PCB10 MODULE 5 PILLAR 1 C1 SUMMARY BY VYASA IAS

PILLAR 1C SEBI-SHARE MARKET

1. CAPITAL: Capital required to meet financial needs of a company.

a. Fixed Capital: Money needed for purchase of land, plant and machinery, furniture, and other
fixed assets.
b. Working Capital: Money needed for purchase raw materials, salaries to employees, rent of the
office,
advertising
/
marketing,
other day-
to-day
operations,
etc.
2. Capital /
Funding
Arrangement:
Types

3. CAPITAL
ARRANGE –
TRADE
CREDIT (SHORT TERM)
Trade credit is a type of commercial financing in which a customer is allowed to purchase goods or
services and pay the supplier at a later scheduled date.
4. Account Receivable / Payable
Accounts receivable represent funds owed to the firm for services rendered, and they are booked as
an asset. Accounts payable, on the other hand, represent funds that the firm owes to others.
5. Capital Arrange → Lease Financing (Medium Term)
ease financing is a contractual agreement between the owner of the asset who grants the other
party the right to use the asset in return for a periodic
payment and the other party who is the user of such
assets.

6. SECURITIES
A ‘Security’ means a certificate/document indicating
that its holder is eligible to receive a certain amount
of money at a particular time.

EQUITY: SHARE CERTIFICATE

Holder gets dividend from the profits of
the company. If no profit, then no
dividend.
Company’s owners, proprietors
Have last claim during liquidation. So,
Shareholders are ‘Residual Claimants’.
Attractive in boom period
Holder gets interest & principal
irrespective of whether company makes
profit or not.
creditors of the company
first claim
Attractive in slowdown period
 PCB10 MODULE 5 PILLAR 1 C1 SUMMARY BY VYASA IAS

7. Capital Arrange → Retained

Earnings (Long Term)
Retained earnings refer to the
portion of a company's net income
that is kept by the company rather
than being distributed as dividends
to shareholders.

8. FINANCIAL / SECURITIES
MARKET: MEANING AND TYPES
Financial Market is the place where
buying and selling of securities takes place. Market doesn’t require physical location. Can be done
online / telephone as well.

CLASSIFICATION MARKET SUBTYPES

Tenure Money Market (<1 Year Maturity)
Capital Market (1 year/> Maturity)
Freshness Primary Market where new securities are issued for the first time, has no separate
physical existence but classified like this, for economic analysis.

Secondary Market where the old securities are resold, has physical existence.
Settlement Future Market: Where parties write contract today to buy/sell something at specific
price on a future date.

Spot Market: if bought & sold for immediate delivery

9. DEBT INSTRUMENTS: Short term debt instruments

Tenure is less than 1 year + Usually ‘unsecured’ because not backed by any asset + Usually sold at
discount and re-purchased at Face Value or Par Value + They’re traded at Money Market and are
(usually) ‘negotiable & transferable’ in nature + They’re also called Near Money (Asset that is highly
liquid that can be readily converted into cash).

Short term debt instruments → by Govt → WMA

When Govt faces short term mismatch in receipt (income) and payment (Expenditure) ⇒ RBI Lends
money on short term (3 months). Not counted in fiscal deficit figure.

If upto above amount of ₹₹ borrowed = its WMA: loan interest = repo%

If beyond amount borrowed then called ‘Overdraft’: loan interest repo+2%

10. Consolidated Sinking Fund (CSF)

Consolidated Sinking Fund (CSF) is a reserve fund set aside by the Reserve Bank of India (RBI) to
repay debts. This reserve fund gives the state governments the buffer to service their drawbacks.
The provision for this fund is made in Article 266 (1) of the Indian Constitution.

