NBFC charge 3–5% fees on transaction on the Forex Cards.
• But, some new-age Financial Technology companies (FinTech) e.g. Niyo Global - have tied
up with bankers to issue forex cards at 0% fees.
• Iese are called hZero Forex Cardsi
31.6 RBI'S CURRENCY SWAPS (jkla few/ÙtapUtX ujàâäa)

31.1.1 RBI<s Currency Swap Agreement with Japan (jkla few/ÙtapUtX ujàâäa)
(img source: Taarak Mehta Ka Ooltah Chashmah)

e.g. Central banks of India and Japan signed Currency Swap Agreement of $75 billions i.e. either
party can use that much dollar currency from other partyBs forex reserve during the crisis.
31.1.2 RBI Currency Swap with Indian Bankers
2022-March: RBI done $5 bn dollar-swap with Indian Bank/NBFCs to dollar supply in Indian
market, to prevent weakening of Rupee.
FAQ: will this change in money supply - not cause XYZ problem- in ináation, loan interest rate
etcZ Ans. look at one photo frame at a time. Do not make Birbal Khichdi unnecessarily.
31.6.1 Overseas ETF ban by SEBI (2024)

• I .nd it less imp for exam. gist of the matter is If we allow restricted @ow of money from
India, it will damage the currency exchange stability, therefore, RBI has imposed quotas/
limits on how much money can Indians' invest in overseas-ETF.
• Since our (Indian) mutual funds reached near 95% of that quota, so SEBI temporarily
banned them from making more investments in Overseas ETF.
• if you've time, u can watch following video to learn more:
https://youtu.be/YWHmDm1cGWk:si=cMyV79C6eGBZjjA9
31.7 DOLLARISATION - MEANING AND EXAMPLES
• Dollarisation = non-USA nations accepting dollar as their legal tender.- e.g. Panama,
Ecuador, El Salvador and Guatemala, Marshal Islands etc.
• Euroization = Vatican and Monaco accept Euro as their legal tender, even though theyBre not
members of EU union.
• 2023: ArgentinaBs new Prez. Javier Milei (an economist) advocating Dollarisation. Reason:
High .scal de.cit → monetization of de.cit (printing new currency) → In@ation 140% in
Argentina.
• To .ght in@ation → tight monetary policy → expensive loan interest rates in Argentina
31.7.1 Dollarisation- Pros
• Domestic central bank cannot trade currency at whim. Monetization of the de.cit not
possible.
• Little scope for Revdi / populist schemes to win elections. So, Automatic budgetary discipline
/ .scal de.cit controlled.→ In@ation should get controlled automatically.
31.7.2 Dollarisation- Cons
• Supply of money and interest depends on actions of USA.
• Domestic Central Bank loses the monetary sovereignty / independence.
• Domestic central bank cannot act as bankersB bank, lender of last resort.
31.7.3 Dollarisation- suitable for what type of nationsZ
• Suitable for (1) Small sized nation (e.g Marshal Islands) (2) nations with huge exports to
USA who can earn dollars. (3) nations with large number of migrant workers sent USA to
earn remittance (e.g. Ecuador)
• Argentina is a big nation population wise. It will need $40 billion - even to start this
experiment.
31.7.4 Strong dollars squeezes global credit

kçgãV àá[x Yfszß®p pçâéc[ªVW pa rXÑab pf xå tfVW jz
MCQ. Statement I: A very strong US Dollar squeezes global credit. (UPSC-EPFO-2023)

Statement II: Many countries and companies outside America borrow in Dollars.
(a) Both statement I and II are correct and statement II is the correct explanation for I
(b) Both statement I and II are correct and statement II is not the correct explanation for statement I
(c) Statement I is correct but II is incorrect (d) Statement I is incorrect but II is correct
32 3C: INTERNATIONAL ORGANISATION
32.1.1 BRICS Bank - Royal entry of new members

BRICS Bank: New Development AIIB: Asian Infrastructure Investment
Bank (NDB) X∏ rspWY gêp Bank ÖºuÇW∏ lsYZxÑXW rXsfu gùp
Started in 6th BRICS Summit in Fortaleza 2015-16
(2014) members signed treaty
Members Founding members: Brazil, Russia, China, India, UK, Switzerland, >100 nations
India, China, South Africa as of 2020.
originally each of above founding
members had 20% shareholding,
later diluted to 18.98% a>er
addition of some new members.
Voting power 2023-Nov. new shareholding Based on share capital contributed:
Shareholding pattern to be-  China largest shareholding ~27%,
pattern  Brazil Russia India China South  India second largest shareholding~7%.
Africa (18.98% each)  Asian countries control about 75%
 + Bangladesh (1.79%) shareholding
 + UAE (1.06%)  25% with non-Asian nations.
 + Egypt (2.27%)
 Uruguay added as prospective
members but not yet have
shareholding. ## <read FAQ>
HQ Shanghai, China Beijing, China
Corona $1 billion. (2020-Apr) $750 million (2020-June)
loan2India
 BRICS member have also setup $100 billion BRICS Contingent Reserve Arrangement: (epø¿p
wxçsâ¡s§W) to help members during BoP crisis- similar to IMF.
 BRICS nations also planning to setup their BRICS payment system parallel to SWIFT (ref: Pill1:
NPA handout), and BRICS rating agency (ref: 1C: SEBI-Share Market)
FAQ: If Bangladesh is not a member of the BRICS group, then how could it became the member
in the new development bankZ¬ Ans. it is not compulsory for a country to be member of the
BRICS group to become member of the BRICSBs new development bank (NDB). Any country who is
a member of the United Nations can join the NDB.
FAQ:Total 6 new members were added in BRICS in 2023- Argentina, Egypt, Iran, Saudi Arabia,
Ethiopia, and UAE. Yet above NDB Bank table is not showing the names of all of those membersZ
Ans. I have taken the data on 11_Apr_24 ¬from o\cial website. Perhaps some of the new
members of BRICS group are yet to join the bank.
32.1.2 IMF LOAN WINDOWS: RFI, SBA EFF
• International Monetary Fund (IMF) helps in global currency exchange stability, helps
against balance of payment crisis. (lZVxWâ√ƒ≈Ç kTvW pa∆: kTvW rsrXkÇ tx £§xVW STUVWX YZVT[X YZpo kêktt )
Rapid Financing Instrument Stand-By Extended Fund

