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Bo p 200502

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  • 1. 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.
  • 2. ContentsSection No. Title Page No. List of Exhibits and Appendices i I Key Concepts 1 Current and Capital Accounts Merchandise on FOB/ CIF basis Invisibles Capital Account II Sources of BOP Data 5 Difference between RBI Balance of payments data and customs data Apparent 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
  • 3. List of Exhibits and Appendices Title Page No. Exhibits Exhibit 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) 19 1990-91 to 2003-04 (Rs. Crore) 23 1990-91 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 Deposits A Inflows under FCNR and NR(E)RA Accounts 60 NRI Deposits Outstanding 61 5: External Transactions as per CSO’s 62 National Account Statistics
  • 4. India’s Balance of Payments Concepts, Compilation and Recent Scenario: 1950-51 to 2003-04 I Key ConceptsA balance of payments statement is essentially a double entry system of record for a given period of an economy’s two-way international transactions in the form of goods and services, receipts and payments of incomes, transfers without quid pro quo and financial claims and liabilities. Witha 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.
  • 5. Balance of Payments 2Merchandise 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
  • 6. 3 Balance of Paymentsto 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 bothparties 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
  • 7. Balance of Payments 4investor 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 part of 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 Life Insurance Corporation of India or those relating to the general insurance business of the Indian general insurance companies abroad for domestic hazards in those countries are clubbed under the item insurance which also covers the insurance of merchandise trade. The IMF classification places 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 outflow in 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 funds and Global Depository Receipts (GDRs) and American Depository Receipts (ADRs). The data on acquisition of shares (acquisition of shares of Indian companies by non-residents under section 5 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 commercial borrowings and short-term borrowings, with loans of original maturity of one-year or less constituting the relevant dividing line. The principal repayment of the defense debt to the General Currency Area (GCA) is shown under the debit to loans (external commercial borrowing to India) for the general currency area since 1990-91. (iii) Banking capital comprises external assets and liabilities of commercial and government banks authorized to deal in foreign exchange, and movement in balance of foreign central banks and
  • 8. 5 Balance of Payments international institutions like, World Bank, IDA, ADB and IFC maintained with RBI. An important component of banking capital is non-resident (NRI) deposits. (iv) Rupee debt service contains interest payment on, and principal re-payment of, debt for the erstwhile rupee payments area (RPA). (This is done based on the recommendation of high-level committee on balance of payments.) (v) Other capital is a residual item and broadly includes delayed exports receipts, funds raised and held abroad by Indian corporate, India’s subscriptions to international institutions and quota payments to IMF. Delayed export receipts essentially arises from the leads and lags between the physical shipment of goods recorded by the customs and receipt of funds through banking channel. 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 and SDR balances held by the government of India. These are recorded after excluding changes on account of valuation. Valuation changes arise because foreign currency assets are expressed in 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 include reserve 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. II Sources 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
  • 9. Balance of Payments 6R 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 including all 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 hasfinally 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 the valuesof freight and insurance under invisibles more accurately. (ii) IMF publications classify data on invisibles under 15 heads, whereas Indian BOP is generally reported under 7 heads. Now that the RBI has begun collecting substantially more disaggregated data, BOP classification may be expanded (Exhibit IA). (iii) RBI was conducting sporadic studies on currency-wise pattern of exports and imports and invisibles. It is hoped that these will be continued and that an analysis of the available data may 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 group on data dissemination had in fact highlighted this requirement. Currently, the Secretariat of Industrial Approvals (GoI) publishes in their SIA Newsletter (monthly) census list of FDI approvals 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 and technical collaborations, along with ‘individual profiles’ for major cases of inflows and projects under 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,
  • 10. 7 EXHIBIT A: ESTIMATION OF INVISIBLE ACCOUNTS - A COMPARISON OF RBI CLASSIFCATION WITH THE IMF CLASSIFICATION (IMF BOP Manual) I . IMF Classification of Invisibles II. Indian Classification of InvisiblesCategory No. Nomenclature Brief Description Nomenclature Brief DescriptionServices:- 1 Transportation Includes sea transport and air tranport and Transportation Category 1under Services as per IMF specification. other transport for passenger and freight traffic. Balance of Payments 2 Travel Covers travel for business or personal purpose. Travel Category 2 under Services as per IMF specification. 3 Construction services Cover work performed on construction projects and installations by employees of an enterprise in Insurance Categry 5 under Services as per IMF specification. locations outside the economic territory of the enterprise. G.n.i.e. Categry 11 under Services as per IMF specification. 4 Communication services Include telecommunications in turn including transmission of sound, images, other Miscellaneous Includes cateory 3,4,6,7,8,9,10 under Services as per information by various modes and their IMF specification. maintenance and postal and courier services. Income Categry 1 and 2 under Income as per IMF specification. 5 Insurance services Cover the provision of insurance to non-residents by resident enterprises covering freight and direct Official transfers Categry 1 under Transfers as per IMF specification. insurance (life, accident, health etc. insurance). 6 Financial services Include intermediary service fees associated with Private transfers Categry 2 under Transfers as per IMF specification. the line of credit, leasing etc. It also covers commisssions related to transactions in securities. 7 Computer and information Include computer data and news-related services service transaction covering data bases, data processing, hardware consultancy. 8 Royalties and licence fees Cover receipts/payments due to sale of trademarks, copyrights, patents, franchises due to the use of produced originals such as films, manuscripts. 9 Other business services Services; operational leasing services; and miscella- neous business, professional, technical services. 10 Personal, cultural and Include services associated with the production of recreational services motion pictures on films or video-tape, radio and television programmes 11 Government services n.i.e. Covers services associated with government sectors or international or regional organisations and not classified elsewhere.Income:- 1 Compensation of Covers wages, salaries, other benefits in employees cash or in kind of border, seasonal and non-resident workers in embassies 2 Investment income Consists of direct and portfolio income, and other incomeTransfers:- 1 Official transfers Includes current international cooperation between governments, payments of current taxes on income and wealth 2 Private transfers Includes workers remittances, claims on nomn-life insurance etc.Note: The recording of transportation and insurance transactions on a gross basis and their reclassification from merchandise to invisibles form part of the ongoing efforts to refine and disaggregate the balance of payments statistics.Source: IMF, Balance of Pyments Statistics, Yearbook, Volume 35, Part I, 1984
  • 11. EXHIBIT B: ESTIMATION OF INVISIBLE ACCOUNTS - A COMPARISON OF RBI CLASSIFCATION WITH THE IMF CLASSIFICATION (IMF BOP Yearbook) I . IMF Classification of Invisibles I . IMF Classification of Invisibles Item Nos. Nomenclature Brief Description Item Nos. Nomenclature Brief Description(Credit and Debit) (Credit and Debit) 3 and 4 Shipment Freight and insurance charges on exports and 23 and 24 Other resident A miscellaneous category (like sale of embassy inports official, Nie buildings, for instance) 5 and 6 Passenger services Passenger fares 25 and 26 Other resident All foreign embassy receipts and payments for official, Nie diplomatic missions abroad including expenditures 7 and 8 Port services Bunkers, supplies of jet fuel, and repair services incurred by UN agencies and the agencies like at ports and airports the World Bank, IMF and ADB. 9 and 10 Travel Tourists and other temporary visitors’s foreign 27 and 28 Labour income, Nie. Personal income earned/ remitted in respect of exchange expenditure workers who stay outside the country of their residence for less than one year I.e. for temporary employment. 11 and 12 Re-invested earnings Share of undistributed earnings of companies with on direct investment foreign shareholdings. This includes earnings of 29 and 30 Property income, Nie Receipts/payments for patents and royalties. abroad branches of foreign companies unremitted (including banking companies) 13 and 14 Other direct this section covers distributed earnings of 31 and 32 other goods, services This will cover: investment income foreign controlled companies or profits remitted and incomes, Nie. (i) value added from re-exports (distributed earnings) in the case of branches or interest payments (ii) local expenses of offshore companies made to principals. (iii) motion picture film rental and management fees (iv) net transactions from life insurance corporations i.e all non-merchandise insurance and non-trade 15 and 16 Other investment this should include interest income receivable on services obtained from abroad. income of resident foreign currency assets held abroad and also inte- official, including rest paid on foreign debt held by government and 33 and 34 Migrants‘ transfer Remittance received /paid from/for temporary interofficial government owned public utilities and agencies. migrants abroad other than those seeking employment or initial arrivals 17 and 18 Other investment Foreign official interest income paid to a non- 35 and 36 Worker’s remittances Remittance of workers I.e. those who are for income of foreign official organisation (credit) and a private regular employment but either than those in official excluding organisation paying interest to a foreign official business. Also personal remittance by persons interofficial organisation (debit) employed under technical assistance. 19 and 20 Other investment Covers: 37 and 38 Other private Personal remittances of a special nature such as income (private to (i) Dividends on portfolio investment transfers pensions and social security receipts/payments private) income in equities and all gilts (ii) Interest earned/paid on bank deposits (iii) Debentures and other debt securities 39 and 40 Interofficial transfers On the receipts side, contra-entries for all grants (iv) This item also covers interest paid on foreign for technical assistance; also cancellation of debt by public enterprises and also corporations debt is included in this item. Debits include whose debt is guaranteed by local governments actual grant figures. 21 and 22 Inter-official, n.i.e. This should cover value of services obtained/ 41 and 42 Other transfers of This includes some transfers to resident govern- rendered under aid programmes which are financed resident official ments like taxes from non-residents (like foreign by grants and which has a contra entry under company registration fees) or on the debt side item no 39 below. official transfers to private entities abroad like pension payments. 43 and 44 Other transfers of This covers claims received from foreign social foreign official security institution, pensions and scholarships, etc. on the debit side, paymnts by private individuals and organisations to foreign governments (foreign social security institutions) and consular and visa-fee payments. (Contd) Balance of Payments 8
  • 12. 9 Balance of PaymentsEXHIBIT B: ESTIMATION OF INVISIBLE ACCOUNTS - A COMPARISON OF RBI CLASSIFCATION WITH THE IMF CLASSIFICATION (IMF BOP Yearbook) (Concluded) II. RBI Classification Nomenclature Corresponding Item Nos in above IMF Classification 1 Travel Item numbers 9 and 10 (including the relevant share from unclassified receipts 2 Transportation Item numbers 3 and 4 (freight component only) and also 5 and 6 (passenger fares) and item numbers 7 and 8 (port services) 3 Insurance Item numbers 3 and 4 (insurance component only).This item also includes surplus funds received by Indian Insurance companies from abroad (Item numbers 31 and 32) 4. Income : Investment Income Item numbers 11 and 12, 13, 14 ,15 and 16, 17and 18 and 19 and 20 Compensation to employees Item numbers 27 and 28 5 Government N.i.e. Item numbers 23 and 24 and 25 and 26 6. Miscellaneous Item no 29 and 30 7 Transfer Payments (I) Official Item numbers 21 and 22, 23 and 24, 39 and 40, 41 and 42 and 43 and 44 (ii) Private Item numbers 33 and 34, 35 and 36, 37 and 38.Note: The recording of transportation and insurance transactions on a gross basis and their reclassification from merchandise to invisibles from part of the ongoing efforts to refine and disaggre-gate the balance of payments statistics.Source: IMF, Balance of Payments Statistics, Yearbook, Volume 35, Part I, 1984
  • 13. Balance of Payments 10imports 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 III An 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,
  • 14. 11 Balance of Paymentsopportunity is taken to make a few obser- Graph 1 Export and Import as Percentage of GDPvations on what these mass of data reveal 30essentially as a lead for their users. First, there has occurred a quantum leap in 25the proportion of India’s exports in GDP. Forover three decades, merchandise exports hadconstituted around 4 to 5 per cent of GDP but 20this has jumped to about 8 to 9 per cent in Percentagethe 1990s (Table 4 in the text) and over 10 15per percent in the latest two years. Further,it is revealed that inclusive of exports of 10services, the rise in the ratio of goods andservices to GDP has been much sharper, from 5about a range of 8-9 per cent to 18-19 per cent.Significantly, the rise in export earnings has 0 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 2003-04been accompanied by similar sizeable increasein imports as percentage of GDP. Although Years Exports as % to GDP Imports as % to GDPthe physical trade to GDP ratio has not shown Graph 2 any significant expansion in the second half Total Merchandise as % to GDP of the 1990’s, the ratio has significantly im- 30 proved in this millenium. On the other hand, 25 exports of services as percentage of GDP has witnessed a more rapid and continuous rise. 20 It has grown from about 2.5-3.5 per cent for Percentages about two decades until the early 1990’s to 5 15 per cent in 1995-96 and to 8.8 per cent in 2003- 10 04, the most commendable feature being that the growth in exports of both goods and ser- 5 vices have come about despite around 8 per cent appreciation of the rupee against the dollar 0 in these two years; of course, in REER terms, 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 there has not been any change in the value of the rupee. Years Total Merchandise as % to GDP Secondly, the current account deficit – a crucial macro economic indicator – has faced Graph 3a chequered trend. As percentage of GDP, Financing CAD 80000it was around 2 per cent during the high 70000investment phases of the second and third 60000five-year plan periods (1956-57 to 1965-66)and also during the decade of the 1980s. 50000Interestingly, the 1990s in particular have 40000 Rs Croreshown the lowest relative current account 30000deficit so much so that by 2001-02, there 20000has arisen a current account surplus, which 10000has continued has continued till the first 0 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 2002-03quarter of 2004-05. Earlier, such a surplus -10000was experienced in the mid-1970s when the -20000national economy had similarly experienced Yearsan investment famine. External assistance Commercial Borrowings Foreign Investments NRI Deposits
  • 15. Balance of Payments 12 Thirdly, again, in the financing of current Graph 4deficit (text Table 3 and Graph 3), there has Import Coveroccurred a significant change in the relative 60000 12.0importance of various sources of financein this respect. While the role of external 50000 10.0assistance has declined in the 1990s, theimportance of private investment flows, 40000 8.0NRI deposits and commercial borrowings,has increased. Separate information pro- 30000 6.0vided on the first two items of investmentflows [Appendix Tables 3A, 3B and 3C] 20000 4.0and NRI deposits (Appendix Tables 4A 10000 2.0and 4B) speak of their importance in ab-solute numbers. 0 0.0 Finally, above all, it is the phenomenal 2001-02expansion in foreign currency assets in the1990s that stands out. As indicated in the Yearstext Table 2, the country’s foreign exchange Forex Reserves Import Coverreserves 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 since 2000-01. 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 board c.i.f- cost, insurance and freight. 3. NR(E)RA = Non-Resident (External) Rupee Account 4. FCNR (B) = Foreign Currency Non-Resident (Banks) 5. FCNR (A) = Foreign Currency Non-Resident (Accounts)
  • 16. Table 2: Foreign Exchange Reserves : 1950-51 to 2003-04 Foreign Exchange Reserves Transactions with the IMFYear SDRs Gold Foreign Total SDRs Gold Foreign Total Drawings Repur- Out- Drawings Repur- Out- Reserve Reserves Currency Currency chases standing chases standing Position in terms Assets Assets Repurchase # Repurchase in the of no of Obligations Obligations Fund months of Imports (In Rs Crore) (In US Dollar Million) (In Rs Crore) (In US Dollar Million) 13 Balance of Payments(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17)1950-51 - 118 911 1029 - 247 1914 2161 - - 48 - - 100 - 19.01951-52 - 118 747 865 - 247 1568 1815 - - 48 - - 100 - 10.81952-53 - 118 763 881 - 247 1603 1850 - - 48 - - 100 - 16.71953-54 - 118 792 910 - 247 1664 1911 - 17 30 - 36 64 - 18.41954-55 - 118 774 892 - 247 1626 1873 - 17 13 - 36 28 - 15.51955-56 - 118 785 903 - 247 1648 1895 - 7 6 - 15 13 - 14.01956-57 - 118 563 681 - 247 1184 1431 61 6 61 126 12 128 - 7.41957-58 - 118 303 421 - 247 637 884 35 - 95 72 - 200 - 4.11958-59 - 118 261 379 - 247 548 795 - - 95 - - 200 - 4.41959-60 - 118 245 363 - 247 515 762 - 24 71 - 50 150 - 4.71960-61 - 118 186 304 - 247 390 637 - 11 61 - 23 128 - 3.31961-62 - 118 180 298 - 247 377 624 119 61 119 249 127 250 - 3.51962-63 - 118 177 295 - 247 372 619 12 - 131 25 - 275 - 3.21963-64 - 118 188 306 - 247 395 642 - 24 107 - 50 225 - 2.91964-65 - 134 116 250 - 281 243 524 48 48 107 99 100 225 - 2.11965-66 - 116 182 298 - 243 383 626 66 36 137 137 75 288 - 2.61966-67 - 183 296 479 - 243 395 638 89 43 313 126 57 418 - 2.71967-68 - 183 356 539 - 243 475 718 68 43 338 89 58 450 - 3.11968-69 - 183 394 577 - 243 526 769 - 59 279 - 78 372 - 3.91969-70 92 183 546 821 123 243 728 1094 - 125 154 - 167 205 - 6.21970-71 112 183 438 733 148 243 584 975 - 153.8 - - 205 - - 4.81971-72 194 183 480 857 269 264 661 1194 - - - - - - - 5.01972-73 226 183 479 888 297 293 629 1219 - - - - - - - 5.21973-74 230 183 581 994 296 293 736 1325 62 - 59 79 - 75 - 4.41974-75 229 183 610 1022 293 304 782 1379 485 - 557 608 - 715 - 2.91975-76 211 183 1492 1886 234 281 1657 2172 207 - 804 239 - 896 - 4.21976-77 192 188 2863 3243 217 290 3240 3747 - 303 492 - 336 559 - 7.41977-78 170 193 4500 4863 200 319 5305 5824 - 249 210 - 333 249 - 9.91978-79 381 220 5220 5821 470 377 6421 7268 - 207 - - 256 - - 9.21979-80 545 225 5164 5934 662 375 6324 7361 - 55 $ - - 145 - - 7.31980-81 497 226 4822 5545 603 370 5850 6823 274 @ 5 $$ 268 342 16 327 - 5.01981-82 444 226 3355 4025 473 335 3582 4390 637@@ - 901 692 40 964 - 3.41982-83 291 226 4265 4782 291 324 4281 4896 1893@@ - 2867 1968 - 2876 - 3.61983-84 248 226 5498 5972 230 320 5099 5649 1414@@ 72(a) 4444 1376 70 4150 - 4.11984-85 181 246 6817 7243 145 325 5482 5952 219@@ 156(b) 4888 201 134 3932 - 4.51985-86 161 274 7384 7819 131 417 5972 6520 - 253 c) 5285 - 209 4290 - 4.51986-87 232 274 7645 8151 179 471 5924 6574 - 672(d) 5548 - 521 4291 - 4.4 (Contd)
