IEcoS (Economic Services) Indian Economics Foreign Trade-Balance of Payments Terms and Persons (Page 5 of 7)

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Full Convertibility (of Rupee)

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This is a term related with balance of payment and rupee.

Here, full convertibility of rupee means right of a resident to convert rupee into foreign currency and vice versa for all purposes – both current account transactions and capital account transactions. In India, there is only partial convertibility as several restrictions are there for capital account convertibility.

Income Account (Balance of Payments)

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This is a subaccount of the invisibles account of the BoP. It shows the receipts and payments due to investment related income flows between India and the rest of the world. For example, a foreign MNC making investment in India creates profit and this profit goes back to the foreign country through the income account.

Invisible Account (Balance of Payments)

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Invisible account of the balance of payments is a subcategory of the current account. The invisible account includes three sub categories – services, transfers and income. Here, the invisible account registers receipts and payments from exports and imports of services, transfers and income.