Consists of currency with the public (i.e.. notes & coins in circulation minus cash with the banks)
plus, demand deposits with the bank (deposits which can be withdrawn without notice) plus other deposits with RBI (usually negligible) . Also called narrow money
M2
Ml + saving deposits + Certificate of Deposits (CDs) + term deposits maturing within a year.
M3
M2 + term deposits with maturity more than a year + term borrowing of banking system. Also known as broad money.
L1
M3 + all Deposits with the Post Office Savings Banks (excluding National Savings Certificates)
L2
L1 + Term Deposits with Term Lending Institutions and Refinancing Institutions (Fis) + Term Borrowing by Fls + Certificates of Deposit issued by Fls; and
L3
L2 + Public Deposits of Non-Banking Financial Companies
Four Modes of Services Ullder GATT
Table Supporting: Four Modes of Services Ullder GATT
Mode 1
Cross border trade, which is defined as delivery of a service from the territory of one country into the territory of other country;
Mode2
Consumption abroad - this mode covers supply of a service of one country to the service consumer of any other country;
Mode3
Commercial presence - which covers services provided by a service supplier of one country in the territory of any other country, and
Mode4
Presence of natural persons - which covers services provided by a service supplier of one country through the presence of natural persons in the territory of any other country.
Direct & Indirect Taxes
Table Supporting: Direct & Indirect Taxes
Direct Tax
Indirect Tax
Corporation Tax
Excise Duties
Income Tax
Service Tax
Interest Tax
Central Value Added Tax (Vat)
Expenditure Tax
Sales Tax
Wealth Tax
Property Tax
Gift Tax
Octroi
Estate Duty
Customs Duties
Land Revenue
Stamp Duties
Commissions⟋Committees & Their Purpose
Table Supporting: Commissions⟋Committees & Their Purpose
Atjun Sen Gupta Committee
Public Sector Enterprise Autonomy
Rangarajan Committee
Disinvestment of PSUs & Balance of Payments.
Malhotra Committee
Insurance Sector & its regulation. Follow up led to setting up of iRDA.