IMF loan windows
(RFI) Arrangement (SBA) Facility (EFF)
Duration Short- 3-6 months Medium: 1-2 years Longer: 3 to 5 years
How much loan Upto 145% of SDR Upto 435% of SDR
Upto 50% of SDR quota
givenZ quota quota
sudden and unexpected balance short-term
Given when medium-term bu?er
of payments need. stabilization
Some other notable IMF Loan windows are: Flexible Credit Line (FCL), Catastrophe Containment
and Relief (CCR), High-Access Precautionary and Liquidity Line (HPCL).
32.2 TRADE THEORIES BULLIONISM AND MERCANTILISM

32.2.1 Bullionism
• Bullionism is an economic theory that de.nes wealth by the amount of precious metals
owned. Bullionism is an early form of mercantilism theory.
32.2.2 mercantilism Ceory: ãawanX xuåavä
• From the 16th to 18th century, economists believed in mercantilism i.e. Ie amount of
wealth in the world is static. A nation's wealth and power were best served by exports and
receiving payments in gold, silver and precious metals. (eÇWV pxXfYfxW√ƒqÇ YZc†° pW «Ç jaVW jz{YW
kWXVf`f)
• Ierefore, any import was seen as loss of nationBs wealth in gold payment.
• So, colonial powers tried to @ood their colonies with readymade goods but always prevented
entry of goods in their home country. (ÉcrXsfºup u»ÆÇW…SWxV pa UT[Wk gXWXf[Uq)
32.3 WTO MINISTERIAL CONFERENCES (MC)- NOTABLE LIST

Notable Place Year Comment / notable outcome if any
MC1 Singapore 1996 Started for .rst time.
Doha Development Agenda: clash of .rst world versus
MC4 Doha 2001
third world. <learned in the previous section>
1) food subsidy peace clause
MC9 Bali 2013
2) trade facilitation agreement
Special Safeguard Mechanism (SSM) to protect
MC10 Nairobi 2015
farmers in 3rd world countries.
Buenos Aires,
MC11 2017 failed to deliver any notable outcome.
Argentina
Cancelled @Nur-Sultan, 2020 Cancelled by Corona
Notable Place Year Comment / notable outcome if any
Kazakhstan
1) Fisheries subsidy agreement.
MC12 Geneva, Switzerland 2022
2) patent waiver for corona vaccines.
(1) 2 new members added. (2) food subsidy & .sheries
MC13 Abu Dhabi, UAE 2024 issue not resolved. (3) fund to help women exporters in
digital economy.
32.4 WTO-2024 SUMMIT → FISH SUBSIDIES AGREEMENT (jç uéèêX wn ujàâäa)
WTOBs Agreement on Fisheries Subsidies (AFS) signed in WTO Sumit/ Ministerial Conference 2022
at Geneva.¬AFS prohibits three kinds of subsidies:¬(rX Äp¿ pô ktt YfYÀÃàq cx cWgZtq)
 (1) illegal, unreported, or unregulated (IUU) .shing¬
 (2) .shing of already over-exploited species/stocks¬
 (3) .shing on unregulated high seas.
FAQ: What do above things mean, how are they di?erent from each others: ANS. NOTIMP.
Su\cient to know ke WTO wants to stop over-.shing.
India wants special and di?erential treatment (S&DT).¬(SWxV pa ÕWY Éx ºSŒpx ïão ÑWÄjÖ):
32.4.1 Signing vs rati/cation(dëaRn pYaj `YkujícY)
• step1: A country signs a global agreement.
• step2: Ie countryBs government needs to ratify it, i.e., taking approval from the CountryBs
Cabinet/President/King/Parliament, depending on the nature of the agreement and the
nature of the polity/constitution in a given country.
Nation India USA
recti/cation requires → Cabinet Approval Parliament (=Congress) approval.
Note: Above table from¬IndianExpress. ChatGPT¬giving double-dholki (=ambivalent) answers.
32.4.2 Rati/cation : Fisheries Agreement
• 2/3rds of WTO members need to formally accept (=ratify) the agreement before it becomes
binding. (ta rVjW∏ Ytœ tfuaZpf lXTYk`âX pf gWt jq pa∏ WTO pW Yk©–VW pWXãXq öc YfgW— gXVW jz. )
• 2024-Feb: 70 nations rati.ed. (Target quota approx 110 members)
• So, the Fisheries Agreement is NOT YET come into force. (as of 2024-Apr).
32.4.3 → WTO-2024 investment facilitation agreement (IFD) REJECTED
• WTO allows member countries to form a group and have agreements among themselves-
even if all members do not sign it. Such agreements are called plurilateral agreements/ Annex
4 Agreement.
• 2017: China proposed Investment Facilitation for Development Agreement (IFD)-to
