Economics Optional

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🛡 *Increasing order of formation of banking institutions :-* Trick :- Man by doing AGRICULTURE built a HOUSE, then an INDUSTRY and remaining money he invested IN SECURITY MARKET. NABARD : agriculture 1982. NHB : house1988. SIDBI : industry 1990. SEBI : securities market 1992.

✔️  Key Differences Between FERA and FEMA ❤️ FERA ✔️FERA is an acronym for Foreign Exchange Regulation Act. ✔️It was passed by the Parliament of India in 1973. The act came into force on 1st January 1974. ✔️FERA Act was repealed by the Vajpayee government in 1998. ✔️It was enacted to regulate foreign exchange and payments in India. Its main objective was to conserve forex transactions. ✔️The rules and regulations of FERA on foreign exchange were conservative and restrictive. ✔️This act came into force when the forex position in the country was not good. ✔️Comparatively, FERA Act is lengthier as it has 81 sections. ✔️Under this act, the definition of the term ‘Authorized person’ was narrow. ✔️Under this act, the citizenship of an individual was the basis for determining his/her residential status. ✔️Under FERA, no provisions were made for IT. ✔️Violation of the provisions of FERA has been considered a criminal offence and the punishment for contravention was imprisonment. ✔️Violation of FERA was a non-compoundable offence i.e. the offence cannot be compromised. Moreover, the accused was not allowed any assistance from the lawyer. ✔️The appeals were sent to the Supreme Court. ✔️According to FERA, an individual should obtain permission from the RBI to carry out forex transactions. ❤️ FEMA ✔️FEMA is an acronym for Foreign Exchange Management Act. ✔️FEMA Act was passed by the Parliament of India in 1999 to replace the FERA. It came into force on 1st June 2000. ✔️FEMA is currently active in the country. ✔️It was enacted to remove the stringent regulations on foreign exchange and promote orderly management of foreign exchange and payments. Its main objective was to manage the forex transactions. ✔️The approach of FEMA Act toward foreign exchange is flexible. ✔️This act was introduced when the strict provisions of FERA were hampering the growth of the Indian economy. ✔️FEMA has 49 sections and is shorter than the FERA. ✔️Under this act, the definition of the term ‘Authorized person’ is broad and it has included the banks under it. ✔️Under this act, the basis for determining the residential status was that an individual should be residing in India for the past 6 months. ✔️Provisions on IT were introduced under the FEMA Act. ✔️Violation of the provisions of FEMA has been considered a civil offence and the punishment for contravention was a monetary penalty. If an individual fails to pay the penalty on time, he/she may be imprisoned. ✔️Violation of FEMA is a compoundable offence and the charges can be compromised or removed. FEMA provides the accused the right to obtain legal assistance from a lawyer. ✔️A special director and a special court were introduced under FEMA to address the appeals. ✔️Under FEMA, no such pre-approval or permission of RBI is required to carry out forex transactions.

*🛡️IMPORTANT COMMITEES in the Indian Economic system* ♟️1st. Urjit Patel Committee:-- To examine the current monetary policy framework ♟️2th. Vaghul Committee:-- For Money Market In India ♟️3th. Rattan P Watal Committee:-- To boost digital payment system in India ♟️4th. Raghuram Rajan Committee:-- For Financial Sector Reforms ♟️5th. Raja Chelliah Committee:-- For Tax Reforms ♟️6th. Rakesh Mohan Committee:- Small Savings ♟️7th. Naresh Chandra committee:-- For 14 member task force on security issues ♟️8th. P J Nayak Committee:-- Governance of Boards of Bank in India ♟️9th. Parthasarathi Shome:--- For Tax Administration Reform Commission

THE IDEA OF NATIONAL INCOME As income of a single person can be measured, it can be measured for a nation and the whole world, although the method of calculation may be a little bit complex in the latter’s case. In due course, four ideas/ways to calculate the income of a nation13 developed, which are the subject matter of the national income accounting’. ● Important Points :- 💡There are four ways to calculate the ‘income’ of an economy, although diferent from each other in some ways, are the concepts of GDP, NDP, GNP and NNP. 💡 Gross Domestic Product (GDP) is the value of the all final goods and services produced within the boundary of a nation during one year period. 💡Net Domestic Product (NDP) is the GDP calculated after adjusting the weight of the value of 'depreciation’.

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