  • 17. Table 2: Foreign Exchange Reserves : 1950-51 to 2002-03 (Concluded) (Rupees, Crore) Foreign Exchange Reserves Transactions with the IMFYear SDRs Gold Foreign Total SDRs Gold Foreign Total Drawings Repur- Out- Drawings Repur- Out- Reserve Reserves Currency Currency chases standing chases standing Position in terms Assets Assets Repurchase # Repurchase in the of no of Obligations Obligations Fund months of Imports (In Rs Crore) (In US Dollar Million) (In Rs Crore ) (In US Dollar Million)(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17)1987-88 125 274 7287 7686 97 508 5618 6223 - 1209(e) 4732 - 930 3653 633.5 3.81988-89 161 274 6605 7040 103 473 4226 4802 - 1547(f) 3696 - 1070 2365 671.6 2.41989-90 184 281 5787 6252 107 487 3368 3962 - 1460(g) 2572 - 873 1493 630.0 1.91990-91 200 6828 4388 11416 102 3496 2236 5834 3334 & 1156(h) 5132 1858 647 2623 - 2.51991-92 233 9039 14578 23850 90 3499 5631 9220 3205@@ 1127(I) 8934 1240 460 3451 - 5.31992-93 55 10549 20140 30744 18 3380 6434 9832 4231 868(j) 14986 1623 335 4799 296 4.91993-94 339 12794 47287 60420 108 4078 15068 19254 1007 420(k) 15812 325 134 5040 299 8.61994-95 23 13752 66005 79780 7 4370 20809 25186 - 3585(l) 13545 - 1146 4300 331 8.41995-96 280 15658 58446 74384 82 4561 17044 21687 - 5749(m) 8152 - 1710 2374 310 6.01996-97 7 14557 80368 94932 2 4054 22367 26423 - 3461(n) 4714 - 977 1313 291 6.51997-98 4 13394 102507 115905 1 3391 25975 29367 - 2286(o) 2624 - 615 664 283 6.91998-99 34 12559 125412 138005 8 2960 29522 32490 - 1652(p) 1220 - 102 287 663 8.21999-00 16 12973 152924 165913 4 2974 35058 38036 - - - - - - 658 8.22000-01 11 12711 184482 197204 2 2725 39554 42281 - - - - - - 616 8.22001-02 50 14868 249118 264036 10 3047 51049 54106 - - - - - - 610 11.32002-03 19 16785 341476 358280 4 3534 71890 75428 - - - - - - 672 13.82003-04 10 18216 466215 484441 2 4198 107448 111648 - - - - - - 1311 17.0-’ : denotes nil.@ Excludes Rs. 544.53 crore under Trust Fund.@@ Drawals under Extended Fund Facility(EFF) of Stand-by Arrangement&& Drawals of Rs. 2217.2 crore under Compensatory and Contingency Financing Facility and Rs. 987.5 crore under First Credit Tranche of Stand-by Arrangement$ Includes voluntary repurchases of Rupees (Rs. 199 crore) and sales of Rupees by the IMF under its general Resource accout (Rs. 35.2 crore)$$ Sales of Rupees by the Fund.# Additionally, SDR 59.9 million in May 1979,SDR 59.9 million in July 1980 and SDR 34.5 million in March 1982 were used for repurchases of Rupees.(a) SDR 34.5 million were used for repurchases of dawals under Compensatory Financing Facility.(b) SDR 33.25 million and Rs. 117.85 crore in foreign currencies were used for repurchases (i) SDR 337.49 million were used for repurchases of drawals under EFF. of drawals under CFF. (j) SDR 237.49 million were used for repurchases of drawals under EFF.(c) SDR 66.5 million and SDRs 131.25 million were used for repurchases of drawals (k) SDR 95.84 million were used for repurchases of drawals under EFF. under CFF and EFF respectively. (l) SDR 337.49 million were used for repurchases of drawals under EFF.(d) SDR 431.25 million were used for repurchases of drawals under EFF. (m) SDR 237.49 million were used for repurchases of drawals under EFF.(e) SDR 704.17 million were used for repurchases of drawals under EFF. (n) SDR 678.38 million were used for repurchases of drawals under EFF.(f) SDR 804.18 million were used for repurchases of drawals under EFF. (o) SDR 499.29 million were used for repurchases of drawals under EFF.(g) SDR 681.25 million were used for repurchases of drawals under EFF. (p) SDR 212.46 million were used for repurchases of drawals under EFF.(h) SDR 468.75 million were used for repurchases of drawals under EFF.Notes: 1) Figures after 1965-66 are not comparable with those of the earlier years owing to devaluation of th rupee in June 1966. 2) Also figures for July 1991 are not comparable with those of earler periods due to the downward adjustment of the Rupee effected on July 1 & 3, 1991. 3) Drawals, Repurchase and Outstanding repurchase Obligations are calculated at the ruling rates of exchange. 4) Gold is valued at Rs. 53.58 per 10 grams up to May 1966 and at Rs. 84.39 per 10 grams of gold up to September 1990 and closer to international market price w.e.f. October 17,1990. 5) Foreign Exchange includes a) Foreign assets of the Reserve Bank of India b) Government balance held abroad up to 1955-56. 6) While reserves pertain to end period, repurchases are for the relevant period. 7) Import cover is arrived at by dividing total reserves with imports (both in $ million) and multiplying the result by 12.Sources: Government of India, Economic Survey (various issues) and RBI, Annual Report (various issues) Balance of Payments 14
  • 18. Table 3: Financing of Current Account Deficits : 1950-51 to 2003-04 (Rupees, Crore) Financed by Current External Assistance Commercial Borrowing NRI Deposits IMF and SDR Foreign Rupee Debt Other Movement Account Allocations Investments Service Capital in Reserves Deficit 15 Balance of PaymentsYear (CAD) Net Percent Drawals Repay- Net Percent Drawals Repay- Net Percent Net Net Percent Net Net inclu- (Decrease+ / of CAD ments of CAD ments of CAD of CAD ding errors Increase-) and omissions(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18)1950-51 39 -5 12.8 8 13 0 - 0 0 0 - 0 4 10.3 0 -9 -291951-52 -163 47 28.8 60 13 0 - 0 0 0 - 0 4 2.5 0 -53 1651952-53 60 22 36.7 35 13 0 - 0 0 0 - 0 4 6.7 0 -69 -171953-54 48 -10 20.8 2 11 0 - 0 0 0 - -17 8 16.7 0 0 -291954-55 6 -10 166.7 1 11 0 - 0 0 0 - -17 8 133.3 0 -5 181955-56 7 6 85.7 9 4 0 - 0 0 0 - -7 24 342.9 0 -19 -111956-57 -313 27 8.6 30 3 0 - 0 0 0 - 55 21 6.7 0 -11 2211957-58 -431 36 8.4 115 79** 0 - 0 0 0 - 35 3 0.7 0 98 2601958-59 -327 218 66.7 226 7 0 - 0 0 0 - 0 10 3.1 0 57 421959-60 -186 175 94.1 187 12 0 - 0 0 0 - -24 52 28.0 0 -33 161960-61 -392 219 55.9 257 38 0 - 0 0 0 - -11 28 7.1 0 97 591961-62 -307 214 69.7 274 60 0 - 0 0 0 - 58 30 9.8 0 -1 61962-63 -354 343 96.9 396 53 0 - 0 0 0 - 12 0 0.0 0 -3 21963-64 -349 388 111.2 446 57 0 - 0 0 0 - -24 26 7.4 0 -30 -111964-65 -468 544 116.2 622 78 0 - 0 0 0 - 0 47 10.0 0 -179 561965-66 -510 475 93.1 560 85 0 - 0 0 0 - 30 18 3.5 0 35 -481966-67 -843 822 97.5 966 144 0 - 0 0 0 - 46 31 3.7 0 -93 371967-68 -807 831 103.0 1027 195 0 - 0 0 0 - 24 37 4.6 0 -14 -711968-69 -410 645 157.3 830 185 0 - 0 0 0 - -59 28 6.8 0 -166 -381969-70 -234 469 200.4 684 215 0 - 0 0 0 - -30 24 10.3 0 9 -2381970-71 -445 504 113.3 735 231 16 -4 27 11 0 - -79 36 8.1 0 -121 891971-72 -499 508 101.8 758 249 10 -2 30 21 0 - 75 44 8.8 0 -43 -951972-73 -312 377 120.8 663 286 54 -17 77 23 0 - 0 30 9.6 0 -182 331973-74 1135 @@465 41.0 872 407 72 6 102 29 0 - 62 52 4.6 0 -14 -841974-75 -956 854 89.3 1137 283 156 -16 195 40 0 - 485 69 7.2 0 -601 -71975-76 -178 1219 684.8 1553 334 231 -130 291 60 36 20.2 218 -8 4.5 0 -688 -8301976-77 894 1270 142.1 1651 381 163 18 235 72 167 18.7 -306 -26 2.9 0 -766 -13961977-78 1124 882 78.5 1360 478 34 3 116 83 200 17.8 -288 -10 0.9 0 -396 -15461978-79 -238 455 191.2 933 478 164 -69 253 89 156 65.5 -74 24 10.1 0 513 -10001979-80 -553 656 118.6 1198 542 44 -8 115 71 162 29.3 42 70 12.7 0 -52 -3691980-81 -2214 1112 50.2 1804 691 199 -9 316 117 178 8.0 383 - - - -177 516 (Contd)
  • 19. Table 3: Financing of Current Account Deficits : 1950-51 to 2002-03 (Concluded) (Rupees, Crore) Financed by Current External Assistance Commercial Borrowing NRI Deposits IMF and SDR Foreign Rupee Debt Other Movement Account Allocations Investments Service Capital in Reserves DeficitYear (CAD) Net Percent Drawals Repay- Net Percent Drawals Repay- Net Percent Net Net Percent Net Net inclu- (Decrease+ / of CAD ments of CAD ments of CAD of CAD ding errors Increase-) and omissions(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18)1981-82 -2839 746 26.3 1367 622 146 -5 373 227 206 7.3 635 - - - -513 16181982-83 -3280 1125 34.3 1775 650 732 -22 943 211 383 11.7 1895 - - - -228 -6251983-84 -3316 1183 35.7 1925 741 785 -24 1054 269 709 21.4 1351 - - - 59 -7731984-85 -2873 1407 49.0 1953 546 1110 -39 1472 362 879 30.6 59 - - - 342 -9261985-86 -5956 1676 28.1 2481 805 1167 -20 1827 660 1767 29.7 -265 - - - 904 7071986-87 -5830 1808 31.0 3056 1249 2513 -43 4304 1791 1650 28.3 -672 249 4.3 249 -450 7321987-88 -6293 2945 46.8 -4614 1669 1266 -20 3208 1942 1840 29.2 -1209 563 8.9 563 -69 9561988-89 -10410 3210 30.8 4860 1650 2743 -26 4265 1522 3636 34.9 -1547 517 5.0 517 1572 14491989-90 -9830 3090 31.4 4998 1909 2958 -30 4823 1865 4000 40.7 -1460 683 6.9 683 886 12321990-91 -17366 3965 22.8 6095 2129 4035 -23 7630 3595 2756 15.9 2178 183 1.1 -2140 4096 22931991-92 -2235 7395 330.9 10715 3320 3807 -170 7852 4045 1008 45.1 2077 339 15.2 -2785 -256 -93511992-93 -12763 5748 45.0 10172 4424 -1095 9 3583 4677 6097 47.8 3363 1699 13.3 -2335 1768 -24811993-94 -3634 5964 164.1 10904 4940 1905 -52 9137 7232 3780 104.0 587 13281 365.5 -3302 8786 -273661994-95 -10582 4798 45.3 10025 5227 3238 -31 13041 9803 539 5.1 -3585 15088 142.6 -3090 7811 -145751995-96 -19646 3356 17.1 10101 6895 4548 -23 14440 9892 3821 19.4 -5749 15624 79.5 -3106 -9334 97981996-97 -16281 3998 24.6 10893 7071 10004 -61 26867 16863 11894 73.1 -3461 21162 130.0 -2542 -4681 -207591997-98 -20883 3461 16.6 10826 7365 14601 -70 27254 12653 4325 20.7 -2286 19832 95.0 -2784 -1987 -143671998-99 -16789 3485 20.8 11507 8022 18578 -111 30645 12067 4060 24.2 -1652 9737 58.0 -3308 2072 -165931999-00 -20331 3915 19.3 13339 9424 1447 -7 13910 12463 6709 33.0 -1122 22184 109.1 -3059 16675 -266482000-01 -11598 2002 17.3 13521 11519 20171 -174 44455 24284 10561 91.1 -115 35054 302.2 -2760 -14396 -275282001-02 16426 5409 32.9 16070 10661 -7528 -46 12845 20373 13127 79.9 - 31920 194.3 -2457 5045 -565932002-03 30660 -15020 49.0 13902 28922 -8220 -27 16976 25196 14424 47.0 - 20098 65.6 -2306 45667 -820372003-04 47952 -12500 26.1 15269 27769 -6942 -14 30073 37015 16869 35.2 - 67592 141.0 -1758 36371 -143994** Includes silver dispatched to USA and delivered to the American embassy values at Rs. 64.8 crore during April-June 1957 and Rs. 9.6 crore during June-September 1957 in fulfilment of lead-lease obligations.# Includes India Development Bonds@ Other capital includes banking capital net of non-residents deposits but excludes short-term capital.@@ The net figure as per latest data is -1123, which is after excluding certain prepayments.Notes: * Receipts/disbursements for the year 1973-74 exclude Rs. 1664 crore as official grant receipts/amortisation under the agreement dated Feb.18, 1974 between the government of India and USA. Signs have been ignored in columns 4, 8, 12, 15Source: RBI Bulletin, August 2004 and earlier issues Balance of Payments 16
  • 20. 17 Table 4: Balance of Payments-Selected Indicators : 1950-51 to 2001-02Year Export as Import as Merchandise Invisibles as Exports of Imports of Current Merchandise Net Invisibles Gross Private Percentage Percentage as percentage Percentage Goods and Goods and Account Deficit as as Per Cent of Transfer as in GDP in GDP of GDP of GDP Services as Services as Deficit as Percentage Merchandise percentage Percentage Percentage Percentage of Current Deficit of: of GDP of GDP of: Account (2+6) (3+7) Deficit Balance of Payments Net Rec Pay GDP GDCF Merch. Inv. Deficit 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 -1366.7 1366.7 29.51951-52 6.9 9.1 16.0 0.7 1.7 1.0 8.6 10.2 -1.5 -14.0 143.6 -30.3 20.5 26.71952-53 5.8 6.1 11.9 0.9 1.9 1.0 7.7 7.1 0.6 7.3 -51.7 -300.0 167.7 26.71953-54 4.8 5.2 10.0 0.9 1.7 0.8 6.5 6.1 0.4 5.5 -108.3 -194.2 92.3 25.01954-55 5.6 6.5 12.0 0.9 1.9 1.0 7.5 7.5 0.1 0.6 -1550.0 -106.5 54.8 24.81955-56 5.9 7.1 13.0 1.3 2.4 1.1 8.2 8.2 0.1 0.5 -1900.0 -105.3 43.6 22.61956-57 4.9 8.5 13.4 1.2 2.1 0.9 7.0 9.4 -2.4 -16.1 149.2 -33.0 13.7 24.11957-58 5.0 9.2 14.2 1.0 1.9 0.9 6.9 10.1 -3.2 -23.2 130.9 -23.4 11.0 24.91958-59 3.9 6.9 10.8 0.8 1.7 0.9 5.6 7.8 -2.2 -18.3 138.5 -27.6 12.8 22.91959-60 4.0 5.9 10.0 0.7 1.6 0.9 5.7 6.8 -1.2 -9.4 160.8 -37.8 18.7 22.01960-61 3.7 6.4 10.12 0.5 1.5 1.0 5.2 7.5 -2.3 -15.9 121.2 -17.3 9.5 17.31961-62 3.7 5.5 9.20 0.2 1.3 1.1 5.0 6.6 -1.7 -12.4 110.5 -9.2 12.1 17.41962-63 3.5 5.6 9.09 0.3 1.5 1.1 4.9 6.7 -1.8 -12.1 117.5 -14.9 9.6 14.11963-64 3.6 5.5 9.1 0.4 1.5 1.0 5.0 6.6 -1.6 -10.9 126.9 -21.0 10.6 14.41964-65 3.1 5.4 8.5 0.6 1.5 1.0 4.6 6.4 -1.8 -12.6 132.5 -24.4 6.8 10.31965-66 2.8 4.9 7.8 0.3 1.3 1.0 4.1 5.9 -1.8 -11.4 114.1 -12.5 13.4 22.51966-67 3.5 6.4 9.8 0.2 1.5 1.3 4.9 7.6 -2.7 -15.9 107.2 -6.6 8.1 15.91967-68 3.4 5.6 9.1 0.0 1.2 1.2 4.6 6.8 -2.2 -15.6 99.3 0.6 9.0 16.51968-69 3.5 4.6 8.1 0.0 1.2 1.2 4.8 5.8 -1.1 -8.0 103.7 -3.5 21.6 19.11969-70 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 22.31970-71 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 20.41971-72 3.2 4.2 7.4 0.0 1.1 1.2 4.3 5.4 -1.0 -6.4 95.2 5.1 24.42 21.31972-73 3.7 4.0 7.7 -0.3 1.0 1.2 4.6 5.2 -0.6 -3.8 54.0 85.7 66.07 21.61973-74 3.6 4.4 8.0 2.5 3.5 1.0 7.1 5.3 1.7 10.0 -44.9 -322.7 30.98 6.91974-75 4.1 5.8 9.9 0.4 1.3 0.8 5.4 6.6 -1.2 -7.3 134.6 -25.7 18.26 23.91975-76 5.0 6.4 11.5 1.2 2.2 1.0 7.2 7.4 -0.2 -1.3 664.6 -84.9 38.38 25.01976-77 5.7 6.1 11.8 1.3 2.5 1.1 8.2 7.2 1.0 5.6 -34.7 -388.5 245.81 34.61977-78 5.4 5.9 11.3 1.7 2.7 1.0 8.1 7.0 1.1 6.0 -53.1 -288.4 185.59 40.01978-79 5.1 7.1 12.2 1.8 2.9 1.1 8.0 8.2 -0.2 -1.0 929.4 -89.2 50.18 34.91979-80 5.2 8.1 8.6 2.4 3.6 1.2 8.9 9.3 -0.5 -2.2 622.1 -83.9 51.22 40.2 (Contd)
  • 21. Table 4: Balance of Payments-Selected Indicators : 1950-51 to 2001-02 (Concluded)Year Export as Import as Merchandise Invisibles as Exports of Imports of Current Merchandise Net Invisibles Gross Private Percentage Percentage as percentage Percentage Goods and Goods and Account Deficit as as Per Cent of Transfer as in GDP in GDP of GDP of GDP Services as Services as Deficit as Percentage Merchandise percentage Percentage Percentage Percentage of Current Deficit of: of GDP of GDP of: Account (2+6) (3+7) Deficit Net Rec Pay GDP GDCF Merch. Inv. Deficit 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 -64.4 34.41 37.71981-82 4.6 8.5 5.4 2.2 3.4 1.2 8.0 9.6 -1.7 -8.4 228.7 -56.3 32.08 36.81982-83 4.9 8.4 13.3 1.8 3.2 1.4 8.1 9.8 -1.7 -8.9 204.8 -51.2 36.18 40.11983-84 4.6 7.8 12.4 1.6 3.1 1.5 7.8 9.3 -1.5 -8.1 208.8 -52.1 38.24 38.41984-85 4.9 7.6 12.5 1.6 3.4 1.8 8.2 9.4 -1.2 -5.8 233.9 -57.3 44.37 36.21985.86. 4.2 7.6 11.8 1.3 2.8 1.5 7.0 9.1 -2.1 -9.9 160.9 -37.9 22.07 26.91986-87 4.3 7.3 11.6 1.1 2.7 1.5 6.9 8.8 -1.9 -8.9 160.4 -37.7 31.98 36.11987-88 4.6 7.3 11.9 0.8 2.6 1.8 7.2 9.0 -1.8 -7.9 147.7 -32.3 38.01 38.11988-89 4.9 8.1 13.0 0.5 2.6 2.1 7.5 10.2 -2.7 -11.6 117.1 -14.6 28.54 35.41989-90 5.8 8.4 14.2 0.2 2.6 2.4 8.4 10.7 -2.3 -9.5 109.0 -8.3 30.81 30.61990-91 5.8 8.8 7.3 -0.1 2.4 2.4 8.2 11.2 -3.1 -11.6 97.5 2.6 22.07 27.91991-92 6.9 7.9 14.8 0.7 3.6 2.9 10.5 10.8 -0.3 -1.5 290.6 -65.6 145.04 40.21992-93 7.3 9.6 16.9 0.6 3.6 3.0 10.9 12.6 -1.7 -7.2 135.1 -26.0 65.32 41.61993-94 8.3 9.8 18.0 1.1 4.1 3.1 12.4 12.8 -0.4 -1.8 350.1 -71.4 130.33 46.71994-95 8.3 11.1 19.5 1.8 4.8 3.1 13.1 14.2 -1.0 -4.0 268.5 -62.8 89.63 52.21995-96 9.1 12.3 21.5 1.6 5.0 3.5 14.1 15.8 -1.7 -6.2 193.7 -48.4 75.59 48.41996-97 8.9 12.7 21.6 2.7 5.6 2.9 14.4 15.6 -1.2 -4.9 322.8 -69.0 84.11 58.11997-98 8.7 12.5 21.2 2.4 5.7 3.2 14.4 15.8 -1.4 -5.6 276.8 -63.9 76.00 50.91998-99 8.3 11.5 19.8 2.2 6.2 4.0 14.5 15.5 -1.0 -4.3 330.4 -69.7 78.40 40.11999-00 8.4 12.4 20.8 2.9 6.8 3.8 15.2 16.2 -1.0 -4.1 380.5 79.6 68.87 40.52000-01 9.9 12.7 22.6 2.2 7.1 4.9 17.0 17.6 -0.6 2.3 489.2 79.6 107.10 41.12001-02 9.3 11.8 21.1 3.1 7.7 4.6 17.0 16.3 0.7 3.1 334.6 129.9 139.80 43.92002-03* 10.5 12.6 23.2 3.2 8.2 4.9 18.7 17.5 1.2 5.3 168.6 -159.3 168.30 42.92003-04 10.7 13.3 24.0 4.3 8.8 4.5 19.5 17.7 1.7 - 148.8 167.2 151.40 42.4* = Estimated, Rec.:- ReceiptsPay.:- Payments , GDCF:- Gross Domestic Capital Formation.- :- Not Available, Exp.:-Exports, Imp.:-ImportsNotes: GDP figures for 2000-01 are provisional. GDP figures are taken at current market prices GDP figures for 2001-02 are quick estimates. In Columns 13 & 14, signs are ignored.Sources: RBI, Report on Currency and Finance, (various issues), and RBI, Annual Report, (various issues). Balance of Payments 18
  • 22. 19 Appendix 1(A): Balance of Payments : 1950-51 to 1989-90 1950-51 1951-52 1952-53 1953-54 1954-55 1955-56 1956-57 1957-58 1958-59 1959-60 Rs Cr $ Mn Rs Cr $ Mn Rs Cr $ Mn Rs Cr $ Mn Rs Cr $ Mn Rs Cr $ Mn Rs Cr $ Mn Rs Cr $ Mn Rs Cr $ Mn Rs Cr $ Mn (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21)(1) Current Account(Net) 39 82 -163 -342 60 126 47 100 6 13 7 14 -313 -657 -431 -906 -327 -687 -186 -390 Receipts 786 1646 909 1909 795 1671 730 1534 801 1683 890 1869 901 1892 918 1928 829 1742 888 1864 Balance of Payments Payments 747 1564 1072 2251 735 1544 683 1435 795 1670 896 1883 1214 2549 1349 2834 1156 2429 1073 2254 (a) Merchandise -4 -8 -233 -489 -31 -65 -52 -109 -93 -195 -133 -279 -467 -981 -565 -1186 -453 -952 -299 -628 Exports f o b 647 1355 730 1534 602 1264 540 1134 597 1253 640 1345 635 1334 669 1405 576 1211 633 1330 Imports c i f 650 1366 964 2025 633 1330 592 1243 690 1449 773 1624 1102 2315 1233 2591 1029 2162 932 1959 (b) Invisibles (Net) 42 88 71 150 91 192 100 209 99 208 139 292 154 324 133 280 253 532 113 238 Receipts 140 293 179 376 193 406 191 401 205 430 256 538 266 558 249 523 127 267 254 534 Payments 97 203 108 226 102 214 91 192 105 221 116 245 111 234 116 243 126 265 141 296(2) Capital Acount (Net) -4 -8 43 90 60 126 -4 -8 5 11 29 60 37 78 145 304 314 659 218 458 Receipts 84 176 122 256 795 1671 63 132 73 153 86 180 154 324 331 695 419 881 439 922 Payments 87 182 79 166 735 1544 66 139 67 142 57 120 117 246 186 391 106 222 221 464 (a) Private (Net) -14 -29 -10 -22 -6 -12 -11 -23 -5 -10 10 22 -22 -46 4 7 -20 -42 -5 -10 Receipts 15 31 16 33 22 46 24 50 27 56 39 83 37 78 50 104 34 72 43 91 Payments 29 61 26 54 28 59 19 41 31 66 26 54 59 124 46 97 54 114 48 101 (b) Official (Net) -12 -25 30 63 29 61 9 18 17 36 9 19 72 150 153 320 329 691 210 442 (I) Loans 8 17 60 125 35 74 2 3 1 1 9 20 30 64 100 210 226 474 187 393 Receipts 8 17 60 126 35 74 2 3 1 1 9 20 30 64 115 242 226 474 187 393 Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 15 32 0 0 0 0 (ii) Amortisation -3 -6 -1 -3 -3 -7 -3 -6 11 23 6 12 3 7 -73 -153 28 60 -12 -25 Receipts 10 21 12 25 10 20 8 17 22 45 9 20 7 15 6 13 36 75 1 1 Payments 13 27 13 27 13 27 11 24 11 22 4 8 3 6 79 166 7 15 12 26 (iii) Miscellaneous -17 -36 -29 -60 -3 -6 10 21 6 12 -6 -12 38 80 125 263 75 158 35 73 Receipts 13 27 2 4 8 17 13 27 7 15 8 17 55 116 137 287 93 196 172 360 Payments 30 63 30 64 11 24 3 6 12 26 14 29 18 37 11 24 18 38 137 287 (c) Banking excluding RBI 22 46 23 48 -36 -76 -1 -3 4 9 9 19 -13 -26 -11 -23 5 10 13 26 Receipts 38 80 33 69 14 30 16 34 17 37 23 48 25 52 24 50 31 64 36 76 Payments 16 34 10 21 50 105 17 37 13 27 14 29 37 78 35 73 26 54 24 50(3) IMF (SDR Allocation) 0 0 0 0 0 0 -17 -36 -17 -36 -7 -15 55 115 35 74 0 0 -24 -50 Receipts 0 0 0 0 0 0 0 0 0 0 0 0 61 128 35 72 0 0 0 0 Payments 0 0 0 0 0 0 17 36 17 36 7 15 6 13 0 0 0 0 24 50(4) Capital Account, IMF and SDR Allocation -4 -8 43 90 -18 -37 -21 -44 92 193 21 45 92 193 179 377 314 659 194 408 Receipts 84 176 122 256 84 176 63 132 215 451 86 180 215 451 365 767 419 881 439 922 Payments 87 182 79 166 102 214 84 176 123 258 64 135 123 258 186 391 106 222 245 514(5) Total Current Account, Capital Account IMF and SDR Allocation 35 73 -120 -252 -18 -37 27 56 -12 -25 28 59 -221 -464 -252 -529 -13 -28 9 19 Receipts 870 1822 1031 2165 84 176 793 1666 73 153 982 2063 1115 2343 1283 2695 1249 2623 1327 2787 Payments 835 1748 1151 2417 102 214 767 1611 85 178 954 2004 1336 2808 1535 3225 1262 2651 1318 2769(6) Errors and Omissions -7 -15 -45 -95 -26 -54 2 5 -18 -37 -18 -37 0 -1 8 17 -29 -61 -25 -51(7) Reserves and Monetary Gold -29 -61 164 345 17 35 -29 -61 11 22 -11 -22 -221 -465 260 546 42 89 16 34Memo Items : Non-monetary gold movement(Net) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (Contd)
  • 23. Appendix 1(A): Balance of Payments : 1950-51 to 1989-90 1960-61 1961-62 1962-63 1963-64 1964-65 1965-66 1966-67 1967-68 1968-69 1969-70 Rs Cr $ Mn Rs Cr $ Mn Rs Cr $ Mn Rs Cr $ Mn Rs Cr $ Mn Rs Cr $ Mn Rs Cr $ Mn Rs Cr $ Mn Rs Cr $ Mn Rs Cr $ Mn (1) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41)(1) Current Account(Net) -392 -824 -1252 -2630 -2112 -4437 -2972 -6244 -3832 -8050 -4692 -9857 844 1191 -808 -1077 -410 -547 -234 -312 Receipts 890 1870 2844 5975 965 2027 1128 2369 1208 2537 1129 2372 1546 2183 1696 2261 1849 2466 1844 2459 Payments 1283 2695 1209 2540 1319 2771 1477 3103 1676 3520 1640 3446 2390 3374 2503 3337 2260 3013 2078 2771 (a) Merchandise -475 -998 -338 -709 -416 -874 -443 -932 -620 -1302 -583 -1226 -905 -1277 -802 -1070 -425 -567 -171 -227 Exports f o b 631 1326 668 1404 681 1430 802 1684 801 1683 785 1648 1087 1534 1260 1680 1367 1823 1405 1874 Imports c i f 1106 2324 1006 2113 1097 2304 1245 2616 1420 2983 1368 2874 1991 2811 2063 2750 1792 2390 1576 2101 (b) Invisibles (Net) 83 174 31 66 62 130 94 197 152 319 73 153 61 86 -5 -7 15 19 -63 -85 Receipts 260 546 234 492 284 597 326 685 407 854 345 724 460 649 436 581 482 643 439 585 Payments 177 372 203 426 222 467 232 487 255 535 272 572 399 563 441 588 467 623 502 669(2) Capital Acount (Net) 350 735 234 491 334 701 439 921 461 968 542 1138 748 1056 938 1250 626 835 521 695 Receipts 499 1048 491 1032 550 1154 630 1324 848 1782 923 1938 1406 1985 1619 2158 1218 1623 1041 1387 Payments 149 313 258 541 216 453 191 402 388 815 381 801 658 929 681 908 592 789 519 692 (a) Private (Net) 17 36 -4 -8 -1 -2 5 11 5 11 3 7 11 15 5 7 9 11 -3 -5 Receipts 52 109 33 69 45 95 48 101 49 103 52 110 84 118 68 91 71 94 79 105 Payments 35 74 36 76 46 96 43 90 44 92 60 126 73 103 63 84 62 83 82 110 (b) Official (Net) 324 681 242 508 327 686 433 909 472 992 530 1114 741 1046 1278 1704 635 847 509 679 (I) Loans 252 529 274 576 396 831 446 936 594 1248 531 1116 906 1279 980 1307 806 1075 654 872 Receipts 257 540 274 576 396 831 446 936 594 1248 531 1116 906 1280 987 1316 811 1081 661 881 Payments 5 11 0 0 0 0 0 0 0 0 0 0 1 1 7 9 5 6 7 9 (ii) Amortisation -35 -74 -58 -122 -51 -107 -55 -116 -63 -132 -73 -153 -127 -179 176 235 -156 -208 -177 -236 Receipts 3 6 2 4 2 4 2 4 5 9 2 3 2 3 2 3 3 4 4 6 Payments 38 80 60 127 53 111 57 120 67 142 74 156 128 181 178 237 159 213 181 241 (iii) Miscellaneous 107 225 26 54 -18 -38 42 89 -59 -124 72 150 -39 -54 122 163 -15 -20 32 42 Receipts 144 303 140 294 60 125 78 165 158 333 270 568 316 446 415 553 280 373 236 314 Payments 37 78 114 239 78 164 36 76 217 456 199 417 355 501 293 390 294 393 204 272 (c) Banking excluding RBI 10 21 -4 -9 8 17 1 2 -17 -36 8 17 -4 -5 6 8 -17 -23 15 20 Receipts 44 92 43 89 47 99 56 118 42 89 56 118 98 139 147 196 53 71 61 81 Payments 34 71 47 98 39 82 55 116 60 125 48 101 102 144 141 187 71 94 7 9(3) IMF (SDR Allocation) 0 0 58 123 12 25 -24 -50 0 0 30 63 46 65 24 33 -59 -78 30 40 Receipts 0 0 119 250 12 25 0 0 48 100 66 138 89 126 68 90 0 0 95 126 Payments 0 0 61 128 0 0 24 50 48 101 36 75 43 61 43 58 59 79 125 167(4) Capital Account, IMF and SDR Allocation 340 714 292 614 346 726 415 871 461 968 571 1200 794 1121 962 1283 568 757 490 654 Receipts 499 1048 611 1283 561 1179 630 1324 986 2071 988 2076 1495 2111 1686 2248 1218 1623 1135 1513 Payments 160 336 318 668 216 453 215 452 435 915 417 876 701 990 724 966 650 867 645 860(5) Total Current Account, Capital Account IMF and SDR Allocation -53 -111 -14 -30 -8 -17 65 137 -7 -16 61 127 -50 -70 154 206 157 210 256 342 Receipts 1390 2920 1513 3179 1526 3207 1758 3692 2104 4419 2118 4449 3041 4294 3382 4509 3067 4089 2979 3973 Payments 1443 3032 1527 3208 1535 3224 1692 3555 2111 4435 2057 4321 3091 4364 3227 4303 2910 3880 2723 3631(6) Errors and Omissions -6 -13 8 16 6 12 -55 -115 -49 -103 -12 -26 13 19 -84 -112 -119 -159 -18 -25(7) Reserves and Monetary Gold 59 124 6 13 2 5 -11 -23 56 118 -48 -101 37 52 -71 -94 -38 -51 -238 -317Memo Items : Non-monetary gold movement(Net) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (Contd) Balance of Payments 20