promote transparency of investment measures; streamlining and speeding-up investment-
related authorisations procedures; enhancing international cooperation, information
sharing, and the exchange of best practices.
• 2024: China and 100+ out of 160+ member-nations proposed IFD to be added as a
plurilateral agreement at the WTO-2024 Conference.
• But, India and S.Africa opposed to IFD proposal, stating that it is a non-trade issue and falls
outside the mandate of the WTO.
• IFD agreement requires national government to consult (foreign) investors on policy
matters. India doesnBt like this, bcoz it a?ects countriesB sovereignty.
• (rspWY pf ò[Ö rXsfu YTrs“W Yk©–VW. ÑqX nYfsao kê[WXfpô spW[V px xjW jzÄpZVTSWxV Éx tº«} l”qpW rsxa“ kê
‘aZÄp Äûx YxpWxaZXfrsrs“ XqrV rXkWâ} kêrXsfup pô Sq xWÇ [fXq jaUq - Va tfu pô YZ|SãVW cfça’åk )
32.4.4 Food Subsidy: Cailand opposed India
• Iailand is the second largest rice exporter in the world, a>er India.
• WTO-2024 Conference: Iailand accused India of exporting rice at very low prices due to
government subsidies. but this matter is not resolved, YET.
32.4.5 Women Exporters in the Digital Economy (WEIDE) Fund by WTO (2024)
• Boss: WTO and the International Trade Centre (ITC, a joint-agency made by UN+WTO)
• Fund size: $ 50 million. (UAE was .rst to donate $ 5 million to it)
• Launched on the sidelines of the 13th WTO Conference @Abu Dhabi, UAE (2024)
• Objective: To help women entrepreneurs in 3rd world and LDC to adopt digital technologies
and expand the online presence of their enterprises. (kÄj[W é÷ëkÇaZ/rXÇWâVpaZpa YjWÇVW tq çWÖUq
VWÄp sf◊X[WnX lZVxWâ√ƒqÇ ¡WcWx kêçTb Ypf)
32.5 FREE TRADE AGREEMENTS
32.5.1 India-EFTA Trade and Economic Partnership Agreement (TEPA) 2024-Mar
• 1960: European Free Trade Association (EFTA) organization with 4 nations viz. Switzerland,
Iceland, Norway & Liechtenstein. (ÇãxacqÇ kTÆ ¡WcWx YZÿ (∏ÖûoqÖ))
• 2024: EFTA-India signed Trade and Economic Partnership Agreement (TEPA) (¡WcWx Éx
eÜ`p YW©ftWxq Yk©–VW)
• with following features:
• EFTA will do FDI of USD 100 billion in India in the next 15 years → and this (FDI) will help
creating 1 million direct jobs in India. Ie investments do not cover foreign portfolio
investment (FPI). (nX ÇãxarcÇX tfuaZXfSWxV kê100 rgò[ÇX àá[x pW |Ÿ« rstfuq rXsfu Éx Öp ëkò[ÇX
X–pwxÇWZrX⁄kV pxXq jaUq - lU[f15 YW[aZkê)
• First time in the history of FTAs, a legal commitment is made to FDI and job creation.
(nrVjWY pW YgYfcj[fkTÆ ¡WcWx Yk©–VW ßçYkêrXsfu Éx xaçUWx YµçX pô gWVêpWXãX öc YfgW— jaZUq)
• Tax reduction on import/export of more than 90% of items.
• However, gold, dairy, soya, coal and sensitive agricultural products are kept in exclusion list
(= no tax reduction on them). (nXpf eÇWV rXÇWâV kêozü/pxa kêpa∏ ïão XjqZtq çWÖUq)
• Mutual Recognition (of college degrees) in Professional Services like nursing, chartered
accountants, architects etc. (Öp t€Yxf pô ¡sYW‹Çp ctsq/Äàë›ÇaZpa kWfiVW tq çWÖUq)
32.5.2 U.S.-E.U. Trade and Technology Council (TTC) (2021)
2021: Started by President Biden to coordinate technology and trade policy between the United
States and European Union - with 5 areas of cooperation
- 1) Export controls - 2) Foreign direct investment screening
- 3) Secure supply chains (especially semiconductors)
- 4) Technology standards & Arti.cial Intelligence - 5) Global trade challenges
MCQ. Statement-A: Recently, the United States of America (USA) and the European Union
(EU) have launched the ÅTrade and Technology Council<. [Prelims23-SET-A-Q087]
Statement-R: Ie USA and the EU claim that through this they are trying to bring technological
progress and physical productivity under their control.
A) Both A and R are true and R is the correct explanation of A.
B) Both A and R are true but R is not the correct explanation of A.
C) A is true but R is false. D) A is false but R is true.
32.5.3 Atlantic Declaration - USA-UK (2023-June)
ObjectiveZ To ensure international stability -- from

