UPSC Commerce Accountancy Notes

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Money laundering: "Money laundering is the illegal process of concealing the origins of money obtained illegally by passing it through a complex sequence of banking transfers or commercial transactions." Money laundering typically includes three stages: placement, layering and integration stage. ✏️Placement is the first step of money laundering which is the process of moving the money into the legitimate source via financial institutions, casinos, financial instruments etc. and at the same time, hiding its source. ✏️The second stage is “layering”, also referred as “structuring stage”. It breaks the funds into small transactions and makes it difficult to detect and find out about the laundering activity. It usually entails international money movement, so the law enforcement agencies won’t be able to track the financial gains from illegal proceedings so easily. ✏️The third stage is Integration stage, In this stage, money is now returned to the criminals legitimately after it has been placed in the financial system, often breaking it into different multiple smaller financial transactions. Criminals can now retrieve their illicit funds in a legal way after fully integrating them into a legitimate source, and are able to use them for any purpose. "Anti-money laundering (AML) refers to the laws, regulations and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income." ⏺Prevention of Money Laundering Act (PMLA), 2002 is an Act of the Parliament of India enacted by the government to prevent money-laundering and to provide for confiscation of property derived from money-laundering. PMLA and the Rules notified there under came into force with effect from July 1, 2005.

✅ Useful Commerce Abbreviations ASSOCHAM: Associated Chambers of Commerce and Industry of India VAT: Value Added Tax UNCTAD: United Nations Conference on Trade and Development TDS: Tax Deduction at Source TIN: Tax Information Network TAN: Tax Deduction and Collection Account Number STT: Securities Transaction Tax SDR: Special Drawing Rights RTP: Reverse Tranche Position PAN: Permanent Account Number OLTAS: Online Tax Accounting System NYSE: New York Stock Exchange NSDL: National Securities Depository Limited NAV: Net Asset Value NASDAQ: National Association of Securities Dealers Automated Quotation IPO: Initial Public Offering IMF: International Monetary Fund GDR: Global Depositary Receipt GATT: General Agreement for Trade and Tariff FPO: Follow-on Public Offer FII: Foreign Institutional Investors FICCI: Federation of Indian Chambers of Commerce and Industry FDI: Foreign Direct Investment FCCB: Foreign Currency Convertible Bond ECB: External Commercial Borrowing DICGC: Deposit Insurance and Credit Guarantee Corporation of India CPI: Consumer Price Index CII: Confederation of Indian Industries BIS: Bureau of Indian Standards BSR: Basic Statistical Return ASBA: Application Supported by Blocked Amount INC.: Incorporated GP: Gross Profit FOC: Free of Cost DISC: Discount CSR: Corporate Social Responsibility CPU: Cost Per Unit CIF: Cost Insurance and Freight C&F: Cost and Freight ADR: American Depository Receipt BEP: Break Even Point CPA: Certified Public Accountant COGS: Cost of Goods Sold CCS: Cash Compensatory Scheme FOB: Freight on Board IFCI: Industrial Finance Corporation of India LLP: Limited Liability Partnership MRTP: Monopoly and Restrictive Trade Practices NOI: Net Operating Income PSU: Public Sector Undertakings

📍 WATER MANAGEMENT INFRASTRUCTURE #Infrastructure 💡 Drinking water supply 💡 Sewage collection and disposal of wastewater 💡 Drainage systems 💡 Major irrigation systems (reservoirs, irrigation canals) Major flood control systems 💡 Communications Infrastructure 💡 Undersea cables 📍 COMMUNICATIONS INFRASTRUCTURE #Infrastructure 💡 Postal service 💡 Telephone networks, including mobile phone networks 💡 Television and radio transmission stations 💡 Internet 💡 Communication satellites 💡 Undersea cables 📍CRITICAL INFRASTRUCTURE #Infrastructure  Critical infrastructure consists of those assets on which the rest of the economy depends: 💡 Electricity generation, transmission and distribution 💡 Gas production, transport and distribution 💡 Oil and oil products production, transport and distribution. 💡 Telecommunication 💡 Water supply (drinking water, waste water/sewage, stemming of surface water, such as dikes and sluices) 💡 Agriculture, food production and distribution 💡 Public health (hospitals, ambulances) 💡 Transportation systems (fuel supply, railway network, airports, harbours, inland shipping) 💡 Financial services (banking, clearing) 💡 Security services (police, military) 📍 URBAN INFRASTRUCTURE #Infrastructure 💡 Urban or municipal infrastructure refers to hard infrastructure systems owned and operated by municipalities, such as streets, water distribution and sewerage. 💡 It may also include some of the facilities associated with soft infrastructure, such as parks, public pools and libraries. 📍 GREEN INFRASTRUCTURE #Infrastructure 💡 Green infrastructure is a concept that highlights the importance of the natural environment. There is an emphasis on the life support functions provided by a network of natural ecosystems. 💡 Examples include green belts, wildlife sanctuaries, eco sensitive regions, tiger, lion and elephant reserves, bird sanctuaries, Western Ghats being conserved, etc. 📍 NATIONAL CRITICAL INFORMATION INFRASTRUCTURE  (NCIIPC) #Infrastructure 💡 NCIIPC is an organization of the Government of India created under Information Technology Act, 2000. Based in New Delhi, it is designated as the National Nodal Authority with respect to Critical Information Infrastructure Protection. 💡 The Information Technology Act, 2000 defines Critical Information Infrastructure (CII) as 'those computer resource, the incapacitation or destruction of which, shall have debilitating impact on national security, economy, public health or safety'. NCIIPC broadly identified the following as Critical Sectors: ▪︎ Power and Energy ▪︎ Banking, Financial Services and Insurance ▪︎ Telecom ▪︎ Read aloud ▪︎ Transport ▪︎ Government ▪︎ Strategic and Public Enterprises 📍 FINANCING INFRASTRUCTURE #Infrastructure 💡 Investment in infrastructure builds capital stock needed for economic development. 💡 Traditionally, infrastructure is financed by the government. 💡 However, given the scarcity of public resources and the need to shift scarce public resources to health and education, efforts have been made to bring in private participation in the development of this infrastructure. 💡 Currently, the source of financing varies significantly across sectors. Some are government monopolies, such as the railways and nuclear power. Some sectors are dominated by government spending, others by Overseas Development Aid (ODA) and yet others by private investors. PPP is emerging as the dominant model 💡 Debt and equity are, like anywhere else, ways of raising resources.