  • 24. Appendix 1(A): Balance of Payments : 1950-51 to 1989-90 1970-71 1971-72 1972-73 1973-74 1974-75 1975-76 1976-77 1977-78 1978-79 1979-80 Rs Cr $ Mn Rs Cr $ Mn Rs Cr $ Mn Rs Cr $ Mn Rs Cr $ Mn Rs Cr $ Mn Rs Cr $ Mn Rs Cr $ Mn Rs Cr $ Mn Rs Cr $ Mn (1) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61)(1) Current Account(Net) -445 -593 -499 -666 -311 -405 1135 1457 -956 -1204 -178 -205 894 996 1124 1309 -238 -289 -553 -683 21 Balance of Payments Receipts 1914 2552 2126 2839 2508 3266 4638 5954 4180 5264 5995 6906 7344 8178 8208 9367 8779 10667 10699 13209 Payments 2359 3121 2635 3518 2819 3671 2489 3195 5136 6468 6173 7111 6450 7182 7083 8084 9017 10956 11253 13892 (a) Merchandise -409 -541 -475 -634 -168 -218 -510 -655 -1287 -1621 -1183 -1362 -310 -345 -597 -682 -2212 -2688 -3440 -4247 Exports f o b 1418 1876 1581 2110 1994 2596 2357 3025 3195 4024 4180 4815 5140 5723 5440 6209 5594 6797 613 757 Imports c i f 1826 2416 2055 2744 2161 2814 2867 3680 4482 5645 5362 6178 5450 6069 6038 6890 7806 9485 9753 12041 (b) Invisibles (Net) -37 -49 -24 -32 -144 -187 1646 2112 331 417 1005 1157 1204 1341 1722 1965 1974 2399 2887 3564 Receipts 496 656 546 728 514 670 2281 2929 985 1241 1815 2091 204 227 2767 3158 3185 3870 4386 5415 Payments 533 705 570 761 658 857 636 816 654 824 810 933 1000 1114 1046 1193 1211 1471 1500 1851(2) Capital Acount (Net) 502 664 499 666 383 499 -926 -1189 704 887 1003 1156 1088 1212 585 667 -238 -289 -553 -683 Receipts 1194 1580 2126 2839 1132 1474 1563 2006 2044 2574 2491 2870 2626 2924 2433 2777 8779 10667 10699 13209 Payments 692 916 2625 3505 749 975 2489 3195 1340 1688 1488 1714 1538 1713 1848 2109 9017 10956 11253 13892 (a) Private (Net) 4 5 26 35 34 45 45 58 100 125 40 46 46 51 151 172 117 143 62 76 Receipts 104 138 121 161 135 176 151 194 229 288 197 227 412 459 303 346 332 403 254 314 Payments 100 132 95 126 101 131 106 137 130 163 156 180 186 207 153 174 214 260 192 238 (b) Official (Net) 497 658 583 778 337 439 -990 -1271 652 821 936 1078 928 1033 368 419 469 569 851 1050 (I) Loans 706 934 681 909 599 779 869 1116 1184 1491 1647 1897 1705 1898 1335 1524 932 1132 1200 1482 Receipts 719 951 728 971 665 865 895 1149 1214 1529 1730 1993 1776 1978 1364 1557 996 1210 1262 1559 Payments 13 17 47 63 66 86 26 33 30 38 83 96 71 79 29 33 64 78 62 77 (ii) Amortisation -180 -238 -176 -235 -193 -251 -1986 -2550 -237 -298 -268 -308 -298 -332 -445 -508 -436 -529 -517 -638 Receipts 12 16 39 52 56 73 14 18 13 16 32 37 43 48 9 10 19 23 5 6 Payments 191 253 215 287 249 324 2000 2568 249 314 300 345 341 379 454 518 455 553 522 644 (iii) Miscellaneous -29 -38 78 105 -68 -89 127 163 -295 -371 -443 -510 -479 -533 -523 -596 -28 -34 167 207 Receipts 312 413 232 310 195 254 420 540 481 606 400 461 339 377 364 415 840 1020 504 622 Payments 341 451 154 206 264 343 293 376 -295 -371 843 971 818 910 886 1011 868 1054 337 415 (c) Banking excluding RBI 0 0 4 5 11 15 19 24 -48 -60 27 31 115 128 67 76 -8 -10 -82 -101 Receipts 47 62 54 72 81 105 82 106 107 135 132 152 237 264 393 449 286 348 206 255 Payments 47 62 51 68 69 90 63 81 155 195 105 121 123 136 327 373 295 358 289 356(3) IMF (SDR Allocation) -154 -204 75 100 0 0 62 80 485 611 218 251 -306 -341 -288 -328 -74 -90 42 52 Receipts 0 0 75 100 0 0 62 80 485 611 218 251 0 0 0 0 126 153 124 154 Payments 154 204 0 0 0 0 0 0 0 0 0 0 306 341 288 329 200 243 82 101(4) Capital Account, IMF and SDR Allocation 424 561 687 917 383 499 -864 -1109 1189 1497 1221 1407 782 871 297 339 503 612 872 1077 Receipts 1269 1679 1248 1667 1132 1474 1625 2085 2529 3185 2709 3121 2626 2924 2433 2777 2599 3157 2356 2908 Payments 846 1119 561 749 749 975 2489 3195 1340 1688 1488 1714 1844 2054 2136 2438 2095 2546 1484 1832(5) Total Current Account, Capital Account IMF and SDR Allocation -22 -29 188 252 72 93 271 348 233 293 1043 1202 1676 1867 1421 1622 266 323 319 394 Receipts 3183 4211 3375 4505 3640 4739 6262 8039 6709 8449 8704 10027 9970 11103 10641 12143 11377 13824 13055 16117 Payments 3205 4241 3186 4254 3568 4646 5991 7691 6476 8156 7661 8825 8294 9236 9219 10521 11112 13502 12736 15724(6) Errors and Omissions -67 -89 -93 -125 -105 -136 -187 -240 -256 -322 -214 -246 -280 -312 125 142 734 892 51 62(7) Reserves and Monetary Gold 89 118 -95 -127 33 43 -84 -108 -7 -9 -830 -956 -1396 -1555 -1546 -1764 -1000 -1215 -369 -456Memo Items : Non-monetary gold movement(Net) 0 131 17 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (Contd)
  • 25. Appendix 1(A): Balance of Payments : 1950-51 to 1989-90 (Concluded) 1980-81 1981-82 1982-83 1983-84 1984-85 1985-86 1986-87 1987-88 1988-89 1989-90 Rs Cr $ Mn Rs Cr $ Mn Rs Cr $ Mn Rs Cr $ Mn Rs Cr $ Mn Rs Cr $ Mn Rs Cr $ Mn Rs Cr $ Mn Rs Cr $ Mn Rs Cr $ Mn (1) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81)(1) Current Account(Net) -2214 -2800 -2839 -3166 -3280 -3393 -3316 -3207 -2873 -2417 -5956 -4868 -5830 -4563 -6293 -4853 -10410 -7188 -9830 -5904 Receipts 12335 15598 13429 14974 15199 15724 17061 16500 20202 16992 19453 15899 21589 16895 25675 19802 31573 21802 40713 24454 Payments 14548 18397 16268 18140 18479 19118 20377 19707 23075 19409 25409 20767 27419 21458 31968 24655 41983 28990 50543 30358 (a) Merchandise -6211 -7854 -6494 -7241 -6719 -6951 -6925 -6697 -6721 -5653 -9586 -7835 -9354 -7320 -9296 -7170 -13556 -9361 -12413 -7456 Exports f o b 6666 8429 7766 8660 9137 9453 10169 9835 11959 10059 11578 9463 13315 10420 16397 12464 20647 14257 28229 16955 Imports c i f 12877 16284 1420 1583 15857 16405 17093 16531 18680 15712 21164 17298 22669 17741 25693 19816 34202 23617 40642 24411 (b) Invisibles (Net) 3997 5054 3655 4076 3439 3558 3068 2967 3849 3237 3630 2967 3524 2758 3004 2317 3146 2172 2583 1551 Receipts 5669 7169 5664 6316 6062 6271 6893 6666 8243 6933 7875 6436 8274 6475 9279 7156 10926 7545 12484 7498 Payments 1672 2114 2008 2239 2622 2713 3284 3176 4394 3696 4245 3470 4751 3718 6275 4840 7781 5373 9901 5947(2) Capital Acount (Net) 1443 1825 676 754 1581 1636 3018 2919 3411 2869 4922 4023 5899 4617 7493 5779 10305 7116 10777 6473 Receipts 3953 4999 2997 3342 4651 4812 6012 5814 5920 4979 8064 6591 11960 9360 17149 13226 21284 14697 27810 16704 Payments 2510 3174 2321 2588 3070 3176 2994 2896 2509 2110 3142 2568 6061 4743 9656 7447 10980 7582 17032 10230 (a) Private (Net) 331 419 224 250 378 391 922 892 1092 918 2091 1709 2267 1774 2248 1734 3250 2244 3150 1892 Receipts 539 682 418 466 615 636 1188 1149 1467 1234 2617 2139 3222 2530 3984 3073 6613 4566 10110 6072 Payments 207 262 194 216 237 245 266 257 375 315 526 430 966 756 1736 1339 3363 2322 6960 4180 (b) Official (Net) 1098 1388 465 519 1135 1174 1914 1851 2512 2113 2645 2162 3702 2897 5170 3987 7319 5054 7568 4546 (i) Loans 1942 2456 1517 1692 2472 2257 2611 2525 3034 2552 3683 3010 6462 5057 6832 5269 8437 5826 8428 5062 Receipts 1971 2492 1525 1700 2489 2575 2625 2539 3059 2573 3693 3018 6478 5070 6852 5285 8465 5845 8436 5067 Payments 28 35 8 9 17 18 14 14 25 21 10 8 15 12 20 15 27 19 8 5 (ii) Amortisation -660 -835 -774 -863 -798 -826 -916 -886 -727 -611 -1152 -942 -2588 -2025 -2834 -286 -3067 -2118 -2990 -1796 Receipts 3 4 - - 1 1 1 1 0 0 0 0 0 0 8 6 15 10 14 8 Payments 63 80 774 863 799 827 917 887 727 611 1152 942 2588 2025 2841 2191 3082 2128 3004 1804 (iii) Miscellaneous -184 -233 -278 -310 -539 -558 219 212 205 172 114 93 -172 -135 1172 904 1949 1346 2130 1279 Receipts 1008 1275 697 777 1128 1167 1802 1743 1028 865 1000 817 1874 1467 5990 4620 5493 3793 8276 4971 Payments 1192 1507 975 1087 1666 1724 1583 1531 823 692 886 724 2074 1601 4818 3716 3544 2447 6145 3691 (c) Banking excluding RBI 13 16 -13 -14 68 70 182 176 -193 -162 186 152 -70 -55 75 58 265 -183 59 35 Receipts 432 546 358 399 418 432 396 383 367 309 755 617 376 294 315 243 698 482 974 585 Payments 419 530 371 414 350 362 214 207 560 471 568 464 446 349 240 185 963 665 914 549(3) IMF (SDR Allocation) 265 335 635 708 1895 1960 1351 1307 59 50 -265 -217 -672 -526 -120 -932 -1547 -1068 -1460 -877 Receipts 273 345 671 748 1895 1960 1425 1378 217 183 0 0 0 0 0 0 0 0 0 0 Payments 8 10 36 40 0 0 74 72 159 134 265 217 672 526 1209 932 1547 1068 1460 877(4) Capital Account, IMF and SDR Allocation 1826 2309 1310 1461 3476 3596 4369 4225 3469 2918 4658 3807 5227 4091 6284 4847 8757 6047 9318 5597 Receipts 4343 5492 3668 4090 6545 6771 7437 7192 6137 5162 8064 6591 11960 9360 17149 13226 21284 14697 27810 16704 Payments 2517 3183 2357 2628 3070 3176 3068 2967 2668 2244 3407 2785 6733 5269 10865 8380 12527 8650 18492 11107(5) Total Current Account, Capital Account IMF and SDR Allocation -387 -489 -1529 -1705 196 203 1053 1018 597 502 -1298 -1061 -603 -472 -9 -7 -1653 -1141 -512 -308 Receipts 16678 21090 17097 19064 21744 22495 24498 23692 26339 22154 27517 22490 33550 26256 42824 33028 52857 36498 68523 41157 Payments 17066 21581 18625 20768 21578 22293 23445 22674 25742 21652 28815 23551 34152 26727 42832 33034 54510 37640 69035 41465(6) Errors and Omissions -129 -163 -90 -100 429 444 -280 -271 329 277 592 484 -129 -101 -948 -731 203 140 -720 -432(7) Reserves and Monetary Gold 516 653 1618 1804 -625 -647 -773 -748 -926 -779 707 578 732 573 956 737 1449 1001 1232 740Memo Items : Non-monetary gold movement(Net) 17 0 0 0 0 0 0 0 20 17 29 24 0 0 0 0 0 0 6 4Source : Reserve Bank of India Bulletin, 2003, and its various other issues. — Concluded Monograph on India’s Balance of Payments, July 1993. Balance of Payments 22
  • 26. 23 Appendix 1(B): Balance of Payments : 1990-91 to 2003-04 (Rupees, Crore) 1990-91 1991-92 1992-93 1993-94 1994-95 Receipts Payments Net Receipts Payments Net Receipts Payments Net Receipts Payments Net Receipts Payments NetA) CURRENT ACCOUNT (I+II) 46549 63915 -17366 68372 70607 -2235 81803 94566 -12763 106648 110282 -3634 133167 143749 -10582 Balance of Payments I) Merchandise (FoB/CIF) 33153 50086 -16933 44923 51417 -6494 54761 72000 -17239 71147 83870 -12723 84329 112748 -28419 II) Invisibles 13396 13829 -433 23449 19190 4259 27042 22566 4476 35501 26412 9089 48839 31001 17838B) Total Capital Account 40851 28193 12658 57300 47489 9811 66044 53917 12127 90820 62915 27905 81360 54667 26693 1. Foreign Investment (I+II) 201 19 183 385 46 339 1797 98 1699 14461 1180 13281 18086 2998 15088 In India (Ii +IIi ) 201 19 172 385 46 339 1797 98 1699 14461 1179 13282 18058 2609 15449 Abroad (Iii + IIii) - - - - - - - - - - 1 -1 28 390 -362 I. Direct 191 19 172 375 46 329 1051 92 959 242 204 38 4241 25 4216 i) In India - - - - - - - - - - - - - - - Equity - - - - - - - - - - - - - - - Reinvested Earnings - - - - - - - - - - - - - - - Other Capital - - - - - - - - - - - - - - - ii) Abroad - - - - - - - - - - - - - - - Equity - - - - - - - - - - - - - - - Reinvested Earnings - - - - - - - - - - - - - - - Other Capital - - - - - - - - - - - - - - - II. Portfolio 10 0 10 10 0 10 746 6 740 12420 975 11445 13817 2584 11233 i) In India - - - - - - - - - - - - - - - ii) Abroad - - - - - - - - - - - - - - - 2. Loans 16924 6996 9928 23219 13294 9925 26639 25194 1445 31276 25590 5686 34329 24787 9542 a) External Assistance 6095 2139 3956 10715 3335 7380 10172 4434 5738 1904 4955 -3051 10030 5257 4773 i) By India - 11 -11 0 14 -14 0 11 -11 - 15 -15 4 29 -25 ii) To India 6095 2129 3966 10715 3320 7395 10172 4424 5748 10904 4940 5964 10025 5227 4798 b) Commercial Borrowings 7684 3639 4045 7896 4074 3822 3621 4740 -1119 9457 7308 2149 13347 9813 3533 i) By India 54 44 10 45 29 16 38 62 -24 320 76 244 306 11 296 ii) To India 7630 3595 4035 7851 4045 3806 3583 4678 -1095 9137 7232 1905 13041 9803 3238 c) Short term To India 3145 1216 1928 4609 5885 -1276 12847 16020 -3173 10915 13328 -2413 10953 9717 1236 3. Banking Capital 18133 16910 1223 26772 25422 1350 34257 22100 12157 36070 288971 -3E+05 22034 23092 -1058 a)Commercial Banks 14282 12661 1621 22452 21850 602 29684 20728 8956 33289 2891 30398 20244 22216 -1972 i) Assets 763 1415 -652 3397 2838 559 3783 485 3298 864 3513 -29649 756 3780 -3024 ii) Liabilities 13519 11244 2275 19054 19011 43 25901 20242 -438 32425 24578 4067 19488 18436 513 of which:Non-Resident Deposits 13184 10427 2757 18972 17965 1007 25191 19094 6097 27759 23979 3780 18224 17685 539 b) Others 3851 4249 -399 4320 3573 747 4573 1372 3201 2781 880 1900 1790 876 914 4. Rupee Debt Service 0 2140 -2140 0 2785 -2785 0 2335 -2335 - 3302 -3302 - 3090 -3090 5. Other Capital 5593 2129 3464 6923 5944 979 3351 4191 -840 9014 3873 5141 6912 701 6211C. Errors & Omissions 235 - 238 - 301 -301 4400 4645 -245 2510 - 2510 2049 - 2049D. Overall Balance (A+B+C) 87634 92105 -4471 125672 118398 7274 147843 148726 -883 199977 173198 26779 216576 198416 18160E. Monetary Movements 4471 - 4471 3205 10479 -7274 4231 3348 883 1007 27786 -26779 - 18160 -18160 i) I.M.F. 2178 - 2178 3205 1127 2078 4231 869 3362 1007 420 587 4231 3585 3363 ii) Foreign Exchange Reserves 2293 - 2293 - 9351 -9351 - 2481 -2481 - 27366 -27366 1623 14575 -2481 (Contd)
  • 27. Appendix 1(B): Balance of Payments : 1990-91 to 2003-04 (Rupees, Crore) 1995-96 1996-97 1997-98 1998-99 1999-00 Receipts Payments Net Receipts Payments Net Receipts Payments Net Receipts Payments Net Receipts Payments NetA) CURRENT ACCOUNT (I+II) 167924 187570 -19646 197285 213566 -16281 218948 239831 -20883 252895 269684 -16789 294202 314533 -20331 I) Merchandise (FoB/CIF) 108481 146542 -38061 121194 173753 -52559 132703 190508 -57805 144436 199914 -55478 162753 240112 -77359 II) Invisibles 59443 41027 18416 76091 39813 36278 86245 49323 36922 108459 69770 38689 131449 74421 57028B) Total Capital Account 81603 67332 14271 128559 85944 42615 146102 109497 36605 143561 107679 35882 175822 130494 45328 1. Foreign Investment (I+II) 19042 3418 15624 27784 6622 21162 34444 14612 19832 24825 15088 9737 53125 30941 22184 In India (Ii +IIi ) 18994 2721 16273 27751 5922 21829 34075 14114 19961 24210 14041 10169 52607 30106 22501 Abroad (Iii + IIii) 48 697 -649 33 700 -667 369 4988 -4619 615 1047 -432 518 835 -317 I. Direct 7277 101 7176 10171 77 10094 13317 124 13193 10550 162 10388 9409 13 9396 i) In India - - - - - - - - - - - - - - - Equity - - - - - - - - - - - - - - - Reinvested Earnings - - - - - - - - - - - - - - - Other Capital - - - - - - - - - - - - - - - ii) Abroad - - - - - - - - - - - - - - - Equity - - - - - - - - - - - - - - - Reinvested Earnings - - - - - - - - - - - - - - - Other Capital - - - - - - - - - - - - - - - II. Portfolio 11717 2620 9097 17581 5845 11736 20758 13990 6768 13660 13879 -219 43198 30093 13105 i) In India - - - - - - - - - - - - - - - ii) Abroad - - - - - - - - - - - - - - - 2. Loans 38396 30422 7974 62991 46009 16982 64144 46697 17447 61972 43009 18963 56646 49695 6951 a) External Assistance 10101 6799 3302 10893 6924 3969 10827 7441 3386 11608 8107 3501 13342 9471 3871 i) By India - 54 -54 - 29 29 77 -77 2 85 -83 3 47 -44 ii) To India 10101 6746 3355 10893 6895 3998 10827 7364 3463 11506 8022 3484 13339 9424 3915 b) Commercial Borrowings 14470 9892 4578 26897 16863 10034 27254 12653 14601 30646 12067 18579 13910 12463 1447 i) By India 30 - 30 30 - 30 43 - 43 22 - 22 13823 - 13823 ii) To India 14440 9892 4548 26867 16863 10004 27211 12653 14558 30624 12067 18557 - 12463 -12463 c) Short term To India 13824 13730 94 25201 22222 2979 26063 26593 -530 19718 22834 -3116 29394 27761 1633 3. Banking Capital 21692 19247 2445 28394 20504 7890 33056 36243 -3187 37525 34396 3129 46212 36995 9217 a)Commercial Banks 20787 17704 3083 27052 19146 7906 30328 34838 -4510 31507 33194 -1687 44496 34486 10010 i) Assets 2845 4320 -1475 2650 5738 -3088 2093 10214 -8121 5713 11421 -5708 11486 8079 3407 ii) Liabilities 17942 13384 4558 24402 13409 10993 28235 24625 3610 26894 21773 5121 33010 26407 6603 of which:Non-Resident Deposits 16671 12850 3821 24039 12146 11893 28041 23716 4325 26267 21207 5060 32133 25424 6709 b) Others 904 1543 -639 1342 1358 -16 2728 1405 1323 6018 1202 4816 1716 2509 -793 4. Rupee Debt Service - 3106 -3106 - 2542 -2542 - 2784 -2784 - 3308 -3308 - 3059 -3059 5. Other Capital 2474 11140 -8666 9390 10267 -877 14458 9171 5287 19339 11879 7460 19839 9804 10035C. Errors & Omissions 1287 - 1287 - 2114 -2114 931 - 931 143561 848 142713 2773 - 2773D. Overall Balance (A+B+C) 250853 254902 -4049 325844 301624 24220 365981 349328 16653 396456 378211 18245 472797 445027 27770E. Monetary Movements 9798 5749 4049 - 24220 -24220 - 16653 -16653 - 18245 -18245 - 27770 -27770 i) I.M.F. - 5749 -5749 - 3461 -3461 - 2286 -2286 - 1652 -1652 - 1122 -1122 ii) Foreign Exchange Reserves 9798 - 9798 - 20759 -20759 - 14367 -14367 - 16593 -16593 - 26648 -26648 (Contd) Balance of Payments 24
  • 28. Appendix 1(B): Balance of Payments : 1990-91 to 2003-04 (Concluded) (Rupees, Crore) 2000-01R 2001-02 R 2002-03 R 2003-04 PR Receipts Payments Net Receipts Payments Net Receipts Payments Net Receipts Payments NetA) CURRENT ACCOUNT (I+II) 355630 367228 -11598 388453 372027 16426 462836 432176 30660 539870 491918 47952 25 Balance of Payments I) Merchandise (FoB/CIF) 207852 264589 -56737 213345 268300 -54955 260079 311776 -51697 296767 368102 -71335 II) Invisibles 147778 102639 45139 175108 103727 71381 202757 120400 82357 243103 123816 119287B) Total Capital Account 247491 206881 40610 206404 165324 41080 224237 171871 52366 360429 265850 94579 1. Foreign Investment (I+II) 80824 45770 35054 73907 41987 31920 67756 47658 20098 151408 83816 67592 In India (Ii +IIi ) 80501 49485 31016 73435 34574 38861 67401 9329 58072 150438 76989 73449 Abroad (Iii + IIii) 320 4595 -4275 472 7413 -6941 356 - 356 967 6827 -5860 I. Direct 18727 3803 14924 29741 7111 22630 25036 9442 15594 22427 6733 15694 i) In India 18404 - 18404 29269 24 29245 24681 284 24397 21457 10 21447 Equity 10948 - 10948 19570 24 19546 13699 284 13415 10948 10 10938 Reinvested Earnings 6177 - 6177 7841 - 7841 8866 - 8866 8271 - 8271 Other Capital 1279 - 1279 1858 - 1858 2116 - 2116 2238 - 2243 ii) Abroad 323 3803 -3480 472 7087 -6615 355 9158 -8803 970 6723 -5753 Equity 323 1906 -1583 472 3176 -2704 355 3314 -2959 970 2257 -1287 Reinvested Earnings - 1553 -1553 - 3339 -3339 - 5342 -5342 - 4099 -5403 Other Capital - 344 -344 - 572 -572 - 502 -502 - 367 -367 II. Portfolio 62097 50277 11820 44166 34876 9290 42720 38216 4504 128981 77083 51898 i) In India 62097 49485 12612 44166 34550 9616 42720 38045 4675 128981 76979 52002 ii) Abroad - 792 -792 - 326 -326 - 171 -171 - 104 -103 2. Loans 109271 84812 24459 55418 61302 -5884 55899 74469 -18570 96359 109118 -12759 a) External Assistance 13521 11519 2002 16070 10661 5409 13902 28922 -15020 15269 27769 -12500 i) By India - 78 -78 - 410 -410 - 157 -157 - 47 47 ii) To India 13521 11441 2080 16070 10251 5819 13902 28765 -14863 15269 27722 -12453 b) Commercial Borrowings 44455 24284 20171 12845 20373 -7528 16976 25196 -8220 30073 37015 -6942 i) By India - 23 -23 15 - 15 43 - 43 14 - 16 ii) To India 44455 24261 20194 12830 20373 -7543 16933 25196 -8263 30059 37015 -6956 c) Short term To India 51295 49009 2286 26503 30268 -3765 25021 20351 4670 51017 44334 6683 3. Banking Capital 44448 53592 -9144 66113 52335 13778 91681 41348 50333 89456 60800 28656 a)Commercial Banks 43020 51753 -8733 63830 50998 12832 89057 40157 48900 87902 57094 30808 i) Assets 954 20137 -19183 6121 8046 -1925 29443 4777 24666 9173 8224 949 ii) Liabilities 42066 31616 10450 57709 42952 14757 59614 35380 24234 78729 48870 29859 of which:Non-Resident Deposits 41022 30461 10561 54464 41337 13127 49439 35015 14424 65739 48870 16869 b) Others 1428 1839 -411 2283 1337 946 2624 1191 1433 1554 3706 -2152 4. Rupee Debt Service - 2760 -2760 - 2457 -2457 - 2306 -2306 - 1756 -1758 5. Other Capital 12948 11637 1311 10966 7243 3723 8901 6090 2811 23206 10360 12846C. Errors & Omissions - 1369 -1369 - 913 -913 - 989 3523 1463 - 1463D. Overall Balance (A+B+C) 603121 575478 27643 594857 538264 56593 687073 605036 82037 901762 757768 143994E. Monetary Movements 6442 34085 -27643 - 56593 -56593 - 82037 -82037 - 143994 -143994 i) I.M.F. - 115 -115 - - - - - - - - - ii) Foreign Exchange Reserves 6442 33970 -27528 - 56593 -56593 - 82037 -82037 - 143994 -143994Source : Reserve Bank of India Bulletin, Aug 2004, and its various other issues. Monograph on India’s Balance of Payments, July 1993.