1. Authoritarian states e.g. Russia & China 2. Disruptive technologies e.g. A.I, Blockchain
3. Non-state actors e.g. Terrorists 4. Transnational challenges e.g. climate change
32.6 GROUPINGS: BRICS - ROYAL ENTRY OF NEW MEMBERS
Year Event
2001 Economist Jim OBNeill coined the term BRIC
2009 First summit by Brazil, Russia, India, China and South Africa.
2011 S.Africa joined as member
2014 BRICS New Development Bank (NDB) formed
Summit @Johannesburg, S.Africa. Ieme: hBRICS and Africa: Partnership for Mutually
2023
Accelerated Growth, Sustainable Development and Inclusive Multilateralismi.
New members to join: Argentina, Egypt, Iran, Saudi Arabia, Ethiopia, and UAE.
2024
(Meanwhile, Argentina was invited but refused to join)
2024 Summit @Kazan (Russia)
 Role of secretariat is played by its pro tempore presidency. e.g. 2022: China, 2023: S.Africa
 BRICS aims for 3 pillars of cooperation:
o - (1) Political and Security Cooperation
o - (2) Financial and Economic Cooperation
o - (3) Cultural and People-to-People Cooperation
32.7 G20 SUMMIT AT INDIA PE PHD

 1999: A club of .nance ministers and central bank governors- started in response to the East
Asian .nancial crisis of 1997-98 (Refer: capital account convertibility topic in pillar3B)
 2008: membership expanded in response to USA-Subprime/ global .nancial crisis
 Before 2023: It had 19 nations + 1 EU as member: - Argentina, Australia, Brazil, Canada, China,
France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi
Arabia, South Africa, Turkey, UK, USA AND EU
 2023: African Union (made up of 55 countries in the African continent) is given full
membership- similar to the EU.
 G20 Common Framework: G20 + Paris Club together devised a framework to help the low-
income countries in its loan repayment problems (2020)
32.7.1 G20: 3 tracks
G20 operates through 3 main tracks: (1) Finance Track, (2) Sherpa Track, (3) Engagement Groups.
Track Objectives
(1) Finance
issues related to Taxation, Infrastructure .nance, Financial Inclusion of the poor etc
Track
Socio-economic issues like agriculture, anti-corruption, climate change, digital
(2) Sherpa economy, education, employment, energy, environment, health, tourism etc. Here,
Track each member send an o\cial called Sherpa.
e.g. IndiaBs SHERPA = Amitabh Kant (Retd. IAS)
(3) Non-governmental representativesB Groups e.g. Business20, Civil20, Labour20,
Engagemen Parliament20, Science20, SAI20 (Supreme Audit Institutions), Startup20, Iink20,
Track Objectives
t Groups Urban20, Women20, and Youth20.
32.7.2 G20 Summit- 2023: 18th Summit @New Delhi, India: theme and logo
 G20 Summit is held annually with a rotating presidency
 G20 does not have a permanent secretariat and is supported by the previous, current, and future
holders of the presidency, known as the troika. e.g. 2023's troika consists of Indonesia (past-
summit 2022), India (present summit-2023) and Brazil (future summit in 2024)
 Ceme:- hVasudhaiva Kutumbakami or hOne Earth One Family One Futurei - is drawn from
the ancient Sanskrit text of the Maha Upanishad
 Logo:- globe/earth resting on a lotus
32.7.3 G20 Summit- India's priorities (SIX:6)

1. Green Development, Climate Finance & LiFE 2. Accelerated, Inclusive & Resilient Growth
3. Accelerating Progress on SDGs4. Technological Transformation & Digital Public Infrastructure
5. Multilateral Institutions for the 21st century 6. Women-led Development
32.7.4 G20 Summit-2023: Outcomes / New Delhi declaration (2023)

 African Union (55 members) accepted as G20 member- just like how EU is member of G20.
 India – Middle East – Europe Economic Corridor (IMEC) launched.
 Global Biofuel Alliance (GBA) launched.
 We need more funds to .ght climate change
 Next summit in BRAZIL. Brazil SummitBs priorities (1) social inclusion and the .ght against
hunger; (2) energy transition and sustainable development (3) reform of global governance
institutions.
For more points/analysis- refer to Mains Course
32.7.5 G20 2023 Outcome India-Middle East-Europe corridor (IMEC)

 Announced during G-20 Summit @India (2023)
 Players: India, Saudi Arabia,UAE, Jordan, Israel, USA, EU & others in G20.
 Objective: Build railway line, shipping connectivity and optical .bre Link. (- éífì? xf[sf, YkTvq
çjW• cwxsjX, ◊r‡p[ ûWngx ò[p Z YfecY kêçTbWs pa gdWÇêUf )
 Bene.ts: (1) Trade, Energy, digital connectivity among Asia, the Arabian Gulf, and
Europe; (2) Countering ChinaBs belt and Road initiative. (- ·WÇtW? ¡WcWx/eÇWV-rXÇWâV, ‚çWâ,
Äàßço[ YZÑWx; ÑqX pô gf„ Éx xaà cj[ pW kTpWg[W pxXW)
 IMEC is sub-scheme / part of Partnership for Global Infrastructure Investment (PGII). Refer to
Infra related org section for more.
32.7.6 G20 2023 Outcome Global Biofuel Alliance (GBA)

➢ Announced during sidelines of G-20 Summit @India (2023)
➢ PlayersZ India, Singapore, Bangladesh, Italy, USA, Brazil, Argentina, Mauritius and UAE and
more- total 19 countries and 12 international orgs (- As of 2023-Sept.)
32.7.7 G20- Truckload of PYQs - ïouir izñ óväda YdXv
MCQ. Which of the following are India's G20 prioritiesZ (CAPF-2023)

1. Green Development 2. Women-led Development
3. Climate Finance 4. Digital Public Infrastructure
Codes: (a) 1 and 2 only (b) 1, 2 and 3 only (c) 3 and 4 only (d) 1, 2, 3 and 4
MCQ. Consider the following statements about G-20: (Prelims-2023)
1. Ie G-20 group was originally established as a platform for the Finance Ministers and Central
Bank Governors to discuss the international economic and .nancial issues.
2. Digital public infrastructure is one of IndiaBs G-20 priorities.
Code: (a) 1 only (b) 2 only (c) Both 1 and 2 (d) Neither 1 nor 2
MCQ. Find wrong statement about the Group of Twenty (G20) is not correctZ (EPFO-2023)
(a) It was founded in 1999.
(b) Ie G20 summit is held annually under the leadership of a rotating Presidency.
(c) Ie G20 members represent around 85% of the global GDP.
(d) Ie G20 comprises twenty countries.
MCQ. In which groups are all the four countries members of G20Z (UPSC-Prelims-2020)
[a) Argentina, Mexico, South Africa and Turkey [b) Australia, Canada, Malaysia and New Zealand
[c) Brazil, Saudi Arabia and Vietnam [d) Indonesia, Japan, Singapore and South Korea
MCQ. Find correct about òG20 Common Frameworkô (Prelims-2022)
1. It is an initiative endorsed by the G20 together with the Paris Club.
2. It is an initiative to support Low Income Countries with unsustainable debt.
Codes: (a) 1 only (b) 2 only (c) Both 1 and 2 (d) Neither 1 nor 2
MCQ.Which of the following are India's G20 prioritiesZ (CAPF-2023)
1. Green Development 2. Women-led Development
3. Climate Finance 4. Digital Public Infrastructure
Codes: (a) 1 and 2 only (b) 1, 2 and 3 only (c) 3 and 4 only (d) 1, 2, 3 and 4
32.8 TECH RELATED ALLIANCE
32.8.1 Bletchley Declaration o AI Safety (UK-2023)