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✅List of Abbreviations Used in Economics 👉🏻 National Income and Related Aggregates GDP: Gross Domestic Product GDP MP: Gross Domestic Product at Market Price GDP FC: Gross Domestic Product at Factor Cost NNP MP: Net National Product at Market Price NNP FC: Net National Product at Factor Cost NDP MP: Net Domestic Product at Market Price NDP FC: Net Domestic Product at Factor Cost PI: Personal Income PDI: Personal disposable Income GVA: Gross value added NVA: Net value added 👉🏻 Money and Banking LRR: Legal Reserve Requirement CRR: Cash Reserve Ratio SLR: Statutory Liquidity Ratio OMO: Open Market Operation RBI: Reserve Bank of India GOI: Government of India MD: Money Demand MS: Money Supply 👉🏻Income and Employment Determination APC:  Average Propensity to Consume APS: Average Propensity to Save MPC: Marginal Propensity to Consume MPS: Marginal Propensity to Save AD: Aggregate Demand AS: Aggregate Supply 👉🏻Government Budget and Economy PSUs: Public Sector Undertakings FRBMA: Fiscal Responsibility and Budget Management Act 👉🏻Balance of Payment BOP: Balance of Payment BOT: Balance of Trade PPP: Purchasing Power Parity NEER: Nominal Effective Exchange Rate FDI: Foreign Direct Investment

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📌 अर्थव्यवस्था के प्रकार – ✍️ कृषक अर्थव्यवस्था – अगर किसी अर्थव्यवस्था के सकल उत्पादन (सकल घरेलू उत्पाद) में प्राथमिक क्षेत्र का योगदान 50% या इससे अधिक हो तो वह कृषक अर्थव्यवस्था कही जाती है। ✍️ औद्योगिक अर्थव्यवस्था – ऐसी अर्थव्यवस्था में उसकी सकल आय में द्वितीयक क्षेत्र का हिस्सा 50% या इससे अधिक रहता है तथा इसी अनुपात में इस क्षेत्रक पर लोगों की निर्भरता भी रहती है। पूरा का पूरा यूरोप-अमेरिका इस स्थिति में रहा था, जब उन्हें औद्योगिक अर्थव्यवस्था का नाम दिया गया था। यह स्थिति भारत में अभी तक नहीं आयी न तो द्वितीयक क्षेत्र का योगदान इस स्तर तक बढ़ा न ही इस पर जनसंख्या की निर्भरता ही बढ़ी। ✍️ सेवा अर्थव्यवस्था – ऐसी अर्थव्यवस्था जिसके अंतर्गत सकल आय में तृतीयक क्षेत्र का योगदान 50% या उससे ज्यादा होता है, उसे सेवा अर्थव्यवस्था कहा जाता है। 📌 Types of Economy – ✍️ Agrarian Economy – If the contribution of the primary sector in the gross production (Gross Domestic Product) of an economy is 50% or more, then it is called agrarian economy. ✍️ Industrial Economy - In such an economy, the share of the secondary sector in its gross income is 50% or more and in the same proportion the dependence of the people on this sector is also there. The whole of Europe-America had been in this state when they were named industrial economies. This situation has not yet come in India, neither the contribution of the secondary sector has increased to this level nor the dependence of the population on it has increased. ✍️ Service Economy - An economy in which the tertiary sector contributes 50% or more to the gross income is called a service economy.

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📍 LIQUIDITY ADJUSTMENT FACILITY #Monetarypolicy 💡 Banks need liquidity to meet their daily mismatches between need and availability. 💡 RBI helps them with a limited amount on a short-term basis through LAF. 💡 Liquidity Adjustment Facility (LAF) was introduced by RBI in 2000. It is the window through which RBI adjusts liquidity (credit) in the market against the collateral of government securities. 💡 When banks borrow under LAF, they do so at Repo rate. Banks undertake to repurchase the security at a later date, be it over night or a few days. 💡 Reverse Repo is when RBI borrows short-term from the market (absorbs excess liquidity) based on government securities and repurchases them. The rate at which it borrows is called Reverse Repo rate as it is the reverse of the Repo.

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