  • 29. Appendix 1(C): Balance of Payments : 1990-91 to 2003-04 (US Dollar Million) 1990-91 PR 1991-92 1992-93 1993-94 1994-95 Receipts Payments Net Receipts Payments Net Receipts Payments Net Receipts Payments Net Receipts Payments NetA) CURRENT ACCOUNT (I+II) 25941 35621 -9680 27768 28946 -1178 28203 31729 -3526 34002 35160 -1158 42409 45778 -3369 I) Merchandise (FoB/CIF) 18477 27915 -9438 18266 21064 -2798 18869 24316 -5447 22683 26739 -4056 26855 35904 -9049 II) Invisibles (a+b+c) 7464 7706 -242 9502 7882 1620 9334 7413 1921 10319 8421 2898 15554 9874 5680B) Total Capital Account 22766 15710 7056 23334 19424 3910 22617 18741 3876 28955 20060 8395 25914 17412 8502 1. Foreign Investment (I+II) 113 10 103 151 18 133 589 32 557 4611 376 4235 5763 956 4807 In India (Ii +IIi ) 113 10 103 151 18 133 589 32 557 4611 376 4235 5753 831 4922 Abroad (Iii + IIii) — — — — — — — — — — — — 10 125 -115 I. Direct 107 10 97 147 18 129 345 30 315 651 65 586 1351 8 1343 i) In India .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. Equity .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. Reinvested Earnings .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. Other Capital .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ii) Abroad .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. Equity .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. Reinvested Earnings .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. Other Capital .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. II. Portfolio 6 0 6 4 — 4 244 2 242 3960 311 3649 4402 823 3579 i) In India .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ii) Abroad .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 2. Loans 9432 3899 5533 9416 5437 3979 8671 8260 411 9971 8159 1812 10930 7895 3035 a) External Assistance 3397 1193 2204 4366 1335 3031 3302 1446 1856 3476 1580 1896 3193 1675 1518 i) By India — 6 -6 — 6 -6 — 3 -3 — 5 -5 2 10 -8 ii) To India 3397 1187 2210 4366 1329 3037 3302 1443 1859 3476 1575 1901 3191 1665 1526 b) Commercial Borrowings 4282 2028 2254 3152 1689 1463 1179 1545 -366 3015 2330 685 4249 3125 1124 i) By India 30 24 6 19 12 7 12 20 -8 102 24 78 97 3 94 ii) To India 4252 2004 2248 3133 1677 1456 1167 1525 -358 2913 2306 607 4152 3122 1030 c) Short term To India 1753 678 1075 1898 2413 -515 4190 5259 -1069 3480 4249 -769 3488 3095 393 3. Banking Capital 10106 9424 682 10958 10394 564 11998 8172 3826 11500 9237 2263 7020 7354 -334 a)Commercial Banks 7960 7056 904 9065 8929 136 10653 7723 2930 10614 8956 1658 6449 7075 -626 i) Assets 425 789 -364 1335 1107 228 1234 161 1073 276 1120 -844 241 1203 -962 ii) Liabilities 187 456 -269 35 417 -382 231 375 -144 1483 191 1292 403 239 164 of which:Non-Resident Deposits 7348 5811 1537 7695 7405 290 9188 7187 2001 8850 7645 1205 5805 5633 172 b) Others 2146 2368 -222 1893 1465 428 1345 449 896 886 281 605 571 279 292 4. Rupee Debt Service — 1193 -1193 — 1240 -1240 — 878 -878 — 1053 -1053 — 983 -983 5. Other Capital 3117 1186 1931 2809 2335 474 1359 1399 -40 2873 1235 1638 2201 224 1977C. Errors & Omissions 132 — 132 — 133 -133 — 940 -940 800 — 800 654 — 654D. Overall Balance (A+B+C) 48839 51331 -2492 51102 48503 -2599 50820 51410 -590 63757 55220 8537 68977 63190 5787E. Monetary Movements 3136 644 2492 1245 459 786 1623 1033 590 321 8858 -8537 — 5787 -5787 i) I.M.F. 1858 644 1214 1245 459 786 1623 335 1288 321 134 187 — 1143 -1143 ii) Foreign Exchange Reserves 1278 — 1278 — 3385 -3375 — 698 -698 — 8724 -8724 — 4644 -4644 (Contd) Balance of Payments 26
  • 30. 27 Appendix 1(C): Balance of Payments : 1990-91 to 2003-04 (US Dollar Million) 1995-96 1996-97 1997-98 PR 1998-99 1999-2000PR Receipts Payments Net Receipts Payments Net Receipts Payments Net Receipts Payments Net Receipts Payments NetA) CURRENT ACCOUNT (I+II) 49987 55886 -5899 55538 60157 -4619 58924 64424 -5500 60068 64106 -4038 67854 72552 -4698 I) Merchandise (FoB/CIF) 32311 43670 -11359 34133 48948 -14815 35680 51187 -15507 34298 47544 -13246 37542 55383 -17841 Balance of Payments II) Invisibles (a+b+c) 17676 12216 5460 21405 11209 10196 23244 13237 10007 25770 16562 9208 30312 17169 13143B) Total Capital Account 24165 20087 4078 36191 24185 12006 39292 29448 9844 34170 25735 8435 40531 30087 10444 1. Foreign Investment (I+II) 5632 1028 4604 7824 1861 5963 9266 3913 5353 5892 3580 2312 12240 7123 5117 In India (Ii +IIi ) 5632 824 4794 7816 1663 6153 9169 3779 5390 5743 3331 2412 12121 6930 5191 Abroad (Iii + IIii) 14 204 -190 8 198 -190 97 134 -37 149 249 -100 119 193 -74 I. Direct 2162 29 2133 2863 22 2841 3596 34 3562 2518 38 2480 2170 3 2167 i) In India .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. Equity .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. Reinvested Earnings .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. Other Capital .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ii) Abroad .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. Equity .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. Reinvested Earnings .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. Other Capital .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. II. Portfolio 3456 795 2661 4953 1641 3312 5573 3745 1828 3225 3293 -68 9951 6927 3024 i) In India .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ii) Abroad .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 2. Loans 11332 9131 2201 17720 12925 4795 17301 12502 4799 14771 10353 4418 13060 11459 1601 a) External Assistance 2933 2066 867 3056 1955 1101 2885 2000 885 2726 1927 799 3074 2183 891 i) By India 0 16 -16 — 8 -8 — 22 -22 — 21 -21 0 10 -10 ii) To India 2933 2050 883 3056 1947 1109 2885 1978 907 2726 1906 820 3074 2173 901 b) Commercial Borrowings 4262 2977 1285 7579 4723 2856 7382 3372 4010 7231 2864 4367 3207 2874 333 i) By India 10 0 10 8 — 8 11 — 11 124 135 -11 20 — 20 ii) To India 4252 2977 1275 7571 4723 2848 7371 3372 3999 5 — 5 3187 2874 313 c) Short term To India 4137 4088 49 7085 6247 838 7034 7130 -96 7226 2864 4362 6779 6402 377 3. Banking Capital 6453 5691 762 8018 5789 2229 8910 9803 -893 4814 5562 -748 10659 8532 2127 a)Commercial Banks 6172 5235 937 7632 5407 2225 8164 9424 -1260 8197 6717 1480 10259 7955 2304 i) Assets 867 1251 -384 755 1625 -870 580 2775 -2195 6768 6434 334 2653 1863 790 ii) Liabilities 376 158 218 102 357 -255 52 242 -190 1344 2741 -1397 201 227 -26 of which: Non-Resident Deposits 4929 3826 1103 6775 3425 3350 7532 6407 1125 4511 92886 -88375 7405 5865 1540 b) Others 281 456 -175 386 382 4 746 379 367 5300 3558 1742 400 577 -177 4. Rupee Debt Service — 952 -952 727 -727 — 767 -767 1429 283 1146 — 711 -711 5. Other Capital 748 3285 -2537 2629 2883 -254 3815 2463 1352 — 802 -802 4572 2262 2310C. Errors & Omissions 600 — 600 — 594 -594 167 — 167 3958 2801 1157 656 — 656D. Overall Balance (A+B+C) 74752 75973 -1221 91729 6793 84936 98383 93872 4511 32818 24253 8565 109041 102639 6402E. Monetary Movements 2936 1715 1221 — 6793 -6793 — 4511 -4511 — 305 -305 — 6402 -6402 i) I.M.F. — -1715 -1715 — 975 -975 — 618 -618 — 260 -260 ii) Foreign Exchange Reserves 2936 — 2936 — 5818 -5818 — 3893 -3893 1935 5479 -3544 — 6142 -6142 (Contd)
  • 31. Appendix 1(C): Balance of Payments : 1990-91 to 2003-04 (Concluded) (US Dollar Million) 2000-01R 2001-02 R 2002-03 R 2003-04 PR Receipts Payments Net Receipts Payments Net Receipts Payments Net Receipts Payments NetA) CURRENT ACCOUNT (I+II) 77719 80385 -2666 81440 78040 3400 95699 89354 6345 117705 107144 10561 I) Merchandise (FoB/CIF) 45452 57912 -12460 44703 56277 -11574 53774 64464 -10690 64723 80177 -15454 II) Invisibles (a+b+c) 32267 22473 9794 36737 21763 14974 41925 24890 17035 52982 26967 26015B) Total Capital Account 55542 45524 10018 43257 34706 8551 46368 35528 10840 78613 58071 20542 1. Foreign Investment (I+II) 17720 11858 5862 15488 8802 6686 14001 9840 4161 33105 18329 14776 In India (Ii +IIi ) 17650 10859 6791 15389 7243 8146 13928 7913 6015 32894 16842 16052 Abroad (Iii + IIii) 70 999 -929 99 1559 -1460 73 1927 -1854 211 1487 -1276 I. Direct 4121 829 3272 6229 1495 4734 5168 1951 3217 4887 1467 3420 i) In India 4031 - 4031 6130 5 6125 5095 59 5036 4676 2 4674 Equity 2399 - 2399 4096 5 4091 2825 59 2766 2389 2 2387 Reinvested Earnings 1352 — 1352 1644 — 1644 1832 — 1498 1800 - 1800 Other Capital 280 — 280 390 — 390 438 — 462 487 - 488 ii) Abroad 70 829 -757 99 1490 -1391 73 1892 -1819 211 1749 -1538 Equity 70 414 -344 99 669 -570 73 684 -611 211 493 -282 Reinvested Earnings — 340 -340 — 700 -700 — 1104 -519 - 1176 -1176 Other Capital — 75 -75 — 121 -121 — 104 -106 - 80 -80 II. Portfolio 13619 11029 2590 9259 7307 1952 8833 7889 944 28218 16862 11356 i) In India 13619 10859 2760 9259 7238 2021 8833 7854 979 28218 16840 11378 ii) Abroad — 170 -170 — 69 -69 — 35 -35 - 22 -22 2. Loans 23806 18542 5264 11601 12862 -1261 11568 15418 -3850 21008 23856 -2848 a) External Assistance 2941 2531 410 3352 2235 1117 2878 6006 -3128 3341 6083 -2742 i) By India 0 17 -17 0 87 -87 0 32 -32 0 10 -10 ii) To India 2941 2514 427 3352 2148 1204 2878 5974 -3096 3341 6073 -2732 b) Commercial Borrowings 9621 5318 4303 2687 4272 -1585 3514 5206 -1692 6577 8103 -1526 i) By India 0 5 -5 3 0 3 9 0 9 3 0 3 ii) To India 9621 5313 4308 2684 4272 -1588 3505 5206 -1701 6574 8103 -1529 c) Short term To India 11244 10693 551 5562 6355 -793 5176 4206 970 11090 9670 1420 3. Banking Capital 9744 11705 -1961 13870 11006 2864 18958 8533 10425 19470 13239 6231 a)Commercial Banks 9423 11305 -1882 13385 10725 2660 18422 8287 10135 19135 12436 6699 i) Assets 206 4380 -4174 1267 1711 -444 6089 976 5113 2007 1797 210 ii) Liabilities 9217 6925 2292 12118 9014 3104 12333 7311 5022 17128 10639 6489 of which:Non-Resident Deposits 8988 6672 2316 11435 8681 2754 10214 7236 2978 14281 10639 3642 b) Others 321 400 -79 485 281 204 536 246 290 335 803 -468 4. Rupee Debt Service 0 617 -617 0 519 -519 0 474 -474 0 376 -376 5. Other Capital 2856 2564 292 2298 1517 781 1841 1263 578 5030 2271 2759C. Errors & Omissions 0 305 -305 0 194 -194 0 200 -200 318 0 318D. Overall Balance (A+B+C) 131845 125976 5869 124697 112940 11757 142067 125082 16985 196636 165215 31421E. Monetary Movements 1448 7316 -5868 0 11757 -11757 0 16985 -16985 0 31421 -31421 i) I.M.F. 0 26 -26 0 0 0 0 0 0 0 0 0 ii) Foreign Exchange Reserves 1448 7290 -5842 0 11757 -11757 0 16985 -16985 0 31421 -31421* Includes repayment of US dollar 3035 million of government loans effected in Jan-Mar 2003Notes: Data on Foreign Direct Investment (FDI) have been revised since 2000-01 with expanded coverage to approach international best practices. These data, therefore, are not comparable with FDI data for previous years.Sources: Reserve Bank of India Bulletins, August 2004 and various previous issues Monograph on India’s Balance of Payments, July 1993. Balance of Payments 28
  • 32. 29 Appendix 2: Break-up of Invisibles on Current Account 1950-51 1951-52 1952-53 1953-54 1954-55 1955-56 1956-57 1957-58 1958-59 Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19)(1) Foreign Travel (Net) -12 -25 -13 -27 -1 -2 -6 -12 -4 -8 0 0 3 7 6 12 4 8 1.1 Receipts 5 11 9 19 9 19 7 15 9 19 12 25 15 32 13 27 12 25 Balance of Payments 1.2 Payments 17 36 22 46 10 21 13 27 13 27 12 25 12 25 7 15 8 17(2) Transportation (Net) 22 46 27 57 13 27 21 44 25 53 23 48 30 63 28 59 27 57 2.1 Receipts 30 63 41 86 34 71 33 69 36 76 38 80 46 97 47 99 45 95 2.2 Payments 8 17 14 29 21 44 12 25 11 23 15 32 16 34 19 40 18 38(3) Insurance (Net) 5 11 7 15 6 13 4 9 4 9 5 10 3 6 3 6 5 10 3.1 Receipts 8 17 10 21 10 21 8 17 8 17 10 21 10 21 9 19 10 21 3.2 Payments 3 6 3 6 4 8 4 8 4 8 5 11 7 15 6 13 5 11(4) Income (Net) 1+2 -24 -50 -18 -38 -8 -17 -3 -6 -5 -10 0 0 9 19 -6 -13 -20 -42 A Receipts (4.1a+4.2a) 7 15 11 23 19 40 21 44 25 53 30 63 33 69 23 48 16 34 B Payments (4.1b+4.2b) 31 65 29 61 27 57 24 50 30 63 30 63 24 50 29 61 36 76 1. Investment income (net) -24 -50 -18 -38 -8 -17 -3 -6 -5 -10 0 0 9 19 -6 -13 -20 -42 4.1a Receipts 7 15 11 23 19 40 21 44 25 53 30 63 33 69 23 48 16 34 4.1b Payments 31 65 29 61 27 57 24 50 30 63 30 63 24 50 29 61 36 76 Of which: Interest and service payments on Foreign loans and credit - - - - - - - - - - - - - - - - - - 2. Compensation to employees (net) - - - - - - - - - - - - - - - - - - 4.2a Receipts - - - - - - - - - - - - - - - - - - 4.2b Payments - - - - - - - - - - - - - - - - - -(5) Government (G.n.i.e) 4 8 7 15 8 17 9 19 10 21 10 21 11 23 11 24 24 50 5.1 Receipts 19 40 25 53 27 57 25 53 27 57 23 48 24 50 25 53 39 82 5.2 Payments 15 32 18 38 19 40 16 34 17 36 13 27 13 27 13 29 15 32(6) Miscellaneous (Net) 11 23 14 29 18 37 16 33 13 27 13 27 13 28 13 25 8 17 6.1 Receipts 27 57 31 65 33 69 31 65 28 59 34 71 37 78 37 53 37 78 6.2 Payments 16 34 17 36 15 32 15 32 15 32 21 44 24 50 24 28 29 61 of which : software services (net) - - - - - - - - - - - - - - - - - - 6.1a Receipts - - - - - - - - - - - - - - - - - - 6.1b Payments - - - - - - - - - - - - - - - - - -(7) Transfer Payments (Net) 37 78 47 99 57 119 60 126 56 117 89 187 85 234 62 163 77 162 Receipts 43 90 53 211 63 132 67 141 73 153 110 231 101 212 95 199 94 198 Payments 6 13 6 13 6 13 7 15 17 36 21 44 16 34 17 36 17 36 Private (Net) 35 74 42 88 46 96 41 86 34 71 37 78 48 100 45 94 41 86 Receipts 41 86 48 101 52 109 48 101 51 107 58 122 64 134 62 130 58 122 Payments 6 13 6 13 6 13 7 15 17 36 21 44 16 34 17 36 17 36 Official (Net) 2 4 5 11 11 23 19 40 22 46 52 109 37 78 33 69 36 76 Receipts 2 4 5 110 11 23 19 40 22 46 52 109 37 78 33 69 36 76 Payments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0(8) Total (Net) 43 90 71 150 93 194 101 213 99 209 154 293 154 324 132 276 125 262 8.1 Receipts 140 294 180 379 195 409 192 404 206 434 206 539 266 559 249 523 253 533 8.2 Payments 97 204 109 229 102 215 91 191 107 225 112 235 112 235 117 247 128 271 (Contd)
  • 33. Appendix 2: Break-up of Invisibles on Current Account 1959-60 1960-61 1961-62 1962-63 1963-64 1964-65 1965-66 1966-67 1967-68 Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn (1) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37)(1) Foreign Travel (Net) 4 8 3 6 4 9 4 9 6 13 8 17 4 9 3 5 11 15 1.1 Receipts 14 29 15 32 15 32 16 34 17 36 18 38 15 32 18 29 26 35 1.2 Payments 10 21 12 25 11 23 12 25 11 23 10 21 11 23 15 24 15 20(2) Transportation (Net) 23 49 20 42 21 44 21 44 28 59 25 53 26 54 35 57 34 45 2.1 Receipts 45 95 45 95 48 101 49 103 57 120 57 120 54 113 81 132 94 125 2.2 Payments 22 46 25 53 27 57 28 59 29 61 32 67 28 59 46 75 60 80(3) Insurance (Net) 3 6 2 4 1 2 3 6 2 4 2 4 6 12 7 12 6 8 3.1 Receipts 8 17 8 17 7 15 8 17 8 17 7 15 12 25 12 20 13 17 3.2 Payments 5 11 6 13 6 13 5 11 6 13 5 11 6 13 5 8 7 9(4) Income (Net) 1+2 -33 -70 -48 -101 -68 -113 -83 -174 -92 -193 -108 -229 -124 -261 -193 -315 -233 -281 A Receipts (4.1a+4.2a) 14 29 14 29 12 25 11 23 11 23 11.4 23 10.9 23 18 29 25 27 B Payments (4.1b+4.2b) 47 99 62 130 80 138 94 197 103 216 119.7 252 135.1 284 211 344 258 308 1. Investment income (net) -33 -70 -48 -101 -68 -113 -83 -174 -92 -193 -108.3 -229 -124.2 -261 -193 -315 -233 -281 4.1a Receipts 14 29 14 29 12 25 11 23 11 23 11 23 11 23 18 29 25 27 4.1b Payments 47 99 62 130 80 138 94 197 103 216 120 252 135 284 211 344 258 308 Of which: Interest and service payments on Foreign loans and credit - - (34) (71) (46) (96) (58) (122) (67) (77) (76) (150) (91) (170) (148) (211) (168) (224) 2. Compensation to employees (net) - - - - - - - - - - - - - - - - - - 4.2a Receipts - - - - - - - - - - - - - - - - - - 4.2b Payments - - - - - - - - - - - - - - - - - -(5) Government (G.n.i.e) 37 78 30 63 6 13 25 52 46 97 81 170 30 63 59 96 56 75 5.1 Receipts 49 103 51 107 30 63 50 105 70 147 96 202 46 97 852 134 81 108 5.2 Payments 12 25 21 44 24 50 25 53 24 50 15 32 16 34 23 38 25 33(6) Miscellaneous (Net) 1 2 2 4 -3 -6 -11 -23 -14 -30 -23 -49 -24 -48 -12 -19 -24 -32 6.1 Receipts 30 63 37 78 36 72 33 69 33 69 23 48 26 55 50 82 43 57 6.2 Payments 29 61 35 74 39 82 44 92 47 99 46 97 49 103 62 101 67 89 of which: software services (net) - - - - - - - - - - - - - - - - - - 6.1a Receipts - - - - - - - - - - - - - - - - - - 6.1b Payments - - - - - - - - - - - - - - - - - -(7) Transfer Payments (Net) 78 164 28 154 71 149 103 217 117 246 167 350 155 323 161 102 123 164 Receipts 94 198 45 190 87 183 117 246 130 273 194.3 407 182.2 382 198 323 160 213 Payments 16 34 17 36 16 34 14 29 13 27 26.9 57 27.3 59 37 61 37 49 Private (Net) 40 84 28 59 25 52 26 55 34 72 25 52 63 130 53 86 53 71 Receipts 56 118 45 95 41 86 40 84 47 99 42 88 78 164 73 119 72 96 Payments 16 34 17 36 16 34 14 29 13 27 17 36 16 34 20 33 19 25 Official (Net) 38 80 0 95 46 97 77 162 83 174 142 298 92 193 108 16 70 93 Receipts 38 80 0 95 46 97 77 162 83 174 152 319 104 218 125 204 88 117 Payments 0 0 0 0 0 0 0 0 0 0 10 21 12 25 17 28 18 24(8) Total (Net) 113 237 83 174 32 68 62 131 93 196 151 316 73 152 60 98 -5 -6 8.1 Receipts 254 534 260 546 235 495 284 597 326 685 406 853 316 727 459 749 437 582 8.2 Payments 141 297 177 372 203 427 222 466 233 489 255 537 273 575 399 651 442 588 (Contd) Balance of Payments 30
  • 34. 31 Appendix 2: Break-up of Invisibles on Current Account 1968-69 1969-70 1970-71 1971-72 1972-73 1973-74 1974-75 1975-76 1976-77 Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn (1) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55)(1) Foreign Travel (Net) 13 17 22 29 19 25 13 18 20 25 48 61 88 110 187 216 237 265 1.1 Receipts 27 36 37 49 37 49 33 44 39 50 65 83 103 129 209 241 276 308 1.2 Payments 14 19 15 20 18 24 19 26 19 25 17 22 15 19 22 25 38 43(2) Transportation (Net) 34 45 30 40 30 40 43 57 50 64 44 56 85 107 61 70 47 53 Balance of Payments 2.1 Receipts 99 132 102 136 109 145 111 149 121 156 145 185 218 273 256 296 295 330 2.2 Payments 65 87 72 96 79 105 68 92 71 92 102 129 133 166 196 226 248 277(3) Insurance (Net) 4 5 0 0 0 0 -6 -8 4 5 7 9 12 16 11 13 2 2 3.1 Receipts 13 12 13 17 12 16 14 18 16 21 21 26 26 33 36 41 32 35 3.2 Payments 9 17 13 17 12 16 19 26 12 16 14 17 14 17 24 28 30 33(4) Income (Net) 1+2 -233 -311 -246 -328 -254 -339 -269 -361 -298 -386 -318 -405 -248 -312 -224 -258 -189 -211 A Receipts (4.1a+4.2a) 25 33 34 45 49 65 37 49 31 40 44 56 98 122 119 138 176 197 B Payments (4.1b+4.2b) 258 344 280 373 303 404 306 410 329 426 362 461 346 434 343 396 365 408 1. Investment income (net) -233 -311 -246 -328 -254 -339 -269 -361 -298 -386 -318 -405 -248 -312 -224 -258 -189 -211 4.1a Receipts 25 33 34 45 49 65 37 49 31 40 44 56 98 122 119 138 176 197 4.1b Payments 258 344 280 373 303 404 306 410 329 426 362 461 346 434 343 396 365 408 Of which: Interest and service payments on Foreign loans and credit (184) (245) (190) (253) (204) (271) (199) (267) (218) (291) (241) (308) (217) (274) (199) (229) (217) (242) 2. Compensation to employees (net) - - - - - - - - - - - - - - - - - - 4.2a Receipts - - - - - - - - - - - - - - - - - - 4.2b Payments - - - - - - - - - - - - - - - - - -(5) Government (G.n.i.e) 9 29 3 4 7 9 5 7 8 11 11 14 45 56 72 83 755 37 5.1 Receipts 22 57 27 36 30 40 29 39 31 40 33 42 75 94 104 121 762 93 5.2 Payments 43 29 24 32 23 31 24 32 23 19 22 28 30 38 33 38 7 56(6) Miscellaneous (Net) -8 -10 -23 -30 -47 -63 -31 -42 -35 -45 -42 -53 -17 -21 -20 -23 -65 -73 6.1 Receipts 59 79 44 59 31 41 48 64 47 61 49 62 83 104 151 175 187 209 6.2 Payments 67 89 67 89 78 14 79 106 82 106 91 115 100 125 171 198 252 282 of which: software services (net) - - - - - - - - - - - - - - - - - - 6.1a Receipts - - - - - - - - - - - - - - - - - - 6.1b Payments - - - - - - - - - - - - - - - - - -(7) Transfer Payments (Net) 183 245 152 202 210 280 220 296 107 139 1896 2411 367 460 919 1061 1138 1274 Receipts 215 287 183 244 229 306 274 368 229 296 1925 2448 383 481 940 1085 1156 1294 Payments 32 42 31 42 210 280 220 296 107 139 1896 2411 367 460 919 24 18 20 Private (Net) 76 102 84 112 88 117 104 140 99 128 146 186 229 287 441 509 755 845 Receipts 92 123 98 131 101 135 116 156 111 143 158 201 235 295 454 524 762 853 Payments 16 21 14 19 13 17 12 16 11 15 12 15 6 8 13 15 7 8 Official (Net) 107 143 68 90 122 163 116 156 8 11 1750 2225 138 173 478 552 383 429 Receipts 123 164 85 113 128 171 158 212 118 153 1767 2247 148 186 486 561 394 441 Payments 16 21 17 23 6 8 42 56 110 142 17 22 10 13 8 9 11 12(8) Total (Net) 15 20 -62 -83 -37 -49 -24 -33 -144 -187 1646 2093 331 416 1005 1162 1204 1347 8.1 Receipts 481 641 440 586 496 661 546 731 514 664 2281 2902 985 1236 1815 2097 2204 2466 8.2 Payments 466 621 502 669 533 711 570 764 658 851 636 809 654 820 810 935 1000 1119 (Contd)