➢ 2023-UK PM hosted AI safety summit at Bletchley Park in England.
➢ India, China, Saudi Arabia, USA etc....total 28 nations AND European Union signed
Bletchley declaration.
32.8.2 D10: 5G club proposed by UK (2020)
 UK proposed hD10i club of democratic partners including
o G7 countries — UK, US, Italy, Germany, France, Japan and Canada
o + 3 more plus Australia, South Korea and India
 Objective: create supply chain for 5G equipment and technologies. To avoid relying on China/
Huawei- for data security and data privacy. (5G écpx} Éx |–÷aëUÄpÇaZpf ò[Ö ecãyV ÊµZå[W= ÑqXq
pZcrXÇaZÁWxW àWoW Ñaxq pW åVxW pk ja)
32.9 MINERALS RELATED GROUPINGS
32.9.1 RISE by World Bank and Japan

➢ Partnership for Resilient and Inclusive Supply-chain Enhancement (RISE)
➢ for critical minerals, such as cobalt, lithium, vanadium, manganese and zirconium.
➢ MastermindsZ World Bank and Japan. Later Canada, Italy, S.Korea and UK also joined
32.9.2 Minerals Security Partnership (MSP: `Sä jd}w{ÖcsSYozviV ötõ úaùXUanX/udbzù)

1. US-led partnership to secure critical minerals and reducing dependency on China.
2. MSP includes Australia, Canada, Finland, France, Germany, Japan, the Republic of Korea,
Sweden, United Kingdom, and the European Commission.
3. 2023-June: India joins MSP grouping . (Originally, we were not invited.)
4. Cobalt, Nickel, Lithium etc. Required for batteries used in electric vehicles,
semiconductors and high-end electronics manufacturing.
5. Rare Earth Minerals available in India — such as lanthanum, cerium, neodymium,
praseodymium, samarium, etc.
6. Rare Earth Minerals NOT available in India- dysprosium, terbium, and europium. So,
there is a dependence on countries such as China.
32.10 INFRASTRUCTURE RELATED NOTABLE GROUPS/INITIATIVES

Initiatives Mastermind Year
Belt and Road Initiative (BRI) / One belt one road
China 2013
(OBOR)
Blue Dot Network (BDN) USA, Japan, Australia 2019
Global Gateway Initiative EU 2021
Partnership for Global Infrastructure Investment (PGII) G7 (mostly USABs brainchild) 2022
India-Middle East-Europe corridor (IMEC)- it as sub-
G20 Delhi summit 2023
scheme of PGII given in previous cell.
Partnership for Resilient and Inclusive Supply-chain
World Bank and Japan. Later
Enhancement (RISE)
Canada, Italy, S.Korea and UK 2023
for critical minerals, such as cobalt, lithium, vanadium,
also joined
manganese and zirconium.
32.11 MISC GROUPINGS / ORGANIZATIONS : MISC.
NB8 - Nordic 8 nation from Nordic-Baltic region: Denmark, Estonia, Finland, Iceland, Latvia,
Group Lithuania, Norway and Sweden.
Paci/c Alliance Chile, Colombia, Mexico, and PeruBs regional level free trade agreement (2016)
Visegrád Group 4 Central European countries: the Czech Republic, Hungary, Poland, and Slovakia.
(also known as V4 European Quartet)
Organization of cooperation among Azerbaijan, Kazakhstan, Kyrgyzstan, Turkey and Uzbekistan.
Turkic States
World - is a global non-pro.t organisation started in 2013.
Government - Annual summit at Dubai, United Arab Emirates.
Summit - Focus areas: Global collaboration for humanity.
32.12 RUSSIA RELATED ORG/AGREEMENTS
32.12.1 Black Sea Grain Initiative (2022)

➢ Russia will allow ships to access 3 Ukrainian ports of Odesa, Chornomorsk and Pivdennyi
(Yuzhny), a>er inspection that they are not carrying arms.
➢ Bene.ts: (1) Ukraine can continue exporting wheat / corn / foodgrains = global food prices
remain stable. (2) UN Food aid program to poor nations - do not su?er from food shortage
➢ Mediators in the deal: 1) UN 2) Turkey.
➢ Controversy: Russia threatening to quit the deal.
32.12.2 CTBT Nuke Treaty: Putin Exit (2023)
➢ Comprehensive Nuclear Test Ban Treaty (CTBT-1996) by United Nations.

➢ It bans all types of nuclear explosions, whether for military or peaceful/ Scienti.c purposes.
➢ 2000: Russia rati.ed the agreement.
➢ But China, Egypt, India, Iran, Israel, North Korea, Pakistan, USA not yet rati.ed it.
➢ 2023: Russian President Putin plans to withdraw from deal bcoz USA has not rati.ed it yet.
32.12.3 Self-study
• CTBT, NPT: NCERT Class12 Political Science ch4: India's external relations
• For more intl.org/agreements: Unacademy Monthly Current Magazine OR Unacademy's
PT730 available at https://unacademy.com/content/upsc/downloads/
32.12.4 What is already covered in Past: 3AB

