3 Basel Norms and the 3 pillars

Basel Norms is quite a common name in modern parlance, but what is Basel norms and what it is aimed at.

To start with Basel is a city in Switzerland. It is headquarter of a body that promotes cooperation and regulates financial stability and provide common norms for banking regulations.  After every two months Basel hosts its meeting with the governor and senior officials of central banks. Presently there are 27 member countries. Basel Norms refer to supervisory guidelines formulated by Central Banks- also known as Basel Committee on Banking Supervision. The agreements usually focus on risk management and the whole financial system is known by the name of accord.
 

Rules and regulations regarding banking by NRI’s in India

In present times, it is very common that people move from one place to another seeking for jobs or business. Those who move out of India can open account in India and get benefits from it. Here are all the details of the bank account that can be opened by NRI’s in India.

The basic thing is if you want to open account in Indian currency, then NRO or NRE account is suited to your requirements. If, you intend to start your currency in foreign currency, then FCNR account is ideal for you. Hope these details helps you!

Balance of Payments- a guide to Indian economy

Balance of Payments is a way to enlist receipts and payments of transaction for a nation. It depicts how well the country is doing in trade, attracting capital from abroad (FII) and the effect of the same on the foreign reserves.

Structure of Balance of Payment

The balance of payment is based on the doctrine of double entry system. It means for every debit there is a credit. However, it differs from accounting in one respect. In business accounting all debits are shown on the left side and credits are shown on the right side of the income statements.

While, in balance of payments the debits are shown on the right side and credits are shown in the left side of the income statements.