  • 35. Appendix 2: Break-up of Invisibles on Current Account 1977-78 1978-79 1979-80 1980-81 1981-82 1982-83 1983-84 1984-85 1985-86 Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn (1) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73)(1) Foreign Travel (Net) 329 384 359 437 497 615 874 1107 920 1026 946 979 834 807 489 411 778 636 1.1 Receipts 373 436 423 516 585 724 964 1221 1064 1186 1131 1170 1075 1040 898 755 1189 972 1.2 Payments 44 52 65 79 88 109 90 114 144 161 185 191 242 234 409 344 412 336(2) Transportation (Net) 65 76 45 55 69 85 6 8 -85 -95 -291 -301 -276 267 -274 -230 212 -173 2.1 Receipts 281 328 280 342 321 398 361 457 398 444 407 421 440 426 644 542 604 494 2.2 Payments 216 252 235 287 253 313 355 449 483 539 699 723 715 691 918 772 816 667(3) Insurance (Net) 4 5 -1 -1 18 22 17 22 15 17 -11 -11 39 38 5 4 -5 -4 3.1 Receipts 35 41 36 44 46 57 51 65 55 61 58 60 114 110 89 75 79 64 3.2 Payments 31 36 37 45 28 35 34 43 40 45 69 71 75 72 84 71 83 68(4) Income (Net) 1+2 -212 -247 -127 -155 89 110 257 325 191 213 -323 -334 -543 -525 -996 -838 -950 -776 A Receipts (4.1a+4.2a) 222 259 331 404 549 680 724 917 666 743 465 481 463 448 586 493 669 547 B Payments (4.1b+4.2b) 434 506 458 559 460 570 467 592 475 530 788 815 1006 973 1582 1331 1619 1323 1. Investment income (net) -212 -247 -127 -155 89 110 257 325 191 213 -323 -334 -543 -525 -996 -838 -950 -776 4.1a Receipts 222 259 331 404 549 680 724 917 666 743 465 481 463 448 586 493 669 547 4.1b Payments 434 506 458 559 460 570 467 592 475 530 788 815 1006 973 1582 1331 1619 1323 Of which: Interest and service payments on Foreign loans and credit (267) (311) (268) (326) (280) (346) (290) (355) (1121) (1533) (1200) (1949) (1503) (2560) (1313) (3536) (1372) (1121) 2. Compensation to employees (net) - - - - - - - - - - - - - - - - - - 4.2a Receipts - - - - - - - - - - - - - - - - - - 4.2b Payments - - - - - - - - - - - - - - - - - -(5) Government (G.n.i.e) 33 39 23 27 -1 -2 41 51 72 80 43 44 20 19 21 18 -7 -6 5.1 Receipts 78 91 90 110 86 107 88 111 131 146 107 111 139 134 105 88 116 95 5.2 Payments 44 52 68 83 88 109 47 60 59 66 64 66 118 114 84 71 124 101(6) Miscellaneous (Net) 17 20 52 63 -33 -41 88 111 29 32 279 289 505 488 1064 895 899 735 6.1 Receipts 275 322 377 460 529 655 751 951 818 912 1077 1114 1615 1561 2362 1987 2063 686 6.2 Payments 258 302 326 397 562 696 663 840 789 880 798 826 1110 1074 1298 1092 1164 951 of which: software services (net) - - - - - - - - - - - - - - - - - - 6.1a Receipts - - - - - - - - - - - - - - - - - - 6.1b Payments - - - - - - - - - - - - - - - - - -(7) Transfer Payments (Net) 1484 1734 1625 1980 2249 2784 2717 3442 2514 2805 2796 2892 3030 2931 3541 2979 3128 2557 Receipts 1502 1756 1646 1706 2269 2810 2733 3462 2534 2827 2817 2914 3037 2947 3560 2995 3156 2579 Payments 19 22 22 26 21 26 16 20 20 22 21 22 17 16 19 16 28 22 Private (Net) 1102 1287 1093 1332 1754 2172 2125 2692 2066 2305 2417 2500 2638 2552 2967 2496 2701 2208 Receipts 1108 1295 1110 1352 1762 2182 2137 2707 2083 2324 2431 2515 2638 2561 2982 2509 2716 2220 Payments 7 8 17 20 8 10 12 15 17 19 14 15 10 9 15 13 15 12 Official (Net) 382 447 532 648 495 612 592 750 448 500 379 392 392 379 574 483 427 349 Receipts 394 461 536 354 507 628 596 755 451 503 386 399 399 386 578 486 440 359 Payments 12 14 5 6 13 16 4 5 3 3 7 7 7 7 4 3 13 10(8) Total (Net) 1722 2011 1974 2406 2887 3573 3997 5063 3655 4078 3439 3558 3609 3489 3849 3237 3630 2967 8.1 Receipts 2767 3233 3184 3882 4386 5431 5667 7181 5664 7231 6062 6271 6893 6666 8243 6933 7830 6437 8.2 Payments 1046 1222 1211 1476 1500 1858 1672 2118 2008 2239 2622 2713 3284 3176 4394 3696 4245 3470 (Contd) Balance of Payments 32
  • 36. Appendix 2: Break-up of Invisibles on Current Account 1986-87 1987-88 1988-89 1989-90 1990-91 1991-92 1992-93 1993-94 1994-95 Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn (1) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91)(1) Foreign Travel (Net) 1236 967 1368 1055 1467 1013 1716 1031 1910 1064 3780 1512 4884 1713 5412 1725 4854 1547 1.1 Receipts 1606 1257 1856 1432 2054 1418 2386 1433 2613 1456 4892 1977 6061 2098 6971 2222 7424 2365 1.2 Payments 371 290 488 376 586 405 670 403 703 392 1112 465 1177 385 1559 497 2570 818(2) Transportation (Net) -60 -47 -246 -190 -187 -129 -346 -208 -196 -110 -882 -350 -1697 -503 -1043 -332 -524 -167 33 Balance of Payments 2.1 Receipts 688 538 882 680 1300 898 1511 907 1765 983 2308 939 2851 982 4494 1433 5328 1696 2.2 Payments 748 585 1128 870 1487 1027 1857 1115 1961 1093 3190 1289 4548 1485 5537 1765 5852 1863(3) Insurance (Net) -19 -15 -1 -1 41 28 58 35 40 23 -42 -18 10 12 -1223 -71 -91 -29 3.1 Receipts 83 65 106 81 136 94 198 119 199 111 265 108 460 158 388 124 476 152 3.2 Payments 102 80 107 82 95 66 140 84 159 88 307 126 450 146 611 195 567 181(4) Income (Net) 1+2 -1249 -978 -1733 -1337 -2478 -1711 -3316 -1990 -6733 -3752 -9396 -3830 -10503 -3423 -10258 -3270 -10773 -3431 A Receipts (4.1a+4.2a) 641 501 579 446 603 416 688 413 660 368 542 221 1004 376 1238 395 2782 886 B Payments (4.1b+4.2b) 1890 1479 2312 1783 3081 2127 4004 2403 7393 4120 9938 4051 11507 3799 11496 3665 13555 4317 1. Investment income (net) -1249 -978 -1733 -1337 -2478 -1711 -3316 -1990 -6733 -3752 -9396 -3830 -10503 -3423 -10258 -3270 -10773 -3431 4.1a Receipts 641 501 579 446 603 416 688 413 660 368 542 221 1004 376 1238 395 2782 886 4.1b Payments 1890 1479 2312 1783 3081 2127 4004 2403 7393 4120 9938 4051 11507 3799 11496 3665 13555 4317 Of which: Interest and service payments on Foreign loans and credit (1533) (1200) (1949) (1503) (2560) (1768) (3536) (2124) (4958) (2763) (6346) (2590) (2201) (10865) (2912) (12851) (3045) (13811) 2. Compensation to employees (net) - - - - - - - - - - - - - - - - - - 4.2a Receipts - - - - - - - - - - - - - - - - - - 4.2b Payments - - - - - - - - - - - - - - - - - -(5) Government (G.n.i.e) -3 -2 -61 -47 -94 -65 -159 -96 -283 -158 -250 -102 -86 -25 -387 -123 -491 -155 5.1 Receipts 133 104 121 93 118 82 52 31 27 15 42 17 220 75 94 30 28 10 5.2 Payments 136 106 182 40 212 147 211 127 310 173 292 119 306 100 481 153 519 165(6) Miscellaneous (Net) 118 92 -353 -272 -169 -117 -64 -38 290 161 527 165 -413 -68 -2082 -664 -1866 -594 6.1 Receipts 1603 1254 1668 1286 2118 1462 2924 1756 3565 1986 4840 1981 4129 1417 4563 1455 6003 1912 6.2 Payments 1485 1162 2021 1558 2287 1579 2988 1796 3275 1825 4343 1816 4542 1485 6645 2119 7869 2506 of which: software services (net) - - - - - - - - - - - - - - - - - - 6.1a Receipts - - - - - - - - - - - - - - - - - - 6.1b Payments - - - - - - - - - - - - - - - - - -(7) Transfer Payments (Net) 3501 2740 4030 3109 4566 3153 4695 2820 4539 2530 10522 4243 12280 4215 17670 5633 26726 8509 Receipts 3521 2755 4069 3138 4598 3171 4726 2839 4567 2545 10560 4259 12317 4228 17753 5660 26797 8533 Payments 20 16 37 29 33 23 31 19 28 15 38 16 37 13 83 27 71 24 Private (Net) 2976 2329 3498 2698 3842 2653 3798 2281 3712 2069 9382 3783 11226 3852 16514 5265 25417 8093 Receipts 2991 2340 3533 2725 3865 2669 3824 2297 3737 2083 9419 3798 11261 3864 16582 5287 25474 8112 Payments 15 12 34 26 24 17 26 16 25 14 37 15 35 12 68 22 57 19 Official (Net) 525 411 532 411 724 500 897 539 827 461 1140 460 1054 363 1156 368 1309 416 Receipts 530 415 536 413 733 502 902 542 830 462 1141 461 1056 364 1171 373 1323 421 Payments 5 4 3 3 9 6 5 3 3 1 1 1 2 1 15 5 14 5(8) Total (Net) 3524 2758 3004 2317 3146 2172 2583 1550 -433 -242 4259 1620 4475 1912 9089 2898 17835 5680 8.1 Receipts 8274 6475 9279 7156 10926 7545 12484 7498 13396 7464 23449 9502 27042 9334 35501 11319 48838 15554 8.2 Payments 4751 3718 6275 4840 7781 5373 9901 5940 13829 7706 19190 7882 22567 7413 26412 8421 31003 9874 (Contd)
  • 37. Appendix 2: Break-up of Invisibles on Current Account (Concluded) 1995-96 1996-97 1997-98 1998-99 1999-00 2000-01 2001-02 2002-03 2003-04 Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn Rs.Cr US $ Mn (1) (92) (93) (94) (95) (96) (97) (98) (99) (100) (101) (102) (103) (104) (105) (106) (107) (108) (109)(1) Foreign Travel (Net) 5241 1546 7183 2020 5541 1477 5277 1250 3898 897 3323 693 639 123 -164 -29 2762 611 1.1 Receipts 9150 2713 10232 2878 10880 2914 2603 2993 13166 3036 16064 3497 14975 3137 15991 3312 18873 4122 1.2 Payments 3909 1167 3049 858 5339 1437 7326 1743 9268 2139 12741 2804 14336 3014 16155 3341 16111 3511(2) Transportation (Net) -516 -158 -1555 -441 -2548 -686 -3157 -755 -3050 -665 -6808 -1512 -6160 -1306 -3567 -736 4255 929 2.1 Receipts 6764 2011 6942 1953 6805 1836 8109 1925 7400 1745 9364 2046 10326 2161 12261 2536 14958 3260 2.2 Payments 7280 2169 8497 2394 9353 2522 11266 2680 10450 2410 16172 3558 16486 3467 15828 3272 10703 2331(3) Insurance (Net) 121 36 228 64 210 57 473 112 479 114 230 47 35 8 96 19 255 57 3.1 Receipts 599 179 771 217 890 240 945 224 1004 236 1234 270 1374 288 1783 369 1927 420 3.2 Payments 478 143 543 153 680 183 472 112 525 122 1004 223 1339 280 1687 350 1672 363(4) Income (Net) 1+2 -10716 -3205 -11767 -3307 -13204 -3521 -14855 -3519 -14842 -3423 -22733 -5004 -20068 -4206 -16690 -3446 -18250 -3972 A Receipts (4.1a+4.2a) 4732 1429 3812 1073 5795 1561 8313 1977 9019 2079 12275 2682 16080 3379 17049 3522 19668 4287 B Payments (4.1b+4.2b) 15448 4634 15579 4380 18999 5082 23168 5496 23861 5502 35008 7686 36148 7585 33739 6968 37918 8259 1. Investment income (net) -10716 -3205 -11767 -3307 -13204 -3521 -14967 -3544 -15431 -3559 -21195 -4664 -18343 -3844 -17163 -3544 -15124 -3291 4.1a Receipts 4732 1429 3812 1073 5795 1561 8133 1935 8373 1931 11690 2554 15487 3254 16484 3405 18959 4132 4.1b Payments 15448 4634 15579 4380 18999 5082 23100 5479 23804 5490 32885 7218 33830 7098 33647 6949 34083 7423 Of which: Interest and service payments on Foreign loans and credit (3186) (16215) (15579) (2201) (18999) (2912) (23100) (3045) (23804) (3186) (28237) (3542) (25778) (2870) .. .. .. .. 2. Compensation to employees (net) - - - - - - 112 25 589 136 -1538 -340 -1725 -362 473 98 -3126 -681 4.2a Receipts - - - - - - 180 42 646 148 585 128 593 125 565 117 (709) (155) 4.2b Payments - - - - - - 68 17 57 12 2123 468 2318 487 92 19 3835 (836)(5) Government (G.n.i.e) -680 -205 -379 -106 444 116 1160 272 1356 312 1526 332 1118 235 312 65 323 70 5.1 Receipts 44 13 257 72 1038 276 2520 597 2523 582 2986 651 2467 518 1417 293 1299 282 5.2 Payments 724 218 636 178 594 160 1360 325 1167 270 1460 319 1349 283 1105 228 976 212(6) Miscellaneous (Net) -4868 -1416 -2856 -811 1296 355 5361 1286 14987 3198 9634 2132 20257 4264 20967 4324 22551 4924 6.1 Receipts 8191 2430 8363 2354 15489 4163 31350 7447 44044 10122 44907 9804 52597 11036 48000 14253 77379 16865 6.2 Payments 13059 3846 11219 3165 14193 3808 25989 6161 29057 6924 35273 7672 32340 6772 68967 9929 54828 11941 of which: software services (net) - - - - - - - - - - 26308 5750 32836 15856 42859 8863 53912 11750 6.1a Receipts - - - - 6570 1760 11064 2626 17412 4016 29013 6341 36038 16218 46424 9600 55986 12200 6.1b Payments - - - - 829 223 1461 348 1600 138 2705 591 3202 362 3565 737 2074 450(7) Transfer Payments (Net) 29833 8851 45425 12777 45183 12209 44542 10587 54789 12638 59967 13106 75560 15856 81403 16838 107391 23396 Receipts 29963 8890 45716 12858 45348 12254 44799 10649 54939 12672 60948 13317 77289 16218 85289 17640 108999 23746 Payments 130 39 291 81 165 45 257 62 150 34 981 211 1729 362 3886 802 1608 350 Private (Net) 28660 8506 43969 12367 43765 11830 43242 10280 53132 12256 58811 12854 73363 15398 79229 16387 104819 22833 Receipts 28769 8539 44209 12435 43930 11875 43494 10341 53280 12290 59792 13065 75092 15760 83115 17189 106427 23183 Payments 109 33 240 68 165 45 252 61 148 34 981 211 1729 362 3886 802 1608 350 Official (Net) 1173 345 1456 410 1418 379 1300 307 1657 382 11156 252 2197 458 2174 451 2572 563 Receipts 1194 351 1507 423 1418 379 1305 308 1659 382 1156 252 2197 458 2174 451 2572 563 Payments 21 6 51 13 0 0 5 1 2 0 - - - - - 0 - 0(8) Total (Net) 18415 5449 36279 10196 36922 100007 38689 9208 57028 12935 45139 9794 71381 14974 82357 17035 119287 26015 8.1 Receipts 59443 17665 76093 21405 86245 23244 108459 25770 131449 30324 147778 32267 175108 36737 202757 41925 243103 52982 8.2 Payments 41028 12216 39814 11209 49323 13237 69770 16562 74421 17389 102639 22473 103727 21763 120400 24890 123816 26967Source: RBI (2003), Handbook of Statistics on the Indian Economy. Balance of Payments 34
  • 38. Appendix 2(A): Travel Account : 1990-91 to 2001-02 (Rs. Cr) (US $ Mn) (Rs. Cr) (US $ Mn) (Rs. Cr) (US $ Mn) (Rs. Cr) (US $ Mn) (Rs. Cr) (US $ Mn) (Rs. Cr) (US $ Mn) (Rs. Cr) (US $ Mn) 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)A Receipts Tourist Expenses 2612.5 1456 4891.9 1977 6060.3 2098 6970.3 2222 7423.8 2365 9150.3 2713 10231.8 2878 35 Balance of Payments in India TOTAL-A 2612.5 1456 4891.9 1977 6060.3 2098 6970.3 2222 7423.8 2365 9150.3 2713 10231.8 2878B Payments Business 443.8 247 679.2 284 832.0 271 1189.0 379 1815.3 578 2347.8 702 1136.3 320 Health Related 9.5 5 53.1 23 12.8 4 16.2 5 16.7 5 17.6 5 13.8 4 EducationRelated 77.8 43 136.2 58 118.6 39 106.6 34 149.7 48 218.5 65 96.5 24 Basic travel quota ( BTQ) .. .. .. .. .. .. .. .. .. .. .. .. .. .. Pilgrimage 19.9 11 49.8 21 53.6 17 69.8 22 100.2 32 172.1 51 226.7 64 Others 171.4 97 243.0 100 3920.0 71 4100.0 79 2872.6 187 2657.6 395 5935.9 510 (includes settlements of international credit cards) TOTAL-B 702.5 392 1111.5 465 1176.9 385 1558.5 497 2569.5 818 3908.8 1167 3049.3 858C. Travel Net (A-B) 1910.0 1064 3780.4 1512 4883.4 1713 5411.8 1725 4854.3 1547 5241.5 1546 7182.5 2020 (Rs. Cr) (US $ Mn) (Rs. Cr) (US $ Mn) (Rs. Cr) (US $ Mn) (Rs. Cr) (US $ Mn) (Rs. Cr) (US $ Mn) (Rs. Cr) (US $ Mn) Item 1997-98 1998-99 1999-00PR 2000-01 2001-02 2001-02 (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26)A Receipts Tourist Expenses 10880.0 2914 12604.0 2993 13166.0 3036 14505.0 3168 13880.0 2910 13880.0 2910 in India TOTAL-A 10880.0 2914 12604.0 2993 13166.0 3036 14505.0 3168 13880.0 2910 13880.0 2910B Payments Business 2391.0 643 3687.0 877 5490.0 1268 7177.0 1570 6098.0 1281 6098.0 1281 Health Related 21.0 6 40.0 9 13.0 3 15.0 3 9.0 2 9.0 2 EducationRelated 210.0 57 218.0 52 263.0 61 378.0 83 582.0 122 582.0 122 Basic travel quota ( BTQ) 1256.0 340 1532.0 363 1638.0 379 2977.0 652 2293.0 483 2293.0 483 Pilgrimage 329.0 85 292.0 69 602.0 137 819.0 179 333.0 69 333.0 69 Others 1132.0 306 1557.0 373 1262.0 291 1770.0 387 1554.0 325 1554.0 325 (includes settlements of international credit cards) TOTAL-B 5339.0 1437 7326.0 1743 9268.0 2139 13136.0 2874 10869.0 2282 10869.0 2282C. Travel Net (A-B) 5541.0 1477 5278.0 1250 3898.0 897 1369.0 294 3011.0 628 3011.0 628 PR : Partially revised.Sources: Reserve Bank of India Bulletin, May 2003, January 2001, April 1999 Monograph on India’s Balance of Payments, July 1993
  • 39. Appendix 2 (Bi): Transportation Account: 1956-57 to 1989-90 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) Receipts1 Remittances of surplus passage 10.6 10.7 8.4 7.3 7.1 9.4 7.7 11.7 9.7 8.3 15.1 17.6 19.3 17.1 19.9 22.1 15.9 fare and frieght collections by Indian steamship owners or operators abroad*2 Operating expenses of foreign 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 steamship companies in India**3 Remittances of surplus passage .. .. .. .. .. .. .. .. .. .. .. .. .. - - fare and frieght collections by Indian airlines operator or owners abroad4 Operating expenses of foreign .. .. .. .. .. .. .. .. .. .. .. .. .. - - air line companies in India5 Estimated freight on exports 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 74.56 Transportation receipts .. .. .. .. .. .. .. .. 1.9 3.3 5.6 5.6 4.8 3.9 5.1 5.5 6.1 of oil companies***7 Others 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 4.4A Total 46.2 47.4 45.1 45.1 44.6 47.6 49.3 57.4 56.5 53.6 81.4 94.1 99.1 101.8 108.5 111.3 120.9 Payments1 Remittances of surplus passage 8.4 8.0 8.0 11.1 12.0 14.5 12.5 12.8 15.4 12.8 21.8 24.1 23.8 26.6 27.4 28.6 33.9 fare and frieght collections to foreign steamship owners or operators abroad*2 Operating expenses of Indian 1.9 2.1 2.3 3.3 2.9 3.2 3.3 5.6 3.7 3.8 5.5 6.3 10.3 10.5 11.3 11.9 14.1 steamship companies in India**3 Remittances of surplus passage .. .. .. .. .. .. .. .. 0.1 - - - - - - - - fare and frieght collections to foreign airlines operator or owners abroad4 Operating expenses of Indian .. .. .. .. .. .. .. .. - - - - - - 0.1 0.1 0.4 air line companies in India5 Operating expenses of foreign .. .. .. .. .. .. .. .. 0.3 0.1 0.3 - 0.1 0.3 - - - steamship and air-line companies6 Charter hire payments .. .. .. .. .. .. .. .. 1.1 1.3 3.3 6.7 9.9 13.2 11.4 5.6 2.77 Remittances of passage expenses .. .. .. .. .. .. .. .. - - - 0.2 - - 0.1 - -8 Freight payment on exports .. .. .. .. .. .. .. .. 1.1 1.8 3.9 1.5 1.5 1.7 3.0 2.8 2.29 Frieght payment on imports 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 11.110 Transportation payment .. .. .. .. .. .. .. .. 6.5 5.7 8.6 11.0 9.9 9.5 11.0 9.5 3.9 of oil-companies@11 others 3.1 2.0 4.3 5.7 5.8 5.7 9.0 8.1 0.7 0.9 0.8 2.4 1.0 0.5 0.5 1.1 3.0B Total 16.1 19.0 18.0 21.5 24.6 26.5 27.8 28.9 32.2 27.9 46.4 59.7 65.0 72.3 78.4 68.3 71.3 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 (Contd) Balance of Payments 36
  • 40. Appendix 2 (Bi): Transportation Account: 1956-57 to 1989-90 (Concluded) 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) Receipts1 Remittances of surplus passage 10.7 17.3 7.0 9.3 8.4 5.0 2.3 2.8 3.7 2.3 3.4 1.4 1.0 3.4 5.4 11.4 5.3 fare and frieght collections by Indian steamship owners or 37 Balance of Payments operators abroad*2 Operating expenses of foreign 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 76.0 107.8 173.9 steamship companies in India**3 Remittances of surplus passage - - - 4.8 2.5 2.0 0.8 2.8 1.0 1.8 0.2 88.7 93.7 105.2 150.4 360.8 208.6 fare and frieght collections by Indian airlines operator or owners abroad4 Operating expenses of foreign - - 8.0 12.4 10.8 16.4 18.0 24.0 6.3 6.7 11.3 2.1 2.2 1.2 3.3 6.0 6.0 air line companies in India5 Estimated freight on exports 92.3 125.2 164.7 202.2 214.1 219.3 248.5 262.6 305.9 318.1 378.0 471.1 456.0 524.5 645.0 808.3 1098.66 Transportation receipts 8.6 6.8 10.1 3.1 - - - - - - - - - - - - - of oil companies***7 Others 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 18.1A Total 145.2 217.9 256.4 294.8 280.7 280.3 321.2 360.8 397.7 407.2 439.6 643.7 603.9 688.0 881.6 1299.8 1510.5 Payments1 Remittances of surplus passage 39.5 49.3 59.3 69.6 52.2 38.1 56.2 62.3 74.9 62.0 61.1 117.5 85.7 96.3 101.3 168.0 255.9 fare and frieght collections to foreign steamship owners or operators abroad*2 Operating expenses of Indian 25.8 32.7 74.8 83.8 82.5 107.9 117.0 162.4 218.2 311.5 335.0 332.2 305.7 318.2 496.7 525.8 562.0 steamship companies in India**3 Remittances of surplus passage 2.6 - 6.4 18.4 24.7 34.1 28.3 47.2 69.4 109.6 123.8 161.3 191.7 144.8 275.2 360.2 518.5 fare and frieght collections to foreign airlines operator or owners abroad4 Operating expenses of Indian 0.7 5.6 8.8 18.9 5.2 17.1 16.6 21.1 31.8 46.3 4.7 5.8 2.5 25.8 37.3 17.3 24.5 air line companies in India5 Operating expenses of foreign - - 1.6 3.4 5.5 0.8 0.8 0.5 3.4 0.3 0.2 2.5 14.0 6.8 4.6 2.5 10.2 steamship and air-line companies6 Charter hire payments 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 64.2 101.6 119.87 Remittances of passage expenses - - - - - - 0.3 0.1 0.2 1.9 0.4 0.4 - 0.6 0.2 1.1 0.68 Freight payment on exports 2.4 2.6 2.1 5.2 3.3 4.2 2.4 2.9 1.4 2.1 4.1 4.5 10.6 7.1 2.2 - -9 Frieght payment on imports 21.0 23.6 28.7 26.8 29.3 23.7 7.7 14.9 27.1 75.7 103.5 184.1 151.1 91.1 138.2 283.4 353.410 Transportation payment 4.0 3.7 2.1 - - - - - - - - - - - - - - of oil-companies@11 others 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 11.8B Total 101.5 132.6 195.7 247.7 215.6 235.2 252.7 355.1 482.5 698.5 715.2 917.7 816.1 747.9 1127.9 1486.5 1856.7 Net (A-B) 43.7 85.3 60.7 47.1 65.1 45.1 68.5 5.7 -84.8 -291.3 -275.6 -274.0 -212.2 -59.9 -246.3 -186.7 -346.2Sources: Reserve Bank of India Bulletin, May 2003, January 2001, April 1999 Monograph on India’s Balance of Payments, July 1993