rX Ñq•êjk cj[fjq cd ÑTpf jù. ecXfXjqZcdW Va éYkêYftfå [fXW
Missed previous classes / handouts8 Visit Mrunal.org/win24
Red highlight.= I .nd them less important for the 2024 prelims.
32.12.5 Win20: already covered Following in 3AB12
 BoP-Classi.cation: RBIBs (Actual) method
 Budget-2020: Medieval Dictionary terms for trade/commerce
 Terms of Trade (eÇWV-rXÇWâV £§rV)
 Net Terms of Trade (NTT) or Commodity terms of trade
 Gross (Barter) Terms of Trade (GTT, ÅYûâ r|ò[k pf ò[Ö, lV: ÄjtZ q lXWsìp)
 Income terms of trade (ITT)
 ES20 DATA: Top Import and Exports
 (IYB20 Ch7): Largest importer and exporter in world
 Remittance: Global migration report 2020 (lZVxxW√ƒqÇ |sWY)
 Remittance: Sidetopic → Pravasi Bharatiya Diwas (PBD)
 Balance of payment → Current Account → Import of Oil
 BoP: Current → Fall of Crude oil prices in negative .gure
 BoP: Current → Petrol & Diesel Prices in India
 Balance of payment → Current Account → Import of Gold
 : Gold price in Corona
 BoP → Current → Export → Geographical Indication (GI)
 BoP → Current: Exports → Foreign Trade Policy (2015-2020)
 Tax Credit for Exporters: MEIS/SEIS
 Tax Credit for Exporters: RoDTEP:
 Port Logistics: Authorised Economic Operator (AEO)
 ES20: hAssemble in Indiai
 : BoP → Capital Account→ Investment→ FDI / FPI
 IndiaBs new rules for E-Commerce (2020-Jul)
 BoP: Capital → Chinese FDI need Govt approval
 Related Topic: Cabinet Committees
 Ë International Financial Services Centre (IFSC)
 : IFSC Authority Act, 2019
 BoP → Capital Account → Misc. Concept: NIIP
 BoP → Capital Account → Composition of IndiaBs external debt
 RBIBs Forex Reserve: rstfuq kTvW wxçsâ
 ( > ) Disequilibrium in BoP: Factors responsible
 Currency Exchange Rate: kTvW rsrXkÇ tx
 Currency Exchange Rate → Attracting Dollars: VRR and FAR
 Currency Exchange Rate in Corona-Crisis
 Exchange Rate → Misc. → Purchasing Power Parity (PPP)
 Pillar3B: International Org
 Bretton Woods → IMF, Washington, 1945, Dec
 IMF gives loan to Pakistan (2019)
 (Non-Bretton Woods) → Multilateral Development Banks
 Ieories of International Trade
 Mercantilist Ieory: ¡WcWxq ÅY∂WZV
 Adam SmithBs Ieory of Absolute Cost Advantage (1776)
 David RicardoBs Ieory of Comparative/Relative Cost Advantage (1817)
 Heckscher and OhlinBs Factor - Proporations Ieory (1919)
 World Trade Organization: rs® ¡WcWx YZUÈX
 Kazakhstan Summit cancelled (2020-June)
 : Tari? Barriers against international trade: Dumping
 WTO Disputes : IndiaBs export incentive schemes
 Free Trade agreements → TPP11, RCEP
 TPP-11 or CPTPP
 Trade agreements → USMCA & AFCFTA
 Regional Comprehensive Economic Partnership (RCEP)
 Budget-2020: FTA ¥rules of originB (éè†° pf rXÇk)
 IndiaBs trade agreements
 Burning issues in International trade
 Protectionism, Trade war: YZx«}sWt, ¡WcWx ÇT∂
 : Protectionism → Medicine and Defence
 Ë : Protectionism → Indian Govt procurement (YxpWxq åxqt)
 USABs Generalised System of Preferences (GSP) list
 USA Reciprocal Trade Bill/Act (cWxÍwxp ¡WcWx rs“fÇp / lÅ“rXÇk)
 India-USA limited trade deal (YqëkV ¡WcWx Y–tW)
 Groupings: Indian subcontinent → SAARC
 Groupings led by Gora → G20 (Group of 20)
 G20: Osaka Declaration
 Osaka declaration: why India refused to sign
 Groupings led by Gora → G7 and D10
 G7 - Group of Seven (1975)
 D10: 5G club proposed by UK (2020)
 BREXIT = BRITAIN EXIT
Groupings / Issues: Middle East
⇥Vande Bharat Mission 2020- Indians ki watan-waapsi


 : Kuwait Expat Bill (rstfuq kçt€xaZpô YZÎW pW rs“fÇp)
 Export control / Non-Proliferation regimes
 USA Exit from Arms Treaties (uÏ YZÅ“)
32.12.6 Win21: already covered Following in Pillar3
 Top Import and Exports During Corona April-Nov-2020 as per ES21
 Crude Oil prices & OPEC (pÌW Vf[)
 Report: World Bank report: Migration and Development Brief 2021
 Report: Remittance: Global migration report 2020 (lZVxxW√ƒqÇ |sWY)
 Report: Export Preparedness Index by NITI (2020,Aug: rXÇWâV VzÇWxq YãÑpWZp)
 Report: UNCTAD's World Investment Report 2020 (rs® rXsfu wxcaoâ)
 BoP → Capital Account (ÑW[ãåWVW → cãZçq åWVW)
 :FDI in@ow in Corona (rstfuq |Ÿ« rXsfu)
 Foreign Investment limits in recent times
 Golden Visa (rXsfupaZÉx |rVSWsWX [aUaZpa epy∆V pxXfpf ò[Ö ó}âsq•W)
 Currency Exchange Rate: kTvW rsrXkÇ tx
 : Mundell-Fleming Trilemma (kZà[ ÓfëkUZ pô ë~-eÇWkq t€rs“W)
 International Orgs, Agreements & Summits
 World Trade Organization: rs® ¡WcWx YZUÈX
 WTOBs New Director General
 WTOBs Next Summit
 WTOBs Appellate Body (AB) Crisis
 WTO Multiparty Interim Arbitration (MPIA) mechanism
 Ë : Protectionism → Indian Govt procurement (YxpWxq åxqt)
 Groupings: ASEAN & SCO New Summits
 Groupings: BRICS, G20: New Summits
 G7 Summits 2021: Global Minimum Tax
 BIMSTEC charter (ÿa∆}Wc~)
 India UK Roadmap 2030
 India Mauritius FTA/CECPA (káwxuY pf YW` kTÆ ¡WcWx Yk©–VW)
 Abraham Accords (2020-Sept)

