The Balance of Payments (BoP) is a systematic record of all economic transactions between residents of a country and the rest of the world during a specific period, usually a year. These transactions include trade in goods and services, transfers (like remittances), and capital flows (like investments and loans). It comprises two main accounts: the Current Account and the Capital Account (and sometimes the Financial Account).
Balance of payment is defined as :
Asked in UPPCS Prelims 1994 · Topic: Balance of Payments (BoP) (Definition and Significance of Balance of Payments (BoP))
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Answer: D. Complete record of all economic transactions between the residents of a country and rest of the world.
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