  • 41. Appendix 2(Bii): Transportation Account : 1990-91to 2001-02 (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) Item 1990-91 1991-92 1992-93 1993-94 1994-95 1995-96 1 2 3 4 5 6 7 8 9 10 11 12A. Receipts a. Sea Transport Surplus remitted by Indian companies operating abroad 11.8 7 25.8 11 3 1 682.6 218 710.5 226 303.9 91 Operating expenses of foreign 194.5 108 199.3 81 135.2 46 369.9 118 503.1 160 730.4 216 companies in India Charter hire charges .. .. .. .. .. .. .. .. .. .. .. .. b. Air Transport Surplus remitted by Indian companies operating abroad 267.7 149 316.7 129 618.3 212 724 231 726.6 231 713.8 211 Operating expenses of foreign 12.7 7 12.9 5 4.9 2 15.1 5 19.7 6 657.1 196 companies in India Charter hire charges .. .. .. .. .. .. .. .. .. .. .. .. c. Freight on exports 1272.2 709 1715.3 697 2088.1 721 2690.2 858 3262 1039 4136.7 1230 d. Others 5.7 3 38.2 16 0.9 0 13.1 4 106.2 33 222.6 67 (includes port charges, bunker, stevedoring, demurrageand other port facilities TOTAL-A 1764.6 983 2308.2 939 2850.4 982 4494.9 1433 5328.1 1696 6764.5 2011B. Payments a. Sea Transport Surplus remitted by Foreign 371.4 207 767.6 311 1129.9 369 1441.3 460 1714.1 546 2332.1 695 companies operating in India Operating expenses of Indian 596.5 332 752.3 304 1115.7 364 849.3 271 962.4 307 925.9 276 companies abroad Charter hire charges b. Air Transport Surplus remitted by Foreign 490.6 273 1073.2 434 1256.6 410 1657 528 1346 429 1668.7 497 companies operating in India Operating expenses of Indian 121.5 68 24.2 10 195.1 64 270.5 86 333.8 106 503.2 150 companies abroad Charter hire charges .. .. .. .. .. .. .. .. .. .. .. .. c. Freight on imports 262.8 146 445.7 180 702.8* 230* 790.4 252 634.6 202 819.4 244 d. Remittance of passage 1 1 0.2 0 0.3 0 0.2 0 3.4 1 1.2 0 booking abroad e. Others 25.5 14 62.6 26 0 1 135.4 43 292.3 92 388.1 116 (includes port charges, bunker, stevdoring, demurrage and other port facilities) TOTAL-B 1961 1093 3189.8 1289 4547 1485 5536.5 1765 5851.8 1863 7279.5 2169 Transportation Net (A-B) -196.4 -110 -881.6 -350 -1696.6 -503 -1041.6 -332 -523.7 -167 -515 -158 (Contd) Balance of Payments 38
  • 42. Appendix 2(Bii): Transportation Account : 1990-91to 2001-02 (Concluded) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) Item 1996-97 1997-98 1998-99 1999-00PR 2000-01 2001-02 13 14 15 16 17 18 19 20 21 22 23 24A. Receipts a. Sea Transport Surplus remitted by Indian 39 Balance of Payments companies operating abroad 194.2 55 181 47 207 49 262 61 250 55 322 68 Operating expenses of foreign 670.8 189 1139 308 844 201 696 161 539 118 665 137 companies in India Charter hire charges .. .. 176 49 104 25 181 42 214 47 250 52 b. Air Transport Surplus remitted by Indian companies operating abroad 940.8 265 937 252 700 167 781 180 804 176 835 175 Operating expenses of foreign 287.9 81 301 81 251 60 87 20 89 20 41 9 companies in India Charter hire charges .. .. 72 19 374 89 103 24 19 4 76 16 c. Freight on exports 4626.3 1303 3570 966 4318 1026 4617 1065 6177 1350 6498 1361 d. Others 222.4 60 429 114 1311 308 673 155 658 143 723 152 (includes port charges, bunker, stevedoring, demurrageand other port facilities TOTAL-A 6942.4 1953 6805 1836 8109 1925 7400 1707 8750 1913 9410 1969B. Payments a. Sea Transport Surplus remitted by Foreign 2800.5 789 2396 649 1834 388 1681 387 1841 404 1464 308 companies operating in India Operating expenses of Indian 1281.1 361 1070 290 1353 319 1757 406 2058 450 1506 315 companies abroad Charter hire charges 663 179 656 155 501 116 720 161 826 175 b. Air Transport Surplus remitted by Foreign 1937.7 546 2249 610 3226 769 3561 821 5936 1299 4074 854 companies operating in India Operating expenses of Indian 638.8 180 779 208 966 232 580 134 435 95 346 73 companies abroad Charter hire charges .. .. 529 144 345 177 324 75 307 67 234 49 c. Freight on imports 600.8 169 1004 268 1584 380 1317 304 2807 615 2369 497 d. Remittance of passage 14 4 430 114 332 31 104 24 34 7 94 20 booking abroad e. Others 518.5 146 233 60 969 229 625 144 324 72 433 91 (includes port charges, bunker, stevdoring, demurrage and other port facilities) TOTAL-B 8497.1 2394 9353 2522 11265 2680 10450 2410 14461 3170 11346 2382 Transportation Net (A-B) -1554.7 -441 -2548 -686 -3156 -755 -3050 -703 -5711 -1257 -1936 -413* includes frieght payment on exports also.Sources: Reserve Bank of India Bulletin, May 2003, January 2001, April 1999 Monograph on India’s Balance of Payments, July 1993
  • 43. 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 3.51957-58 0.5 0.8 4.3 0.7 4.2 4.0 9.0 5.5 3.51958-59 0.3 0.4 3.9 0.8 5.6 4.2 9.8 5.4 4.41959-60 0.4 0.4 3.8 0.8 3.8 4.1 8.0 5.3 2.71960-61 0.2 0.6 3.9 0.8 4.0 4.4 8.1 5.8 2.31961-62 0.2 0.7 4.1 0.8 3.1 4.1 7.4 5.6 1.81962-63 0.2 0.5 3.9 0.8 3.5 3.6 7.6 4.9 2.71963-64 0.2 0.6 4.4 0.9 3.5 4.0 8.1 5.5 2.61964-65 0.1 0.4 4.4 1.1 2.8 3.4 7.3 4.9 2.41965-66 0.2 0.3 4.8 1.4 6.7 4.4 11.7 6.1 5.61966-67 0.1 0.4 7.2 1.1 4.4 3.7 11.7 5.2 6.51967-68 - 0.5 7.5 1.8 5.0 4.5 12.5 6.8 5.71968-69 0.1 0.8 8.0 3.3 4.9 5.0 13.0 9.1 3.91969-70 0.1 1.6 8.5 4.1 4.6 7.7 13.2 13.4 -0.21970-71 0.2 0.3 7.4 2.1 4.7 9.9 12.3 12.3 0.01971-72 0.3 0.6 8.0 4.7 5.2 13.9 13.5 19.2 -5.71972-73 0.4 1.2 10.3 1.9 5.7 9.2 16.4 12.3 4.11973-74 0.6 0.4 12.2 2.5 7.7 10.7 20.5 13.6 6.91974-75 - 0.6 16.7 2.8 9.3 10.5 26.0 13.9 12.11975-76 0.1 1.4 21.6 8.2 13.9 14.8 35.6 24.4 11.21976-77 0.2 0.8 26.7 9.1 4.7 19.8 31.6 29.7 1.91977-78 0.3 1.2 28.3 15.1 6.8 14.8 35.4 31.1 4.31978-79 0.4 6.1 28.9 12.2 6.9 18.8 36.2 37.1 -0.91979-80 0.2 2.2 32.7 7.3 13.2 18.5 46.1 28.0 18.11980-81 0.2 2.9 34.5 9.7 15.9 21.3 50.6 33.9 16.71981-82 0.8 3.1 40.7 8.4 13.2 28.6 54.7 40.1 14.61982-83 0.4 2.8 42.9 17.5 14.7 48.6 58.0 68.9 -10.91983-84 6.3 2.4 50.1 15.7 57.4 57.1 113.8 75.2 38.61984-85 0.4 5.8 61.9 20.8 26.5 57.5 88.8 84.1 4.71985-86 0.8 3.1 60.4 28.2 17.4 52.0 78.6 83.3 -4.71986-87 0.9 3.9 69.3 37.5 12.9 60.2 83.1 101.6 -18.51987-88 1.3 2.0 86.3 22.9 17.9 82.0 105.5 106.9 -1.41988-89 1.7 3.0 107.0 30.0 27.3 62.2 136.0 95.2 40.81989-90 8.4 4.4 146.3 24.5 43.2 110.8 197.9 139.7 58.21990-91 5.6 12.4 1.4 47.9 191.4 98.1 198.4 158.4 40.01991-92 10.0 8.5 2.9 67.9 251.8 230.4 264.7 306.8 -42.11992-93 7.8 19.5 1.0 122.2 450.6 307.2 459.4 448.9 10.51993-94 3.9 8.7 0.8 121.3 383.4 481.8 388.1 611.8 -223.71994-95 3.5 9.4 2.8 78.8 469.4 478.4 475.7 566.6 -90.91995-96 4.1 22.0 2.9 67.4 592.6 389.5 599.6 478.9 120.71996-97 6.0 46.3 12.9 112.4 752.2 383.9 771.1 542.6 228.5Sources: Reserve Bank of India Bulletin, May 2003, January 2001, April 1999 Monograph on India’s Balance of Payments, July 1993
  • 44. Appendix 2(Cii): Insurance Account : 1997-98 to 2001-02 (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) 41 Balance of Payments Item 1997-98 1998-99 1998-99 1999-00 1999-00 2000-01 2000-01 2001-02 2001-02 1 2 3 4 5 6 7 8 9 10A. Receipts a. Insurance on export 683 184 744 176 832 192 1056 231 1110 232 b. Premium Life 19 5 2 0 3 1 5 1 25 5 Non-life 1 0 34 8 31 7 22 5 26 5 Reinsurance from foreign companies 50 12 78 19 43 10 18 4 36 8 c. Commission on Business received from foreign companies 5 1 15 4 2 0 7 2 14 3 d. Others 132 38 72 17 93 21 68 15 68 14 (includes settlement of claims on account of insurance and re-insurance) TOTAL-A 890 240 945 224 1004 231 1176 257 1279 267B. Payments a. Premium Life 4 1 2 0 3 1 1 0 3 1 Non-life 197 54 93 34 45 10 43 9 123 26 Reinsurance 333 89 192 46 328 76 344 75 780 163 b. Commission on Business 12 3 6 1 24 6 1 0 11 2 c. Others 134 36 179 31 125 29 173 38 291 62 (includes settlement of claims on account of insurance and reinsurance TOTAL-B 680 183 472 112 525 122 562 122 1208 254 Insurance Net (A-B) 210 57 473 112 479 109 614 135 71 13Sources: Reserve Bank of India Bulletin, May 2003, January 2001, April 1999 Monograph on India’s Balance of Payments, July 1993
  • 45. Appendix 2(Di): Investment Income Account : 1956-57 to 1996-97 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) Receipts1 Current profits .. .. .. .. .. 0.9 1.0 0.8 1.0 0.7 0.9 0.9 0.8 0.72 Dividends of foreign government .. .. .. .. .. 0.5 0.5 0.4 0.5 0.5 1.1 1.0 0.7 0.6 securities held by residents3 Interest on foreign government .. .. .. .. .. 8.2 6.7 7.3 7.4 6.5 14.2 15.1 21.0 29.7 securities held by residents4 Interest on (non-banking) .. .. .. .. .. - - - 0.3 0.2 0.2 0.4 0.3 0.3 private claims on non-residents5 Interest on loans extended to non-residents .. .. .. .. .. - - - - - - - - - by official and semi-official institutions6 Interest on overdrafts, loans, extended to .. .. .. .. .. 0.1 0.1 0.2 0.3 0.3 0.3 0.3 0.2 0.1 non-resident banks and on balances held abroad by banks in India7 Interest on holdings of SDRs - - - - - - - - - - - - - -8 Taxes and tax refunds on profits, .. .. .. .. .. 1.4 1.2 0.8 1.1 1.6 0.8 1.4 1.2 1.4 dividends and interest9 Income on real estate .. .. .. .. .. - - - - 0.2 - - - -10 Others .. .. .. .. .. 1.1 1.3 1.4 0.8 0.9 0.8 0.9 1.2 1.1A Total 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 which: Private investment income receipts 6.4 7.1 7.4 4.8 4.6 4.1 4.2 4.0 4.2 4.5 4.2 4.9 4.4 4.3 Government investment income receipts 26.4 16.2 8.9 9.2 9.6 8.1 6.6 6.9 7.2 6.4 14.1 15.1 21.0 29.6 Payments1 Current profits 9.0 11.8 11.5 10.8 12.2 10.3 10.1 7.3 9.8 9.8 15.5 8.9 8.0 8.72 Dividends of foreign controlled companies* 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 27.63 Dividends of non-controlled companies .. .. .. .. .. .. - - 3.9 2.2 4.1 3.4 4.8 4.14 Interest on government securities .. .. .. .. .. .. - - 0.2 0.2 0.3 0.1 0.2 0.1 and obligations held by non-residents5 Interest on obligations of private .. .. .. .. .. .. - - 0.5 0.5 1.8 2.5 2.6 4.9 individuals institutions other than banking institutions6 Interest on long-term loans received 6.7 7.1 14.3 23.3 34.3 47.2 57.9 73.2 77.4 94.4 150.1 169.8 184.8 189.8 from non-residents including international institutions by official and private sectors** Of which: Interest on long-term loans received from foreign governments and international institutions by: (i) Official sector 4.0 4.5 9.1 17.1 26.7 43.1 53.4 62.4 72.0 86.0 135.3 154.2 167.6 176.3 (ii) Private sector 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 13.57 Interest on loans and overdrafts .. .. .. .. .. .. - - 0.3 0.5 1.0 1.3 0.4 1.0 obtained by banking institutions8 Interest on balances held in India by .. .. .. .. .. .. - - 6.1 7.2 11.2 10.6 11.4 9.6 non-resident banks and official institutions9 Charges on utitlisation of SDRs - - - - - - - - - - - - - -10 Taxes and tax refunds on profits, .. .. .. .. .. .. - - 2.4 2.3 1.2 1.5 2.1 2.4 dividends and interest11 Retained earnings of foreign .. .. .. .. .. .. - - - - - - 17.0 29.0 controlled rupee companies12 Income on real estate owned by foreigners .. .. .. .. .. .. - - 0.4 0.1 0.5 - - -13 Others 1.1 0.8 2.1 1.5 3.0 4.4 5.6 3.6 0.6 0.7 0.5 3.2 1.5 2.7B Total* 23.9 28.5 36.2 47.3 61.9 80.4 94.4 102.9 119.7 135.1 210.9 230.6 258.0 279.9 of which Private investment income payments 19.9 24.0 27.1 30.2 35.2 37.3 40.9 40.5 43.5 42.3 64.7 66.1 79.6 94.1 Government investment income payments 4.0 4.5 9.1 17.1 26.7 43.1 53.5 62.4 76.2 92.8 146.2 164.5 178.4 185.8 Net (A-B) 8.9 -5.2 -19.9 -33.3 -47.7 -68.2 -83.6 -92.0 -108.3 -124.2 -192.6 -210.6 -232.6 -246.0 (Contd) Balance of Payments 42
  • 46. 43 Appendix 2(Di): Investment Income Account : 1956-57 to 1996-97 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) Receipts1 Current profits 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 0.92 Dividends of foreign government 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 securities held by residents3 Interest on foreign government 44.2 28.9 23.9 32.0 80.0 91.2 150.7 192.3 304.3 522.1 674.2 595.1 353.9 392.9 Balance of Payments securities held by residents4 Interest on (non-banking) 0.8 1.7 0.1 0.1 0.1 0.3 0.6 0.2 - - 0.1 0.7 1.8 1.3 private claims on non-residents5 Interest on loans extended to non-residents - 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 by official and semi-official institutions6 Interest on overdrafts, loans, extended to 1.1 0.4 0.2 0.2 0.3 0.5 0.2 1.1 0.8 0.2 0.1 0.8 2.7 0.5 non-resident banks and on balances held abroad by banks in India7 Interest on holdings of SDRs - - - 2.8 2.8 8.0 8.8 7.4 6.0 13.2 33.8 47.8 64.5 49.98 Taxes and tax refunds on profits, 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 dividends and interest9 Income on real estate - 0.1 0.1 - - - - - 0.1 - 0.1 - 1.0 -10 Others 1.1 1.0 1.2 2.1 3.5 8.4 1.6 2.9 2.0 2.0 5.6 4.3 4.7 3.4A Total 49.1 36.6 31.2 44.1 97.6 119.2 175.7 222.1 331.2 549.3 723.6 665.5 465.0 462.5 of which: Private investment income receipts 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 Government investment income receipts 44.1 30.2 24.7 37.1 85.5 101.1 161.9 209.4 319.2 541.5 710.7 645.5 449.9 454.5 Payments1 Current profits 9.7 7.2 7.6 14.0 4.2 11.5 7.0 6.3 4.9 2.5 5.3 6.4 18.1 15.82 Dividends of foreign controlled companies* 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 33.53 Dividends of non-controlled companies 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 28.64 Interest on government securities 0.3 0.3 0.1 - 0.1 0.6 1.4 3.6 3.3 0.6 - 5.1 0.5 0.4 and obligations held by non-residents5 Interest on obligations of private 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 individuals institutions other than banking institutions6 Interest on long-term loans received 203.8 207.3 230.3 243.6 234.7 217.3 244.7 275.5 276.4 282.0 244.1 279.3 395.3 463.0 from non-residents including international institutions by official and private sectors** Of which: Interest on long-term loans received from foreign governments and international institutions by: (i) Official sector 186.1 183.6 203.5 216.4 185.2 180.8 208.0 243.3 236.6 248.2 205.5 237.2 314.4 381.1 (ii) Private sector 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 81.97 Interest on loans and overdrafts 1.2 0.9 0.7 0.5 1.1 1.4 2.8 2.9 19.9 29.5 30.1 33.6 39.3 54.7 obtained by banking institutions8 Interest on balances held in India 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 non-resident banks and official institutions9 Charges on utitlisation of SDRs - 1.8 - 3.7 7.5 39.0 13.2 12.8 12.3 18.5 45.7 77.9 239.2 383.610 Taxes and tax refunds on profits, 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 dividends and interest11 Retained earnings of foreign 28.4 32.5 33.6 47.2 73.4 43.3 37.1 54.3 57.5 63.1 78.2 .. .. .. controlled rupee companies12 Income on real estate owned by foreigners - - - 0.1 - - 0.3 - - 0.1 0.1 0.1 - -13 Others 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 3.6B Total* 303.3 305.7 329.1 362.3 345.7 343.0 364.6 433.5 458.4 460.2 467.2 474.9 788.0 1006.3 of which Private investment income payments 107.0 110.1 115.9 130.1 153.4 121.7 141.9 174.9 208.0 193.0 214.7 154.8 233.8 250.2 Government investment income payments 196.3 195.6 213.2 232.2 192.3 221.3 222.7 258.6 250.4 267.2 252.5 320.1 554.2 756.1 Net (A-B) -254.2 -269.1 -297.9 -318.2 -248.1 -223.8 -188.9 -211.4 -127.2 89.1 256.4 190.6 -323.0 -543.8 (Contd)
  • 47. Appendix 2(Di): Investment Income Account : 1956-57 to 1996-97 (Concluded) 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) Receipts1 Current profits 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 Dividends of foreign government 0.2 1.5 0.9 1.6 1.4 2.8 2.8 3.7 11.2 4.4 6.4 16.0 19.6 securities held by residents3 Interest on foreign government 521.3 571.1 577.5 5.2 481.6 514.0 476.8 390.3 842.8 1069.7 2604.0 4518.3 3329.8 securities held by residents4 Interest on (non-banking) 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 private claims on non-residents5 Interest on loans extended to non-residents 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 by official and semi-official institutions6 Interest on overdrafts, loans, extended to 0.8 0.5 0.4 0.5 1.6 7.2 4.7 5.5 4.0 7.7 0.4 5.0 31.0 non-resident banks and on balances held abroad by banks in India7 Interest on holdings of SDRs 53.7 37.4 37.0 36.1 33.6 58.3 67.9 50.8 45.5 82.6 7.9 13.7 7.18 Taxes and tax refunds on profits, 1.0 0.6 1.0 2.2 3.7 3.7 2.1 6.5 2.4 6.5 38.4 22.3 121.9 dividends and interest9 Income on real estate - 0.1 0.1 - - - 0.0 0.0 0.0 0.0 0.0 0.0 2.010 Others 1.2 50.7* 13.6 10.0 59.9 72.8 35.0 9.9 23.2 15.1 58.1 53.7 91.4A Total 585.9 669.1 640.5 81.8 602.7 687.8 660.5 541.8 1003.9 1237.6 2782.5 4732.0 3811.0 of which: Private investment income receipts 5.0 19.2 170.9 15.3 18.3 34.2 .. .. .. .. .. .. .. Government investment income receipts 580.9 649.9 469.6 563.3 584.4 653.6 .. .. .. .. .. .. .. Payments1 Current profits 12.5 10.6 7.8 9.2 40.8 39.1 34.8 51.1 40.0 18.9 3.4 25.4 16.02 Dividends of foreign controlled companies* 33.9 32.7 40.2 31.8 34.6 32.0 70.6 103.4 78.6 149.8 267.7 504.7 102.13 Dividends of non-controlled companies 44.3 42.6 45.2 60.2 90.9 109.5 146.5 166.2 266.7 129.2 304.5 377.2 834.84 Interest on government securities 36.5 21.1 6.1 2.7 0.8 2.6 4.0 6.6 5.8 12.4 5.1 20.2 33.4 and obligations held by non-residents5 Interest on obligations of private 102.4 23.9 73.3 178.0 145.2 160.6 212.7 542.7 218.2 227.9 465.2 1126.9 708.0 individuals institutions other than banking institutions6 Interest on long-term loans received 725.5 872.9 1067.8 1504.9 2152.3 3102.8 4555.4 5562.3 6994.2 7113.3 7711.2 7376.1 6927.2 from non-residents including international institutions by official and private sectors** Of which: Interest on long-term loans received from foreign governments and international institutions by: (i) Official sector 601.4 644.9 744.5 1164.9 1763.0 2478.4 .. .. .. .. .. .. .. (ii) Private sector 124.1 228.0 323.3 340.0 389.3 624.4 .. .. .. .. .. .. ..7 Interest on loans and overdrafts 85.7 66.3 170.2 56.9 151.8 76.1 74.3 163.6 175.5 32.6 343.9 187.8 78.9 obtained by banking institutions8 Interest on balances held in India by 4.5 13.7 1.2 12.0 31.9 3.4 10.1 0.6 1.4 1.8 53.2 111.5 156.4 non-resident banks and official institutions9 Charges on utitlisation of SDRs 508.7 499.1 464.7 443.7 408.0 433.2 402.1 783.5 885.5 919.5 834.8 634.4 472.210 Taxes and tax refunds on profits, 3.2 3.9 7.5 4.4 2.6 7.6 21.1 14.8 17.2 14.8 7.5 35.5 38.8 dividends and interest11 Retained earnings of foreign .. .. .. .. .. .. .. .. .. .. .. .. .. controlled rupee companies12 Income on real estate owned by foreigners - 2.5 - - 0.1 1.5 0.0 0.0 0.0 0.4 1.5 3.2 0.413 Others 24.8 29.7 6.0 8.4 21.8 35.6 13.1 22.6 21.3 55.8 314.5 1372.7 318.5B Total* 1582.0 1619.0 1890.0 2312.2 3080.8 -5562.4 7392.9 9938.5 11506.7 11496.4 13554.5 15448.5 15579.5 of which Private investment income payments 685.1 546.0 673.8 724.3 903.1 1073.4 .. .. .. .. .. .. .. Government investment income payments 896.9 1073.0 1216.2 1587.9 2177.7 2930.6 .. .. .. .. .. .. .. Net (A-B) -996.1 -949.9 -1249.5 -2230.4 -2478.1 -4874.6 -6732.4 -9396.7 -10502.8 -10258.8 -10772.0 -10716.5 -11768.5* Total figures post 1989-90 include certain items elaborated in RBI Bulletin, April 1999. Hence the sum will not tally.@: Upto 1963-64 this item includes dividends of non-controlled companies. :**:Interest Payments in 1961 include for U.K. India credit for oil-pipe line under private account.:*: include an interest subsidy of Rs 44.5 crore received from IMF.Note : Data do not include interest on Foreign Currency (Non-Residents) Accounts scheme since its inception in 1975.Sources: Reserve Bank of India Bulletin, May 2003, January 2001, April 1999 Balance of Payments 44 Monograph on India’s Balance of Payments, July 1993
  • 48. Appendix 2(Dii): Income Account : 1997-98 to 2001-02 (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) Item 1997-98 1997-98 1998-99 1998-99 1999-00PR 1999-00PR 2000-01 2000-01 2001-02 2001-02A RECEIPTS I Compensation of Employees 1 Wages received by the Indians working 0 0 180 42 646 148 487 107 404 86 on foreign contracts or the foreigners 45 Balance of Payments working in India on foreign contracts II Investment Income 1 Interest received on loans to non-residents 171 46 294 69 688 159 741 163 2041 428 2 Dividend/profit received by Indians 95 25 103 25 68 16 113 16 230 48 on foreign investment 3 Interest received on debentures, FRNs, 44 12 20 5 50 11 10 3 61 13 CPs, Fi deposits and funds held abroad by Ads out of foreign currency loans/export proceeds 4 Interest received on overdraft of VOSTRO accounts 55 14 40 10 38 10 21 6 52 11 of foreign corresondents/branches by the Ads 5 Payment of taxes by the non-residents/refund 1315 358 1799 426 854 195 456 104 691 145 of taxes by foreign governments to Indians 6 Interest/discount etc. earnings on RBI investment 4113 1105 5691 1357 5992 1383 8926 1951 9597 2010 7 Interest/remuneration on SDR holdings 2 1 6 1 37 9 69 16 39 8 TOTAL-II 5795 1561 7953 1893 7727 1783 10336 2259 12711 2663B TOTAL - I+II 5795 1561 8133 1935 8373 1931 10823 2366 13115 2749C PAYMENTS I Compensation of Employees 1 Payment of wages/salary to Non-residents working 235 62 69 17 57 12 45 10 54 12 in India or Indians working on projects abroad II Investment Income 1 Payment of interest on non-resident deposits 5384 1436 6919 1637 7549 1742 7803 1710 7613 1596 2 Payment of interest on loans from non-residents 10442 2799 11657 2762 13167 3037 15048 3297 13401 2808 3 Payment of dividend/profit to non-resident share holders 2170 578 2752 658 2333 537 4395 963 3756 787 4 Payment of interest on debentures, FRNs, CPs, 106 28 936 221 512 119 571 125 468 98 fixed deposits, government securities etc. 5 Charges on SDRs 317 85 258 62 132 30 183 40 243 51 6 Interest paid on overdraft on NOSTRO Account 156 41 13 4 2 0 0 0 0 0 7 Payment of taxes by the Indians/refund 189 53 497 118 52 13 192 42 243 51 of taxes by government to non-residents TOTAL - II 18764 5020 23032 5462 23747 5478 28192 6177 25724 5391D TOTAL-C (I+II) 18999 5082 23101 5479 23804 5490 23237 6187 25778 5403E Compensation of Employees Net (A-B) -235 -62 111 25 589 136 442 97 350 74F Investment Income Net (A-B) -12969 -3459 -15079 -3569 -16020 -3695 -17856 -3918 -13013 -2728G Total Receipts-Payments (B-D) -13204 -3521 -14968 -3544 -15431 -3559 -17414 -3821 -12663 -2654Sources: Reserve Bank of India Bulletin, May 2003, January 2001, April 1999 Monograph on Indias Balance of Payments, July 1993