 Balance of payment → Current Account →
 Top Import and Exports of GOODS for India:
 Goods Export Before & AFTER Corona: Notable items
 IndiaBs TOP Agriculture Exports
 Goods Import Before & AFTER Corona
 SERVICES Export Before & AFTER Corona (i.e. 2018, 2019)
 SERVICES Import Before & AFTER Corona (i.e. 2020, 2021)
 IndiaBs trade partners: Import / Export
 IndiaBs trade partners: Trade Surplus / De.cit With Notable Countries
 Reports / Indices related to Export & Remittance
 Export Preparedness Index by NITI ( rXÇWâV VzÇWxq YãÑpWZp)
 Global Survey on Digital and Sustainable Trade Facilitation by UNESCAP
 Report: Goods Trade Barometer Index
 Balance of payment → Current Account → Import of Oil
 Crude Oil: Russia-Ukraine War (2022)
 Budget-2022 Announcements to CAD
 : BoP → Capital Account→ Investment→ FDI / FPI
 Foreign Portfolio Investment (FPI: caoâ·aò[Ça rstfuq rXsfu)
 Foreign Direct Investment (FDI: |Ÿ« rstfuq rXsfu)
 FDI in India → Source Nation-wise Top-5
 FDI in → Sector wise Top-5
 : BoP → summing up
 Dollar- the Global Currency & iDE-Dollarizationi: (szß®p-exº«V-kTvW)
 Dollar Swap
 Rupee Rouble Agreement
 Misc. Concepts: Quantitative Easing and Federal Tapering
 WORLD TRADE ORGANIZATION: rs® ¡WcWx YZUÈX
 TRADE AGREEMENTS TYPES: ¡WcWx Yk©–Vfpf |pWx
 FTA: India UAE CEPA, 2022
 FTA: India Australia ECTA (eÜ`p YjpWx Éx ¡WcWx Yk©–VW)
 BRICS NDB Bank gets NEW MEMBERS

➢ Pillar#3A: Balance of Payment ( ⇥⇤⌅⇧⌃ ⌥⌅⇥ ⌃)
➢ Where is 2022-23Bs Data BoP:
➢ Current Account
➢ Notable Import / Export Goods as per ES23
➢ Top Agri exports:
➢ IndiaBs trade partners: Import / Export as per ES23
➢ Indian migrantsB key destinations - ES23
➢ → Remittance: Side-topic Pravasi Bharatiya Diwas (PBD)
➢ Import: Crude Oil prices
➢ Import: Price cap Russian oil (2022)
➢ Import: Lab Grown Diamonds (LGD: ⌦⌧3⇤⌘⇧ ⇧ ें%⌃⇧; ⇤; ⇢✓⌫⇣)
➢ Export: Unity Mall for GI, Handicra> etc. in Budget-2023
➢ Export: Foreign Trade Policy 2023
➢ 4 pillars of FTP-2023
➢ FTP-2023 Pillar#1: Incentive to Remission (<⇣= ⇧>2 )
➢ FTP-2023 Pillar#2: Ease of Doing Biz ((⇧#⇧⌫ ें⌥⇥⇤⌅⇧)
➢ FTP-2023 Pillar3: Emerging Areas ( ⌫⌅⇣क्ष⇣?)
➢ FTP-2023 Pillar4: Collaboration of Stakeholders (@⇢⌅A⇧⌫ 9 ⇧ ⌥⇢⌧3⇤)
➢ ÔConclusion (Summarise - yes itBll greatly help)
➢ Export: ES23 observation on Export Improvement
➢ Current Account De.cit
➢ Capital Account: FDI and FPI
➢ Foreign Direct Investment (FDI: ⌦↵क्ष ✏⇣⌘✓ ◆⌃ ⇣⌘)
➢ FDI in India → Source Nation and sector-wise as per ES23
➢ International Financial Services Centre (IFSC)
➢ Budget-2023 on IFSCA Authority
➢ Foreign University @ Gi> City
➢ Data Embassy @Gi> city in Budget-2023
➢ External Debt : currency wise as per ES23
➢ External Debt : Composition Govt vs Pvt. As per ES23
➢ BoP → Capital Account → Misc. Concept: NIIP
➢ Asset liability ratio
➢ : BoP → summing up
➢ RBIBs Forex Reserve: ✏⇣⌘✓ ⇥द्र⇧ ⌫⇠ ⇡
➢ Signi.cance of Foreign Exchange Reserves (⇢त्व)
➢ Pillar3B: Currency Exchange Rate: ⇥द्र⇧ ◆⌃⌧ ✏⌫
➢ Fall of Indian Ø & Remedies
➢ Challenges to IndiaBs BOP by ES22 and ES23
➢ RBI-GovtBs measures to prevent fall of Rupee (2022-Jul-Aug)
➢ Ø Convertibility → RBI reforms (2004-2019)
➢ FEMA Rules for Indian residentBs overseas investment (2022-Aug)
➢ FCRA Act
➢ FCRA on donations
➢ FCRA on remittance
➢ Rupee Rouble Agreement
➢ Nostro Vostro Accounts- settlements with Russia and SriLanka
➢ Internationalisation of Indian rupee ( ⇧⌫⌅✓⌧ B#⌧⇣ ⇧ $⌅⌫⌫⇧C✓⌧ ⌫ )
➢ IMF Special Drawing Rights (SDR: ⌘⇣D E⇢⌫ $)A ⇧⌫)
➢ IMF SDR Formula weightage reforms 2022
➢ Misc. Concepts: Quantitative Easing and Federal Tapering
➢ Exchange Rate → Miscellaneous Terminologies
➢ NEER and REER: (Hindi not imp because only prelim relevant)
➢ Pillar #3C: Intl. Organizations
➢ World Bank President:
➢ IMF bailout loans to Pakistan (2019) and SriLanka (2022)
➢ World Trade Organization: F (⇧#⇧⌫ ⌥⇤G⌃
➢ WTO Summits a>er 2015
➢ WTO Summit 2022 @Geneva→ Notable Outcomes
➢ WTO Fish Subsidies (+ ⌥,-.✓ #⌫ ⌥&'⌅⇧)
➢ Conventional Gravity Model (#⇧⌫# ⌫ ⇤⇥Bत्व⇧ D⇡ H. )
➢ Free Trade Agreements in Recent Times
➢ FTA: India UAE CEPA, and India Australia ECTA
➢ Interim (early harvest) trade agreement (⌘⇧✏✓ ⌥⇣#⇢⇣ ⇣⌥⇤⇧4)
➢ Indo-Paci.c Economic Framework (IPEF)
➢ Why FTA increasing as per ES23
➢ International grouping
➢ G20 2023 Summit theme and logo
➢ Minerals Security Partnership (MSP: $ ⌅ ⇢त्व#7 ⇡8◆⌃⇠9 ⇣ : ; ⇧⇤✓✏⇧⌫✓/⌥⇢⌧3⇤)
32.12.9 Mock Tests ka Maha-Parv
UCSC (Unacademy UAIPMT (Unacademy All India