11. Certificate of Deposit (CD-instrument by Bankers)

Certificates of deposit (CDs) are unsecured, short-term, negotiable debt instruments issued by
commercial banks in the money market.
 PCB10 MODULE 5 PILLAR 1 C1 SUMMARY BY VYASA IAS

NEGOTIABLE INSTRUMENTS: A signed document that promises money to a specified person at a

specified time.
UNSECURED INSTRUMENTS: no collaterals/assets are pledged.
SHORT-TERM INSTRUMENTS: less than 1 year.

BORROWER SHORT TERM DEBT INSTRUMENTS

Company Bill of Exchange, Hundi, Commercial Papers, Promissory Notes
Currency Note is a ‘Promissory Note’ issued by RBI Governor however, he’s not bound to
pay any interest
Merchant Commercial Bill.
Call Money It’s the interest rate when Financial Intermediaries (Banks/NonBanks) borrow for ONE DAY
among themselves.
Notice Money Same as above but for 2 to 14 days
CBLO Collateralized Borrowing and Lending Obligation. Clearing Corporation of India Ltd (CCIL)
helps Financial Intermediaries (FI) to get short term loans through this instrument.
ICD Inter Corporate Deposits are unsecured short-term loan made by a company with another
company.

12. FACTORING &TREDS

▪ Factoring business is a business where an entity acquires the receivables of another entity for an
amount. Receivables is the total amount that is owed or yet to be paid by the customers (referred
as the debtors) to the assignor for the use of any goods, services or facility. Factor can be a bank, a
registered non-banking financial company or any company registered under the Companies Act.
13. Factoring Regulation (Amendment) Act, 2021 : Banks and all types of NBFCs allowed (After
registering with RBI) + RBI given more powers to regulate this business + Need to register the
invoice-pledge-factoringloan transaction on A central registry set up under the SARFAESI Act
14. London Inter-bank Offered Rate (LIBOR) is the average interest rate at which banks in London
give short term loans to each other.
15. LONG TERM DEBT INSTRUMENTS: Tenure = 1 year/>
• Coupon Bonds: Contain detachable coupons. Coupons are presented to the issuer to claim

the interest. Therefore, bond interest rate is also called ‘coupon rate’.
• Zero Coupon Bonds/ Zero Interest Debentures (ZID): Are sold on discount and
repurchased at face value, do not have any coupons. (separate topic: Zero-Coupon, Zero-
Principal Bondscheck ‘social stock exchange’ in this handout)
• Bearer Bonds: Not linked to a PAN card, Aadhar card or passport, voter card or social
security number. Anyone who presents it to the issuer, will get interest and principal. Usually
issued during the war time.
• Government securities, Dated securities, Sovereign bonds
• Also called Gilt Edged securities (उ� / अ�ग्रम दज� क� प्र�तभू�तया) because repayment
is assured by Government.
• Global Credit Rating Agencies gives ‘rating’ to sovereign bonds
16. Emerging Debt Market Bond Index: It is an index prepared by JP Morgan Chase (an investment
bank) − It reviews/tracks bond prices of China, India, Brazil, South Africa, Russia etc. Indian G-Sec
added.
17. Real Interest Rate = = Nominal Interest minus Inflation.\
 PCB10 MODULE 5 PILLAR 1 C1 SUMMARY BY VYASA IAS