  • 49. Appendix 2(Ei): Government not included elsewhere Account : From 1956-57 to 1989-90 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)1 Maintenance of foreign embassies 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 diplomatic missions in India including U.S. embassy expenditure out of PL 480 funds2 Maintenance of international and - - - - - - - - - 0.4 1.3 0.2 0.5 1.3 0.9 1.3 2.1 regional institutions in India3 PL 480 freight refund* 2.0 7.4 15.6 14.6 24.1 9.7 17.8 28.3 33.2 - - - - - - - -4 Others 6.7 9.3 7.1 8.6 6.9 5.8 12.5 10.9 5.9 5.0 9.0 12.7 6.1 3.5 5.3 5.5 3.6A Total 23.7 24.5 39.0 49.3 51.0 29.5 50.1 69.5 96.2 45.5 81.6 80.6 43.4 26.9 29.8 28.9 30.8 Payments1 Maintenamce of Indian embassies 7.2 7.1 7.0 5.2 7.3 8.2 7.4 9.8 10.9 11.1 19.3 14.5 14.6 16.6 14.1 16.1 13.6 and diplomatic missions abroad2 Contribution to Indus Basin - - - - 8.3 8.3 8.3 8.3 - - - - - - - - - Development Fund**3 Others 5.5 6.8 7.5 7.2 5.7 7.7 9.5 6.1 4.0 4.5 3.4 10.1 6.5 7.1 9.0 8.0 9.1B Total 12.7 13.9 14.5 12.4 21.3 24.2 25.2 24.2 14.9 15.6 22.7 24.6 21.1 23.7 23.1 24.1 22.7 Net (A-B) 11.0 10.6 24.5 36.9 29.7 5.3 24.9 45.3 81.3 29.9 58.9 56.0 22.3 3.2 6.7 4.8 8.1 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)1 Maintenance of foreign embassies 25.9 51.9 70.6 57.9 64.7 82.4 73.5 72.1 111.0 92.9 118.0 93.8 114.9 106.0 81.8 65.7 31.2 and diplomatic missions in India including U.S. embassy expenditure out of PL 480 funds2 Maintenance of international and 2.5 4.1 6.5 2.5 4.4 0.8 - 10.9 18.0 12.1 17.6 10.9 0.8 26.7 38.6 44.2 19.7 regional institutions in India3 PL 480 freight refund* - - - - - - - - - - - - - - - - -4 Others 4.5 18.6 27.2 23.1 8.7 7.2 12.9 4.5 1.6 1.5 3.1 - 0.7 0.1 0.4 8.1 1.0A Total 32.9 74.6 104.3 83.5 77.8 90.4 86.4 87.5 130.6 106.5 138.7 104.7 116.4 132.8 120.8 118.0 51.9 Payments1 Maintenamce of Indian embassies 14.2 16.9 21.3 31.8 26.3 41.7 40.7 44.6 58.0 63.5 117.2 84.2 123.6 135.3 182.1 212.1 209.8 and diplomatic missions abroad2 Contribution to Indus Basin - - - - - - - - - - - - - - - - - Development Fund**3 Others 7.6 13.2 11.4 18.1 18.1 26.0 47.1 2.5 1.2 0.1 1.2 - 0.2 0.5 - 0.1 1.2B Total 21.8 30.1 32.7 49.9 44.4 67.7 87.8 47.1 59.2 63.6 118.4 84.2 123.8 135.8 182.1 212.2 211.0 Net (A-B) 11.1 44.5 71.6 33.6 33.4 22.7 -1.4 40.4 71.4 42.9 20.3 20.5 -7.4 -3.0 -61.3 -94.2 -159.1Notes :*: Represents freight on PL 480 imports initially borne by India but subsequently refunded by the U.S. authorities.:**; This is now shown under official transfer payments from 1964-65Sources: Reserve Bank of India Bulletin, May 2003, January 2001, April 1999 Monograph on India’s Balance of Payments, July 1993 Balance of Payments 46
  • 50. 47 Appendix 2(Eii): Government not included elsewhere Account : 1990-98 to 2001-02 (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) 1990-91 1991-92 1992-93 1993-94 1994-95 1995-96A. Receipts a. Maintenance of foreign embassies 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 diplomatic missions in India. Balance of Payments b. Maintenance of international and 6.8 4.0 2.8 1.0 195.0 64.0 5.0 2.0 0.5 0.0 0.0 0.0 regional institutions in India c. Others 0.0 0.0 0.0 0.0 0.0 3.0 42.3 13.0 4.2 2.0 13.0 4.0 TOTAL-A 27.3 15.0 42.0 17.0 219.6 75.0 94.5 30.0 28.3 10.0 44.0 13.0B. Payments a. Maintenance of Indian embassies 310.7 173.0 286.1 116.0 261.0 85.0 383.3 122.0 410.9 131.0 569.8 170.0 and diplomatic missions abroad b. Remittances by foreign embassies .. .. .. .. .. .. .. .. .. .. .. .. and missions in India c Others 0.5 0.0 6.4 3.0 44.2 14.0 97.3 31.0 107.5 34.0 154.3 48.0 TOTAL-B 311.2 173.0 292.5 119.0 305.2 99.0 480.6 153.0 518.4 165.0 724.1 218.0 Gnie Net (A-B) -283.9 -158.0 -250.5 -102.0 -85.6 -24.0 -386.1 -123.0 -490.1 -155.0 -680.1 -205.0 (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) 1996-97 1997-98 1998-99 1999-00PR 2000-01 2001-02A. Receipts a. Maintenance of foreign embassies 75.6 21.0 457.0 125.0 749.0 178.0 887.0 205.0 1016.0 853.0 222.0 178.0 and diplomatic missions in India. b. Maintenance of international and 0.0 0.0 581.0 151.0 1771.0 419.0 1636.0 377.0 1996.0 1382.0 435.0 291.0 regional institutions in India c. Others 181.3 51.0 TOTAL-A 256.9 72.0 1038.0 276.0 2520.0 597.0 2523.0 582.0 3012.0 2235.0 657.0 469.0B. Payments a. Maintenance of Indian embassies 581.6 163.0 1227.0 293.0 1023.0 237.0 1232.0 956.0 270.0 201.0 270.0 201.0 and diplomatic missions abroad b. Remittances by foreign embassies .. .. 79.0 21.0 132.0 32.0 144.0 33.0 325.0 337.0 71.0 71.0 and missions in India c Others 53.1 15.0 TOTAL-B 634.7 178.0 594.0 160.0 1359.0 325.0 1167.0 270.0 1557.0 1293.0 341.0 272.0 Gnie Net (A-B) -377.8 -106.0 444.0 116.0 1161.0 272.0 1356.0 312.0 1455.0 942.0 316.0 197.0Sources: Reserve Bank of India Bulletin, May 2003, January 2001, April 1999 Monograph on Indias Balance of Payments, July 1993
  • 51. Appendix 2(Fi): Miscellaneous Account : From 1956-57 to 1989-90 (Rupees, Crore) 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 17A Receipts 1 Technicians .. .. .. .. .. .. .. .. - 1 5 1.5 7.3 7.1 7.8 7.7 5.3 2 Professional Services 0.3 0.2 0.6 0.5 0.5 0.3 0.2 3.1 3.1 2.4 - - 0.1 0.4 0.3 0.3 0.8 3 Technical know-how .. .. .. .. .. .. .. .. - - - - 0.1 0.1 -2.4 0.2 0.4 4 Management fees, office expenses, 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 agency services, etc. 5 Underwriters’ commission .. .. .. .. .. .. .. .. - - - - - - - - - 6 Settlement on account of post, .. .. .. .. .. .. .. .. 0.9 0.7 1.5 2.2 3.2 2.3 1.6 1.6 1.5 telegraph, telephone and radio charges 7 Advertisement charges - - - - .. .. .. .. 0.2 0.1 0.2 0.2 0.3 0.2 0.3 0.1 0.1 8 Foreign Subscriptions to Indian .. .. .. .. .. .. .. .. 0.1 - 0.1 0.1 0.2 0.1 0.1 0.1 0.1 periodicals, magazines, etc. 9 Film rentals .. .. .. .. .. .. .. .. 0.1 - 0.1 0.4 0.2 0.1 0.3 0.2 0.1 10 Refunds and rebates on imports .. .. .. .. .. .. .. .. 0.5 0.8 0.6 1.0 0.6 0.4 0.2 0.3 0.4 11 Other refunds and rebates .. .. .. .. .. .. .. .. 0.4 0.2 0.4 0.2 1.0 0.6 0.8 0.2 0.3 12 Royalties .. .. .. .. .. .. .. .. - - - - 0.1 0.1 - 0.1 0.2 13 Rentals .. .. .. .. .. .. .. .. - - - - - - - - - 14 Oil companies’ miscellaneous .. .. .. .. .. .. .. .. 7.9 7.6 12.2 7.5 4.0 4.6 2.7 0.8 0.6 remmittance equivalents 15 Proceeds of rupee travellers’ cheques .. .. .. .. .. .. .. .. - - - - - - - - - sold by non-resident banks 16 Others 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 23.0A Total 37.1 36.6 37.2 30.1 36.6 35.5 33.4 32.5 23.4 25.8 50.4 43.0 59.4 43.5 31.3 48.0 47.1B Payments 1 Technicians .. .. .. .. .. .. .. .. 12.6 13.3 16.8 15.1 12.1 11.4 8.4 8.3 8.2 2 Other professional Services 5.5 4.7 4.4 5.8 5.5 9.6 13 12.7 1.9 2.1 2.6 2.8 2.5 3.0 2.2 3.9 2.7 3 Technical know-how .. .. .. .. .. .. .. .. 3.6 7.0 10.4 14.7 16.0 12.8 20.6 13.9 11.3 4 Management fees, office expenses, 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 agency services, etc. 5 Newspaper correspondents .. .. .. .. .. .. .. .. 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.4 0.3 6 Underwriters’ commission .. .. .. .. .. .. .. .. - - - - - - - 0.1 - 7 Remittances against non-fulfilment .. .. .. .. .. .. .. .. - 0.1 0.3 0.2 0.1 0.2 - 0.1 - of contracts 8 Settlement on account of post, .. .. .. .. .. .. .. .. 0.1 0.2 0.3 0.3 0.2 0.4 0.4 0.4 0.3 telegraph, telephone and radio charges 9 Advertisement charges .. .. .. .. .. .. .. .. 0.4 0.4 0.4 0.5 0.4 0.5 0.7 1.7 0.8 10 Indian Subscriptions to Foreign .. .. .. .. .. .. .. .. 1.6 1.8 2.7 3.1 3.5 4.5 4.6 5.3 5.6 periodicals, magazines, etc. 11 Film rentals .. .. .. .. .. .. .. .. 0.3 0.2 0.3 0.6 0.3 0.3 0.3 0.1 - 12 Refunds and rebates on exports .. .. .. .. .. .. .. .. - - - - - 0.3 1.9 2.1 1.8 13 Other refunds and rebates .. .. .. .. .. .. .. .. 1.0 0.9 2.5 1.4 2.4 1.5 0.6 1.2 1.5 14 Royalties 1.2 0.9 1.3 1.8 2.5 2.4 3.6 4.6 4.4 2.9 5.1 4.3 4.8 5.8 5.2 5.9 7.3 15 Rentals .. .. .. .. .. .. .. .. - 0.3 0.1 0.1 0.2 - - - - 16 Oil companies’ miscellaneous .. .. .. .. .. .. .. .. 9.2 7.2 1.7 7.4 6.4 6.6 8.2 2.3 0.4 remmittable liabilities (not included elsewhere) 17 Others 7.3 9.2 13.6 11.1 17.5 16.7 18 16.5 0.2 0.8 2.3 - 1.8 1.2 3.8 6.4 16.0B Total 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 67 78.5 79.0 82.2 Net (A-B) 13.5 11.3 8.7 1.4 2.0 -3.2 -10.8 -14.0 -22.4 -23.6 -11.2 -24.3 -7.8 -23.5 -47.2 -31.0 -35.1 (Contd) Balance of Payments 48
  • 52. Appendix 2(Fi): Miscellaneous Account : From 1956-57 to 1989-90 (Concluded) (Rupees, Crore) 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 34A Receipts 1 Technicians 2.7 0.2 0.7 0.9 0.5 0.5 0.7 1.2 2.1 1.9 2.3 3.2 4.1 2.7 5.0 13.3 69.0 49 Balance of Payments 2 Professional Services 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 3 Technical know-how 0.1 0.5 0.5 0.9 1.1 6.1 1.9 3.1 5.8 8.1 6.0 3.6 8.3 12.8 6.3 8.4 8.7 4 Management fees, office expenses, 18.9 21.1 25.2 25.8 30.2 58.8 73.7 74.5 90.8 198.6 153.6 232.4 172.8 214.3 347.8 516.1 817.3 agency services, etc. 5 Underwriters’ commission - - - 0.1 0.4 0.1 0.3 0.7 - - 0.1 0.2 0.1 - - 0.3 - 6 Settlement on account of post, 0.5 1.4 2.5 2.8 1.2 0.9 2 1.4 1.9 5.7 7.2 4.3 0.5 0.7 3.1 50.1 16.2 telegraph, telephone and radio charges 7 Advertisement charges 0.2 0.2 0.1 0.1 0.2 0.1 0.1 0.8 0.1 1.2 1 0.9 0.2 0.5 2.4 6.7 13.7 8 Foreign Subscriptions to Indian 0.2 0.1 0.3 0.3 0.8 0.6 0.4 1.0 0.3 0.4 0.2 1.6 1.6 2.3 6.2 11.1 24.9 periodicals, magazines, etc. 9 Film rentals - - 0.1 - 0.3 - 0.2 0.2 0.2 0.2 1.4 0.2 0.1 1.3 0.1 0.4 0.5 10 Refunds and rebates on imports 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 11 Other refunds and rebates 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 12 Royalties 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 13 Rentals - - - - 0.1 - - 0.1 - - - - 0.1 0.1 0.2 0.4 1.3 14 Oil companies’ miscellaneous 0.3 0.4 0.1 0.1 - - - - - - - - - - - - - remmittance equivalents 15 Proceeds of rupee travellers’ cheques - - - 0.1 0.3 0.4 0.1 0.7 0.5 0.3 1.4 0.4 1.1 0.8 1.3 2 2.3 sold by non-resident banks 16 Others 24.4 56.9 119.4 151.5 233.1 304.5 439.7 659.9 704.3 840.3 1426.4 2103.7 1859.7 1354.1 1272.6 1473.5 1905.0A Total 48.5 82.7 151.4 187.2 275.4 377.3 529.0 750.6 817.6 1077.0 1615.0 2362.0 2063.0 1603.0 103.0 160.0 175.3 2 Other professional Services 2.8 3.4 4.1 13.2 37.6 8.0 11.3 11.9 13.9 42.0 45.3 82.6 69.5 105.7 282.0 230.4 169.2 3 Technical know-how 14.1 12.5 25.7 37.8 28.1 55.5 44.0 98.0 270.7 258.6 314.9 300.6 367.8 358.4 459.3 316.7 458.8 4 Management fees, office expenses, 28.9 33.1 50.9 73.1 80.0 96.2 185.5 146.6 261.0 210.6 233.5 294.6 331.7 447.9 470.2 714.3 902.6 agency services, etc. 5 Newspaper correspondents 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 6 Underwriters’ commission - - 0.1 - - 0.1 - 0.1 - 0.1 0.1 0.2 0.2 - 0.3 - 3.9 7 Remittances against non-fulfilment 0.2 0.2 0.2 0.2 0.3 0.1 0.2 0.2 1.8 0.5 8.9 2.2 0.9 1.6 2.8 4.1 6.5 of contracts 8 Settlement on account of post, 0.5 0.2 0.3 1.5 0.5 1.8 0.8 1.3 2.8 14.7 7.3 7.2 3.9 14.5 62.2 40.5 9.2 telegraph, telephone and radio charges 9 Advertisement charges 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 10 Indian Subscriptions to Foreign 7.0 6.0 11.2 13.9 13.5 19.1 26.8 28.9 32.0 48.0 40.8 102.1 83.3 131.7 99.7 114.7 134.4 periodicals, magazines, etc. 11 Film rentals 0.3 0.2 - 0.6 0.3 0.4 0.2 0.6 0.1 - 0.2 0.1 0.1 - 0.2 0.3 0.5 12 Refunds and rebates on exports 2.9 2.2 4.5 15.0 13.7 8.1 8.5 6.0 3.8 9.3 7.5 6.7 10.5 23.8 23.3 20.1 37.1 13 Other refunds and rebates 0.9 1.0 1.9 3.1 18.8 3.8 26.7 6.1 4.0 10.3 12.9 16.2 69.9 13.9 11.2 28.5 27.2 14 Royalties 6.2 8.5 10.5 15.9 19.5 12.7 9.6 8.9 16.0 39.7 27.6 28.5 23.5 40.1 60.4 180.6 197.4 15 Rentals 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 16 Oil companies’ miscellaneous 1.8 - 0.7 1.4 - - - - - - - - - - - - - remmittable liabilities (not included elsewhere) 17 Others 12.5 21.9 52.0 64.1 32.3 71.2 237.0 328.2 166.1 128.4 372.8 421.2 147.6 220.8 428.5 457.3 848.9B Total 90.6 100.0 171.2 252.3 258.3 325.7 562.1 662.9 788.4 798.3 1110.0 1298.0 1164.0 1485.0 2021.0 2287.0 2988.0 Net (A-B) -42.1 -17.3 -19.8 -65.1 17.1 51.6 -33.1 87.7 29.2 278.8 505.4 1064.0 898.9 117.7 -353.0 -169.0 -63.8Sources: Reserve Bank of India Bulletin, May 2003, January 2001, April 1999 Monograph on Indias Balance of Payments, July 1993
  • 53. Appendix 2(Fii): Miscellaneous Account : 1990-91 to 2001-02 (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) 1990-91 1991-92 1992-93 1993-94 1994-95 1995-96A. Receipts Communication services .. .. .. .. .. .. .. .. .. .. .. .. Construction Sevices .. .. .. .. .. .. .. .. .. .. .. .. Financial services .. .. .. .. .. .. .. .. .. .. .. .. Software services .. .. .. .. .. .. 1020 325 1185.4 489 2520 747 News agency services .. .. .. .. .. .. .. .. .. .. .. .. Royalties, copyright and license fees .. .. .. .. .. .. .. .. .. .. .. .. Management services 1009.9 563 1253.5 512 1124.8 386 1392.8 444 1910.7 609 1866.5 554 Other services (Advertising, rentals, .. .. .. .. .. .. .. .. .. .. .. .. office maintenance, prizes, exhibitions & other services not enumerated elsewhere) TOTAL-A 1009.9 563 1253.5 512 1124.8 386 2412.8 769 3096.1 1098 4386.5 1301B. Payments Communication services .. .. .. .. .. .. .. .. .. .. .. .. Construction services .. .. .. .. .. .. .. .. .. .. .. .. Financial services .. .. .. .. .. .. .. .. .. .. .. .. Software services .. .. .. .. .. .. .. .. .. .. .. .. News agency services .. .. .. .. .. .. .. .. .. .. .. .. Royalties, copyright and license fees .. .. .. .. .. .. .. .. .. .. .. .. Management services 1197.1 667 2246.7 946 2279.8 744 2046.7 653 3130.3 997 6655.5 1961 Other services (Advertising, .. .. .. .. .. .. .. .. .. .. .. .. rentals, office maintenance, prizes, exhibitions & other services not enumerated elsewhere) TOTAL-B 1197.1 667 2246.7 946 2279.8 744 2046.7 653 3130.3 997 6655.5 1961C. Miscellaneous Net (A-B) -187.2 -104 -993.2 -434 -1155 -358 366.1 116 -34.2 101 -2269 -660 (Contd) Balance of Payments 50
  • 54. Appendix 2(Fii): Miscellaneous Account : 1990-91 to 2001-02 (Concluded) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) 1996-97 1997-98 1998-99 1999-00 2000-01 2001-02A. Receipts 51 Balance of Payments Communication services .. .. 624 171 2552 601 4601 1064 5949 1288 4377 921 Construction Sevices .. .. 370 101 634 150 1691 389 3081 671 803 167 Financial services .. .. 1112 296 1190 283 1569 361 3193 696 3719 780 Software services 3900 1099 6570 1760 11064 2626 17412 4016 29014 6341 34216 7175 News agency services .. .. 586 156 1106 262 1485 342 511 114 35 7 Royalties, copyright and license fees .. .. 80 21 73 18 237 54 280 62 400 84 Management services 1394.3 393 2044 549 2477 590 2790 643 4471 970 4546 951 Other services (Advertising, rentals, .. .. 4103 1109 12254 2917 14259 3284 12671 2733 21839 4586 office maintenance, prizes, exhibitions & other services not enumerated elsewhere) TOTAL-A 5294.3 1492 15489 4163 31350 7447 44044 10153 59170 12875 69935 14671B. Payments Communication services .. .. 323 87 435 103 826 190 1138 247 2719 571 Construction services .. .. 239 65 414 98 220 51 996 216 2462 517 Financial services .. .. 2402 647 2885 687 5785 1632 9221 2003 11117 2335 Software services .. .. 829 223 1461 348 1600 138 2706 590 3202 672 News agency services .. .. 530 142 431 104 693 90 1378 299 1509 317 Royalties, copyright and license fees .. .. 618 166 1055 250 1351 311 2367 514 2671 561 Management services 4074.2 1151 3132 841 2802 663 3456 795 6376 1385 8341 1752 Other services (Advertising, .. .. 6120 1637 16506 3908 15126 3497 21314 4631 19861 4172 rentals, office maintenance, prizes, exhibitions & other services not enumerated elsewhere) TOTAL-B 4074.2 1151 14193 3808 25989 6161 29057 6704 45496 9885 51882 10897C. Miscellaneous Net (A-B) 1220.1 341 1296 355 5361 1286 14987 3449 13674 2990 18053 3774PR : Partially revised.Sources: Reserve Bank of India Bulletin, May 2003, January 2001, April 1999 Monograph on Indias Balance of Payments, July 1993
  • 55. Appendix 2(Gi): Official Transfer Payments Account : 1956-57 to 1989-90 (Rupees, Crore) 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) Receipts 1 Grants from various countries 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 2 PL 480 Title I - - - 0.3 11.8* 13.3 54.4 62.8 122.0 60.2 0.2 - 10.9 41.2 17.9 40.8 44.4 3 PL 480 Title II - - - - - - - - 14.0 16.5 37.0 48.1 50.7 49.4 55.8 62.7 61.1 4 Others 0.3 0.1 0.1 0.2 0.2 2.3 0.1 1.3 0.8 0.2 - 0.2 3.8 4.1 4.6 2.0 1.2A Total 37.0 32.9 35.6 38.0 45.2 45.9 77.2 83.4 152.1 103.8 124.8 88.3 123.2 115.1 128.0 158.2 118.4 Payments 1 Pension on government account - - - - - - - - 0.3 0.4 0.4 0.6 0.4 0.3 0.5 0.5 0.6 in India 2 Government contribution to - - - - - - - - 1.7 2.8 3.8 4.4 4.6 3.0 4.5 3.1 4.6 international agencies 3 Donations and technical assistance - - - - - - - - - - - 0.1 - 0.1 1.4 12.0 0.1 extended by Government of India 4 Contribution to Indus Basin - - - - - - - - 8.3 8.3 13.0 13.0 11.2 11.3 - - Development Fund 5 Commodity agreement with Gulf states - - - - - - - - - - - - - 2.2 - 0.6 0.2 6 Exports on gift basis - - - - - - - - - - - - - - - - 4.5 7 Government exports-grants - - - - - - - - - - - - - - 0.1 - - 8 Grants to Bangladesh - - - - - - - - - - - - - - - 23.5 99.5 9 Grants to ITEC programme - - - - - - - - - - - - - - - - - 10 Contribution to World Health - - - - - - - - - - - - - - - 2.2 0.5 Organisation 11 Others - - - - - - - - - - - - - - - - -B Total - - - - - - - - 10.3 11.5 17.2 18.1 16.2 16.9 6.5 41.9 110.0 Net (A-B) 37.0 32.9 35.6 38.0 33.4 45.9 77.2 83.4 141.8 92.3 107.6 70.2 107.0 98.2 121.5 116.3 8.4 (Contd) Balance of Payments 52
  • 56. Appendix 2(Gi): Official Transfer Payments Account : 1956-57 to 1989-90 (Concluded) (Rupees, Crore) 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 53 Balance of Payments Item (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) Receipts 1 Grants from various countries 15.2 71.4 317.6 259.2 268.6 397.3 306.2 348.2 291.1 275.1 242.9 405.6 319.4 369.9 391.9 518.2 749.9 2 PL 480 Title I 1688.4@ 16.4 - - - - - - - - - - - - - - - 3 PL 480 Title II 60.8 59.7 117.6 121.9 112.0 115.5 159.8 119.3 154.3 110.0 136.9 134.3 119.9 119.2 116.9 171.0 127.9 4 Others 2.6 0.5 50.3 12.7 13.7 23.6 41.4 128.0 5.3 1.2 19.5 38.2 0.6 40.9 26.9 43.7 24.2A Total 1767.0 148.0 485.5 393.8 394.3 536.4 507.4 595.5 450.7 386.3 399.3 578.1 439.9 530.0 535.7 732.9 902.0 Payments 1 Pension on government account 0.5 1.1 0.8 0.5 0.5 0.6 0.4 0.2 0.5 0.3 0.1 0.1 0.3 0.2 0.2 0.3 0.2 in India 2 Government contribution to 4.8 6.8 3.0 6.3 3.2 0.9 3.5 - 1.6 5.8 7.1 3.6 12.1 4.4 3.1 8.4 5.0 international agencies 3 Donations and technical assistance - - - - - 0.1 - - - 0.1 - 0.1 0.2 0.1 - - - extended by Government of India 4 Contribution to Indus Basin - - - - - - - - - - - - - - - - - Development Fund 5 Commodity agreement with Gulf states 0.2 0.1 - - - - - - - - - - - - - - - 6 Exports on gift basis 3.0 1.0 - 0.1 0.1 0.1 4.8 0.3 0.5 0.3 0.1 - - - - - - 7 Government exports-grants - - - - - - - - - - - - - - - - - 8 Grants to Bangladesh 2.7 1.2 1.1 1.0 1.4 0.2 0.1 0.2 - - - - - - - - - 9 Grants to ITEC programme - - 2.8 2.9 6.7 3.0 4.1 3.0 - - - - - - - - - 10 Contribution to World Health - - - - - - - - - - - - - - - - - Organisation 11 Others 5.8 - 0.1 - - - - - - - - - - - - - -B Total 17.0 10.2 7.8 10.8 11.9 4.9 12.9 3.7 2.6 6.5 7.3 3.8 12.6 4.7 3.3 8.7 5.2 Net (A-B) 1750.0 137.8 477.7 383.0 382.4 531.5 494.5 591.8 448.1 379.8 392.0 574.3 427.3 525.3 532.4 724.2 896.8Notes : *: Include Rs 8.4 crore earmarked by the U.S. authorities to finance export of goods and services to Nepal under their economic aid programme to that country. :@: Receipts for the year 1973-74 include Rs 1664 crore as official grant receipts under the agreement dated February 18, 1974 between the government of India and USA.Sources: Reserve Bank of India Bulletin, May 2003, January 2001, April 1999 Monograph on Indias Balance of Payments, July 1993