Civil Services Championship) Prelims Mock Test)
1 Day Match:
T20 type format:
• GS : 100 Q in 2 hrs
• 50 MCQs in 1 hr
• CSAT: 80 Qs in 2 hrs
Win Laptop, Gadgets, Scholarship etc Get Free Coaching for Mains, if u clear Prelims.
• 31st March
• 7th April • 14th April
• 5th May • 28th April
• 19th May • 5th May
• 9th June • 19th May
• 2nd June
https://unacademy.onelink.me/nWi1/ukmf1hzb https://unacademy.onelink.me/nWi1/c4bbv9i7
32.12.10 MRUNAL<S ECONOMY COURSE FOR UPSC
unacademy.com/goal/upsc-optional/KSCGY/subscribe:plan_type=plus&referral_code=mrunal.org
NEXT Handout: Pillar4A: Sectors of Economy- Agriculture

Win24 3 Import Export FDI FPI Mrunal

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Win24 3 Import Export FDI FPI Mrunal

Uploaded by

Copyright:

Available Formats

Mrunal's Win24: PILLAR#3 : Balance of Payment , Currency Exchange, Intl.

30.1 ACADEMIC DISCLAIMER

30.2 BENEFITS OF INTERNATIONAL TRADE

30.2.3 Entry into international business - various modes/types

30.2.4 Documents related to Import/export

30.2.6 Docx related to Loans - others

Letter of Credit / Letter of PNB (Mumbai Branch)<s letter to HSBC (HongKong):L

30.3 BOP- MEANING / DEFINITION

30.4 EXPORT PROBLEM → CANALS IN NEGATIVE NEWS

30.4.3 FDI: Inward vs Outward Direct Investment (ODI)

30.4.5 FOREIGN INVESTMENT → LIMITS IN SOME SECTORS

30.4.7 Commerce Ministry: Export Inspection Council (EIC)

EIC certi/cates description / examples

30.5 RBI<S FOREX RESERVE: STUVWX jkla mnoTc

31.2 BAD MONEY DRIVES OUT GOOD MONEY / TUGHLUQ / GRESHAM

31.2.2 Fixed / Pegged System → Challenges: Study of SriLanka (2022)

31.3 SOFT VS HARD CURRENCY

Type Hard currency SoA currency

31.3.2 SoA Dollars vs Hard Dollars

31.5 LRS: TCS ON FOREIGN: TRIP / SHOPPING / INVESTMENT (2023-OCT)

31.1.1 (Prepaid) Forex CardZ

31.1.2 ZERO Forex Cards

31.6 RBI'S CURRENCY SWAPS (jkla few/`UtapUtX ujàâäa)

(img source: Taarak Mehta Ka Ooltah Chashmah)

31.6.1 Overseas ETF ban by SEBI (2024)

31.7 DOLLARISATION - MEANING AND EXAMPLES

31.7.1 Dollarisation- Pros

31.7.4 Strong dollars squeezes global credit

MCQ. Statement I: A very strong US Dollar squeezes global credit. (UPSC-EPFO-2023)

32 3C: INTERNATIONAL ORGANISATION

32.1.1 BRICS Bank - Royal entry of new members

Rapid Financing Instrument Stand-By Extended Fund

32.2 TRADE THEORIES BULLIONISM AND MERCANTILISM

32.3 WTO MINISTERIAL CONFERENCES (MC)- NOTABLE LIST

32.4 WTO-2024 SUMMIT → FISH SUBSIDIES AGREEMENT (jç uéèêX wn ujàâäa)

32.5 FREE TRADE AGREEMENTS

32.5.1 India-EFTA Trade and Economic Partnership Agreement (TEPA) 2024-Mar

32.5.3 Atlantic Declaration - USA-UK (2023-June)

ObjectiveZ To ensure international stability -- from

32.7 G20 SUMMIT AT INDIA PE PHD

32.7.3 G20 Summit- India's priorities (SIX:6)

32.7.4 G20 Summit-2023: Outcomes / New Delhi declaration (2023)

32.7.5 G20 2023 Outcome India-Middle East-Europe corridor (IMEC)

32.7.6 G20 2023 Outcome Global Biofuel Alliance (GBA)

MCQ. Which of the following are India's G20 prioritiesZ (CAPF-2023)

32.8 TECH RELATED ALLIANCE

32.8.1 Bletchley Declaration o AI Safety (UK-2023)

32.9.1 RISE by World Bank and Japan

32.9.2 Minerals Security Partnership (MSP: `Sä jd}w{ÖcsSYozviV ötõ úaùXUanX/udbzù)

32.10 INFRASTRUCTURE RELATED NOTABLE GROUPS/INITIATIVES

32.12 RUSSIA RELATED ORG/AGREEMENTS

32.12.1 Black Sea Grain Initiative (2022)

32.12.2 CTBT Nuke Treaty: Putin Exit (2023)

➢ Comprehensive Nuclear Test Ban Treaty (CTBT-1996) by United Nations.

32.12.4 What is already covered in Past: 3AB

32.12.7 Win22: already covered Following in Pillar3

32.12.8 Win23: already covered Following in Pillar3

32.12.9 Mock Tests ka Maha-Parv

UCSC (Unacademy UAIPMT (Unacademy All India

32.12.10 MRUNAL<S ECONOMY COURSE FOR UPSC

NEXT Handout: Pillar4A: Sectors of Economy- Agriculture

You might also like