  • 57. Appendix 2(Gii): Official Transfers Account : 1990-91 to 2001-02 (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) 1990-91 1991-92 1992-93 1993-94 1994-95 1995-96A Receipts Donations received from Non- residents 178.8 100 201.5 81 306.6 106 0.8 0 315.4 100 223.5 66 Grant under PL 480 II 11.8 7 5.3 2 0.6 0 291.3 93 4.6 1 14.1 4 Grants from other Governments 638.7 356 934.7 378 747.8 258 878.2 280 1002.9 319 956.1 281 TOTAL-A 829.3 463 1141.5 461 1055 364 1170.3 373 1322.9 420 1193.7 351B Payments Grants/donations from official sector 1.7 1 1.4 1 2.2 1 14.9 5 13.3 5 20 5 TOTAL-B 1.8 1 1.5 1 2.3 1 15 5 13.9 5 21 6 Official Transfers Net (A-B) 827.5 462 1140 460 1052.7 363 1155.3 368 1309 415 1172.7 345 (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) 1996-97 1997-98 1998-99 1999-00 2000-01 2001-02A Receipts Donations received from Non- residents 42.3 12 6 2 0 0 174 40 489 107 29 6 Grant under PL 480 II 0 0 386 105 400 94 414 96 439 95 279 58 Grants from other Governments 1465.1 411 1026 272 905 214 1071 246 628 136 1543 321 TOTAL-A 1507.4 423 1418 379 1305 308 1659 382 1556 338 1851 385B Payments Grants/donations from official sector 50 13 0 0 5 1 2 0 10 2 4 1 TOTAL-B 50.3 13 0 0 5 1 2 0 10 2 4 1 Official Transfers Net (A-B) 1457.1 410 1418 379 1300 307 1657 382 1546 336 1847 384Sources: Reserve Bank of India Bulletin, May 2003, January 2001, April 1999 Monograph on Indias Balance of Payments, July 1993 Balance of Payments 54
  • 58. Appendix 2(Hi): Private Transfer Payments Account : 1956-57 to 1989-90 (Rupees, Crore) 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) Receipts* 1 Receipts for family maintenance .. .. .. .. .. .. .. .. 3.3 1.8 2.1 4.5 5.0 4.4 4.4 3.9 3.0 2 Personal gifts and donations 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 55 Balance of Payments religious orgainsations and charitableinstitutions in India 3 Migrants’ transfers by Indian 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 nationals 4 Migrants’ transfers by foreign .. .. .. .. .. .. .. .. - - 0.1 0.2 - 0.3 0.3 0.3 0.2 nationals 5 Transfers of legacies and .. .. .. .. .. .. .. .. 0.2 0.4 0.5 0.2 0.3 0.4 0.3 0.3 0.4 assets in trust 6 Repatriation of savings by .. .. .. .. .. .. .. .. 2.7 1.2 2.3 6.3 10.0 10.6 8.6 9.7 18.0 Indians resident abroad 7 Remittances of professional .. .. .. .. .. .. .. .. 0.2 0.1 - 0.2 - 0.3 0.3 - - income-tax and income-tax refunds 8 Receipts of provident fund .. .. .. .. .. .. .. .. 0.2 0.3 0.3 0.4 0.7 0.7 0.9 0.6 0.9 and other retirement benefit funds from abroad 9 Reimbursement of money 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 order drawings 10 Others 2.2 1.4 3.2 4.6 0.2 4.2 5.3 7.1 - - - - - - - - -A Total 63.6 62.2 57.9 56.1 44.9 41.2 40.1 47.4 42.2 78.4* 73.2* 71.8 91.6 97.6 100.7 116.3 110.6 Payments 1 Family maintenance .. .. .. .. .. .. .. .. 5.4 5.3 6.5 6.3 4.8 4.4 3.2 2.8 2.7 2 Personal gifts and donations to .. .. .. .. .. .. .. .. 0.3 - 0.1 0.1 0.1 0.3 0.1 0.2 1.2 religious organisation and charitable institutions abroad 3 Migrants’ transfers by Indian .. .. .. .. .. .. .. .. 1.1 1.0 1.3 1.3 1.0 1.0 1.1 1.0 0.5 nationals 4 Migrants’ transfers by foreign .. .. .. .. .. .. .. .. 5.8 5.6 7.4 6.6 6.2 4.6 5.1 4.2 3.6 nationals 5 Transfers of legacies and assets .. .. .. .. .. .. .. .. 0.5 0.6 0.5 0.5 0.6 0.6 0.6 0.5 0.5 in trust 6 Remittances of savings by foreign .. .. .. .. .. .. .. .. 2.1 1.8 2.8 2.1 1.6 1.4 1.2 1.1 1.0 nationals 7 Personal income-tax and .. .. .. .. .. .. .. .. - - - - - - - 0.8 0.4 income-tax refunds 8 Transfers of provident fund and .. .. .. .. .. .. .. .. 0.6 0.5 0.5 0.7 0.7 0.5 0.5 0.2 0.2 other retirement benefit funds 9 Pensions .. .. .. .. .. .. .. .. 0.7 1.0 1.1 1.3 1.4 1.3 1.3 1.3 1.2 10 Reimbursement of money .. .. .. .. .. .. .. .. 0.1 - - - - - - - - order drawings 11 Lottery tickets and prizes .. .. .. .. .. .. .. .. - - - - - - - - -B Total 15.8 16.5 16.7 16.1 16.8 16.2 14.0 13.3 16.6 15.8 20.2 18.9 16.4 14.1 13.1 12.1 11.3 Net (A-B) 47.8 45.7 41.2 40.0 28.1 25.0 26.1 34.1 25.6 62.6 53.0 52.9 75.2 83.5 87.6 104.2 99.3 (Contd)
  • 59. Appendix 2(Hi): Private Transfer Payments Account : 1956-57 to 1989-90 (Concluded) (Rupees, Crore) 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) Receipts* 1 Receipts for family maintenance 5.7 10.5 48.5 81.7 120.5 133.1 206.1 241.6 326.9 339.8 338.9 371.0 403.6 500.3 835.4 777.6 1199.1 2 Personal gifts and donations to 99.4 152.3 201.1 315.5 453.4 358.3 573.8 587.5 495.5 531.1 532.4 610.3 506.2 451.4 566.2 551.2 673.6 religious orgainsations and charitableinstitutions in India 3 Migrants’ transfers by Indian 5.4 6.2 4.6 6.4 9.0 1.2 1.7 59.9 4.3 3.8 2.7 2.6 2.1 2.2 2.5 2.0 0.6 nationals 4 Migrants’ transfers by foreign 0.4 0.4 0.4 0.6 1.0 0.1 0.1 - 0.4 0.3 10.2 8.2 6.1 0.5 - 0.4 - nationals 5 Transfers of legacies and 0.5 0.7 - 0.4 0.1 - 1.0 6.4 0.4 0.7 0.8 0.7 0.5 0.2 0.5 0.4 - assets in trust 6 Repatriation of savings by 30.1 40.8 137.6 268.9 386.4 573.6 908.6 1239.3 1251.8 1551.4 1758.7 1983.2 1790.5 2027.9 2117.8 1878.9 1932.8 Indians resident abroad 7 Remittances of professional 0.2 0.1 - 0.1 0.1 1.0 1.6 - 0.4 1.1 1.6 1.8 2.8 2.9 2.8 1.6 1.4 income-tax and income-tax refunds 8 Receipts of provident fund 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 other retirement benefit funds from abroad 9 Reimbursement of money 15.4 22.0 57.1 79.7 122.4 39.9 65.5 - 0.7 0.4 - - - - 0.3 0.8 0.3 order drawings @ 10 Others - - - - - - - - - - - - - - - 644.2 -A Total 158.2 235.4 453.8 762.1 1108.4 1109.5 1762.1 2136.7 2082.8 2431.0 2648.3 2981.9 2715.5 2990.6 3532.7 3865.4 3823.9 Payments 1 Family maintenance 2.0 1.5 1.7 1.1 0.8 0.7 0.9 2.0 1.4 2.0 1.3 3.7 5.3 4.7 3.7 4.0 8.1 2 Personal gifts and donations 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 religious organisation and charitable institutions abroad 3 Migrants’ transfers by Indian 1.6 0.2 0.7 0.2 0.3 0.3 0.3 0.6 1.5 0.5 0.8 0.9 0.5 0.5 0.5 0.4 0.6 nationals 4 Migrants’ transfers by foreign 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 nationals 5 Transfers of legacies and assets 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 trust 6 Remittances of savings by foreign 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 nationals 7 Personal income-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 income-tax refunds 8 Transfers of provident fund and 0.2 0.2 0.2 - 0.8 0.2 - - 0.6 - - 3.8 - 0.1 0.7 1.1 - other retirement benefit funds 9 Pensions 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 10 Reimbursement of money 0.4 - - - - - - 3.2 7.9 5.6 - - - - - - - order drawings 11 Lottery tickets and prizes - - - - - - - - - 0.1 - - - - - - 0.2B Total 12.0 6.3 13.3 6.9 6.5 16.7 7.7 11.6 16.5 14.1 10.6 15.2 14.8 14.8 34.3 23.8 26.2 Net (A-B) 146.2 229.1 440.5 755.2 1101.9 1092.8 1754.4 2125.1 2066.3 2416.9 2637.7 2966.7 2700.7 2975.8 3498.4 3841.6 3797.7Notes :*: Exclusive of PL 480 Title grants which are shown separately in the table on Official Transfer Payments. :@: The figure of Rs 644.2 crore reported in 1988-89 against Others is the compensation for Bhopal Gas tragedy received from Union Carbide Corporation ($ 425 million in US $) and Union Carbide (India) Limited ($45 million in Indian rupees) deposited with RBI on March 14, 1989.Sources: Reserve Bank of India Bulletin, May 2003, January 2001, April 1999 Monograph on Indias Balance of Payments, July 1993 Balance of Payments 56
  • 60. 57 Appendix 2(Hii): Private Transfers : 1990-91 to 2001-02 (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) 1990-91 1991-92 1992-93 1993-94 1994-95 1995-96 Items (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)A. RECEIPTS Inward remittance from Indian workers 1122.8 626 1743.5 702 2127.9 730 1611.8 514 5421 1727 3387.1 1003 abroad for family maintenance Local withdrawals / redemptions 0 0 0 0 0 0 0 0 0 0 0 0 Balance of Payments of non-resident deposits Gold and silver brought through 0 0 0 0 3136.7 1076 5238.4 1670 6593.1 2100 6546.2 1943 passenger baggage Personal gifts / donations to 747.5 417 852.5 344 1299.3 445 2629.1 838 1843.9 587 4584.7 1359 charitable/religious institutions in India TOTAL - A 3736.7 2083 9418.9 3798 11260.8 3864 16582.1 5287 25474.2 8112 28768 8539B. PAYMENTS Remittance by foreign workers 9.7 5 10.6 4 10.3 3 5.9 2 8.7 3 37.9 11 for family maintainance Personal gifts/donations to 0.9 1 9.8 4 9.3 3 6.1 2 11.6 4 20 6 charitable/religious institutions abroad TOTAL - B 25.7 14 37.5 15 35 12 68.4 22 57.6 19 108.2 33 PRIVATE TRANSFERS NET (A-B) 3711 2069 9381.4 3783 11225.8 3852 16513.7 5265 25416.6 8093 28659.8 8506 (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) (Rs. Crore) (US $ Mn) 1996-97 1997-98 1998-99 1999-00 2000-01 2001-02 Items (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24)A. RECEIPTS Inward remittance from Indian workers 8950.2 2518 19303 5232 32253 7661 32192 7423 37681 8255 38514 8076 abroad for family maintenance Local withdrawals / redemptions 12215.1 3427 12773 3418 7808 1859 17849 4120 17305 3791 16422 3444 of non-resident deposits Gold and silver brought through 9649.5 2718 9900 2699 705 171 57 13 41 9 62 13 passenger baggage Personal gifts / donations to 2576.1 726 1954 526 2728 650 3182 734 3729 818 3138 659 charitable/religious institutions in India TOTAL - A 44208.3 12435 43930 11875 43494 10341 53280 12290 58756 12873 58136 12192B. PAYMENTS Remittance by foreign workers 61.3 17 153 42 219 53 125 29 201 44 172 37 for family maintainance Personal gifts/donations to 7.9 2 12 3 33 8 23 5 143 31 143 30 charitable/religious institutions abroad TOTAL - B 240.2 68 165 45 252 61 148 34 344 75 315 67 PRIVATE TRANSFERS NET (A-B) 43968.1 12367 43765 11830 43242 10280 53132 12256 58412 12798 57821 12125Note: The total figures for the year 1990-91 to 1996-97 will not tally since all the items are not available for all the years. The same can be taken from the Reserve Bank of India Bulletin, April, 1999Source: Reserve Bank of India Bulletin, May 2003, January 2001, April 1999 Monograph on Indias Balance of Payments, July 1993
  • 61. Appendix 3(A): Private Foreign Investment : 1955-56 to 1963-64 (Rupees, Crore) 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. Outstanding Liability under foreign investment 442.4 478.3 532.0 562.5 582.8 634.6 679.8 735.5 629.0 (i) Direct Investment 386.5 409.7 430.0 434.1 443.7 495.7 527.2 567.6 565.5 (ii) Portfolio Investment 55.9 68.6 101.4 128.4 139.1 138.9 152.6 167.9 63.5II. Net Inflow of Foreign Investment 14.9 23.8 20.7 2.6 10.2 51.8 28.1 29.6 25.6 (a) Gross Inflow 19.9 30.8 26.7 28.1 25.7 63.3 35.6 38.6 35.8 (i) Retained earnings 12.0 19.2 9.5 9.1 14.6 14.1 15.8 7.8 7.4 (ii) Equity 7.9 11.6 17.2 19.0 11.1 49.2 19.8 30.8 28.4 (b) Outflow 5.0 7.0 6.0 25.5 15.5 11.5 7.5 9.0 10.2 Appendix 3(B): Private Foreign Investment : 1964-65 to 1987-88 (Rupees, Crore) 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. Outstanding Liability under 677.5 696.1 766.3 796.6 826.4 844.3 878.7 928.7 996.1 1048.2 1103.9 1088.2 1052.0 1015.7 1015.8 1074.7 2201.0 2764.0 Foreign Investment (a) Direct investment 611.9 628.2 692.0 710.1 737.7 735.4 767.3 816.. 867.0 916.9 973.3 957.l 920.2 876.0 875.4 933.2 1742.0 2045.0 (b) Portfolio investment 65.6 67.9 74.3 86.5 88.7 108.9 111.4 112.3 129.1 131.3 130.6 131.1 131.8 139.7 140.4 141.5 459.0 719.0II. Inflow under foreign investment 46.8 17.5 31.1 37.1 27.5 24.4 35.9 43.8 30.4 51.9 69.1 -7.6 -26.1 -9.9 24.4 69.6 249.0 .. 1 Direct Investment (net) 44.7 15.2 24.7 24.8 25.3 21.9 33.4 43.1 28.4 48.7 69.9 -26.8 -17.8 23.7 184.0 .. A. Foreign controlled rupee 42.6 33.3 24.9 29.9 28.8 34.4 37.4 34.4 34.8 31.7 84.9 37.5 6.1 47.8 49.1 65.2 176.0 303.0 companies (a) Gross inflow 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) Equity 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 .. (ii) Retained earnings 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) Outflow 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. Branches (net) 2.1 -18.1 -0.2 -5.1 -3.5 -12.5 -4.0 8.7 -6.4 17.0 -15.0 -45.6 -32.9 -65.6 -25.4 3.3 8.0 .. 2 Portfolio investment (net) 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) Inflow 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) Outflow 0.5 0.1 0.5 - 0.4 0.4 0.1 0.5 - 0.2 1.5 0.8 3.6 2.0 1.3 1.0 22.0 ..Notes: c: Includes portfolio investment d: Inflow during 1948 to 1953 e: Inflow during 1954 to 1955 1. Foreign controlled rupee companies are Indian joint stock companies which are (i) subsidiaries of foreign companies (ii) companies in which 40% or more of the equity sharecapital is held by a foreign company or its nominees; banking, Insurance and Government companies are excluded. Figures represent equity holding of investors in the country of control and their proportionate share in the free reserves of the foreign controlled rupee companies. 2. Portfolio equity investment in non-foreign controlled rupee companiesand ordinary shares of foreign controlled rupee companies held by investors in countries other than the country of control and investment in preference shares and debentures, non-resident holdings of preference shares and debentures of rupee companies. 3. Flow of long-term foreign liabilities are exclusive of valuation changes and hence would differ from the net changes in the book values at from outstanding levels. 4. Data for the years 1953 to 1962 relate to calendar years while those for 1963-64 onwards relate to fiscal years. 5. In view of the shift in the assessment period from calendar year to financial year it has not been possible to indicate the inflows/outflows during 1962-63. 6. Stock figures relate to end of the period and flow figures relate to during the year. 7. Data are not available for 1980-81 through 1985-86 as no survey was conducted during this period. 8. Data between 1987-88 to 1989-90 is not available.Source: Monograph on India’s Balance of Payments, July 1993 Balance of Payments 58
  • 62. 59 Appendix 3(C): Foreign Investment Inflows : 1990-91 to 2002-03 (In US Million) Balance of Payments 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. Direct Investment (I+II+III) 97 129 315 586 1,314 2,144 2,821 3,557 2,462 2155 4,029 6,131 4,660 4675 I. Equity (a+b+c+d+e) .. 129 315 586 1,314 2,144 2,821 3,557 2,462 2,155 2,400 4,095 2,700 2387 a. Government (SIA/FIPB) .. 66 222 280 701 1,249 1,922 2,754 1,821 1,410 1,456 2,221 919 928 b. RBI .. - 42 89 171 169 135 202 179 171 454 767 739 534 c. NRI .. 63 51 217 442 715 639 241 62 84 67 35 - - d. Acquisition of shares* .. .. .. .. .. 11 125 360 400 490 362 881 916 735 e. Equity capital of unincorporated bodies .. .. .. .. .. .. .. .. .. .. 61 191 126 190 II. Reinvested earnings $ .. .. .. .. .. .. .. .. .. .. 1,350 1,646 1,498 1800 III. Other Capital $$ .. .. .. .. .. .. .. .. .. .. 279 390 462 488B. Portfolio Investment 6 4 244 3,567 3,824 2,748 3,312 1,828 -61 3,026 2,760 2,021 979 11377 a. GDRs/ADRs # - - 240 1,520 2,082 683 1,366 645 270 768 831 477 600 459 b. FIIs ** - - 1 1,665 1,503 2,009 1,926 979 -390 2,135 1,847 1,505 377 10918 c. Offshore funds and others 6 4 3 382 239 56 20 204 59 123 82 39 2 -Total (A+B) 103 133 559 4153 5138 4892 6133 5385 2401 5181 6789 8152 5639 16052* : Relates to acquisition of shares of Indian companies by non-residents under Section 5 of FEMA, 1999. Data on such acquisitions have been included as part of FDI since January 1996.# : Represents the amount raised by Indian corporates through Global Depositary Receipts (GDRs) and American Depository Receipts (ADRs)** : Represents inflow of funds (net) by Foreign Institutional Investors (FIIs)$ : Data for 2002-03 are estimated as average of previous two years.$$ : Data pertain to inter-company debt transactions of FDI entities.Notes : Data on FDI has been revised since 2000-01 with expanded coverage to approach international best practices. These data, therefore, are not comparable with FDI data for previous years.Sources: Reserve Bank of India Bulletin, August 2004 and various earlier issues.
  • 63. Appendix 4(A): Inflows under FCNR and NR(E)RA Accounts : 1975-76 to 2003-03 FCNRA@ NR(E)RAYear Including accrued interest Excluding estimated accrued interest Rs. crore U.S.$ million Rs. crore U.S.$ million Rs. crore U.S.$ million(1) (2) (3) (4) (5) (6) (7)1975-76 6.5 7.5 33.1 38.1 29.8 34.31976-77 50.0 55.7 126.1 140.4 117.2 130.51977-78 83.4 97.1 134.7 156.8 116.7 135.81978-79 17.6 21.3 167.2 203.2 138.6 168.41979-80 -5.0 -6.2 209.0 258.1 167.3 206.51980-81 -3.7 -4.7 236.8 299.4 93.7 118.51981-82 -16.3 -18.2 321.3 358.3 87.3 -97.31982-83 109.1 112.8 420.2 434.7 111.9 115.81983-84 331.4 320.9 575.1 556.2 341.2 330.01984-85 275.4 231.7 609.7 512.8 603.6 507.71985-86 1151.2 940.8 597.5 488.3 616.0 503.41986-87 1172.8 917.8 874.8 684.6 477.0 373.41987-88 1362.8 1051.1 770.8 594.5 477.0 368.01988-89 2230.0 1540.0 792.0 546.9 235.0 162.01989-90 2165.0 1309.0 608.0 365.2 277.0 166.01990-91 255.0 168.0 689.0 384.0 156.0 84.01991-92 -3605.0 -1611.0 793.0 324.0 -44.0 -27.01992-93 223.0 86.0 783.0 255.0 111.0 39.01993-94 -7416.0 -2364.0 2437.0 777.0 - -1994-95 - - 3295.0 1049.0 - -1995-96 - - -896.0 -208.0 - -1996-97 - - 4434.0 1244.0 - -1997-98 - - 4381.0 1197.0 - -1998-99 - - 3361.0 799.0 - -1999-00 - - 3835.0 885.0 - -2000-01 - - 3929.0 860.0 - -2001-02 - - 7755.0 1626.0 - -2002-03 - - 29981.0 6195.0 - -2003-04 - - 21574.0 4695.0 - -Notes: @: Excluding accrued interest.Sources: Monograph on Indias Balance of Payments, July, 1993 Handbook of Statistics on the Indian Economy, RBI 2003-04 Balance of Payments 60
  • 64. Appendix 4(B): NRI Deposits - Outstandings : 1975-76 to 2002-03 (U.S. $ million) (As at the end of March) Year (end March) 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 61 Balance of Payments1. FCNR(A) ** 9 65 168 192 188 185 157 252 5702. FCNR(B) ** ** ** ** ** ** ** ** ** **3. NR(E)RA 40 71 216 386 604 856 1145 1347 1684 21054. NR(NR)RD ** ** ** ** ** ** ** ** ** ** (U.S. $ million) (As at the end of March) Year (end March) 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 (1) (2) (3) (4) (5) (6) (7) (2) (3) (4) (5)1. FCNR(A) 770 1770 2719 3828 5275 6586 10103 9792 10617 93002. FCNR(B) ** ** ** ** ** ** ** ** ** 11083. NR(E)RA 2304 2817 3354 3942 3774 3777 3618 3025 2740 35234. NR(NR)RD ** ** ** ** ** ** *** *** 610 1754 (U.S. $ million) (As at the end of March) Year (end March) 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 (1) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)1.FCNR(A) 7051 4255 2306 1 * * * * * *2.FCNR(B) 3063 5720 7496 8467 7835 8172 9076 9673 10199 109613.NR(E)RA 4556 3916 4983 5637 6045 6758 7,147 8,449 14,923 20,5594.NR(NR)RD 2486 3542 5604 6262 6618 6754 6849 7052 3407 1746@ : inclusive of accrued interest* : withdrawn effective August, 1994@@ : The inflows into NR(E)RA deposits during the year 2003-04 may partly be due to crediting of maturity proceeds of the NR(NR)R deposits which were discontinued with effect from April 1, 2002.** : introduced in May, 1993*** : introduced in June, 1992Note : All figures are inclusive of interest and valuation changes arising on account of fluctuation in non-dollar currencies against US DollarSource: Reserve Bank of India Bulletin, November 2004 and various earlier issues.
  • 65. 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 1805II 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)
  • 66. 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 10408II 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)
  • 67. 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 39817II 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)
  • 68. 65 Balance of Payments Appendix 5: External Transactions As Per CSO’s National Accounts Statistics As Per 1980-81 Series for 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 295832II 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)

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