• When Real
Interest is
negative,
purchasing
power
decreases
despite
increases in
money quantity
in bank
account.
18. Inflation Indexed Bonds: Inflation Indexed Bonds (IIB) provide a continuous return to investors
regardless of the amount of inflation in the economy. The real coupon interest rate on IIBs is
fixed, but the nominal principal value is adjusted for inflation.
19. Sovereign Gold Bond: RBI issues them on behalf of govt. Denomination: gold grams. But,
RBI/Govt doesn’t ‘promise’ to give you gold. They only promise to give you ₹₹ equivalent of latest
gold price on maturity.
• Annual interest 2.5-2.75% + Tenure: after 8 years you get the amount equivalent to
prevailing gold prices at that time + Eligible investor categories: Indian resident
individuals, Hindu Undivided Families (HUFs), trusts, universities and charitable institutions
• How much can you buy: Minimum 1 gm to max upto 20kg depending on investor’s
category.
• From where to buy: While RBI ‘sells’ it but customers buy it via following outlets: banks
(only selected types of banks), post offices, selected stock exchanges (NSE and BSE) and a
few other institutions.
20. Long term debt instruments by Companies:
• Bonds (British Term), Debentures (American Term): Internal difference not important.
• Redeemable Bonds : will repay regular interest and will return principal on maturity
• Irredeemable Bonds : will pay only interest but no principal returned
• Secured = asset is pledged.
• Unsecured = not pledged.
• Non-convertible Bond/Debenture = can’t be converted into shares.
• Hybrid instruments: Issued as “Bond” but can be converted into Share. E.g. Optionally Fully
Convertible Debentures (OFCD).
21. HYBRID FINANCING / MEZZANINE FINANCING: It has elements of both debt (loan) and equity
(partnership). Lender gets a right to convert the debt (bond) to an equity (share). it is done via
instruments such as Optionally fully convertible debentures (OFCD).
22. Hybrid: Foreign Currency Convertible Bonds (FCCBs): - FCCB investor has option to convert
his bond Into shares at pre-determined exchange rate. - The FCCB’s are issued in a foreign
currency and carry a fixed interest rate
23. Long Term Debt Instruments:
• ULB: Urban Local Bodies Issue Municipal bonds to borrow money from public. - Ahmedabad
was 1st to launch Municipal bonds (1998). 2020-Lucknow 9th city in India & 1st in North
India.
• BRICS Bond: 2014- BRICS Nations had setup the New Development Bank (NDB, HQ:
Shanghai, China). Later it launched BRICS Bonds to mobilize money for its infrastructure
loans. Denomination: US Dollars
• World Bank: 2018: launched world’s first Blockchain Offered New Debt Instrument called
Bond-i.
• Evergrande Crisis: Evergrande is a Chinese real estate developer company. Facing trouble
repaying its bonds.
 PCB10 MODULE 5 PILLAR 1 C1 SUMMARY BY VYASA IAS

24. Masala Bonds: These rupee denominated bonds issued outside India, to borrow money for Indian
companies. World Bank’s sister agency International Financial Corporation (IFC) launched ‘Masala
Bonds’ to help Indian public sector and pvt sector companies. National Highways Authority of India
(NHAI) also issued Masala Bonds in London Stock Exchange to mobilize money for Indian Highway
projects + (2019) Kerala became the first State of India to issue Masala Bonds.
25. Green bonds: World’s first Green Bond launched by World Bank (2007) - India’s first Green Bond
launched by Yes Bank (2015) + BRICS-New Development Bank issued Yuan- green Bonds (2016) +
Indian Renewable Energy Development Agency (IREDA) launched India’s first Masala Green Bond
at London Stock Exchange (2018). + 2021: Ghaziabad Municipal Corporation (Uttar Pradesh),
issued first-ever Green Municipal bond in India.
26. Blue bonds: A sub-type of green bond, where money borrowed for climate resilient water / marine /
fisheries projects. E.g. 2018- Seychelles issued world's first 'Blue Bond,' to expand its marine
protected areas and fisheries sector
27. ESG Bonds: Money is invested in bonds of companies having good track record of Environment,
Social and Governance (ESG)
28. Catastrophe Bond: Govt / Insurance company issues such bond. Investor is promised with high
annual interest rate. But, if a natural disaster happens, his principal will not be returned. ⇒ If
disaster doesn’t happen then principal will be returned.
29. Consol Bonds : Consol is short form for ‘consolidated annuities’. ⇒ Consol bonds have no maturity
date. They are perpetual bonds that paid 4-5% interest rate, for an infinite time period. In theory they
don’t repay the principal amount back to investor. Thus, they’re Irredeemable Bonds + However, in
reality, the Govt may redeem(/buyback) the bonds after certain years, by paying principal to the
investor
30. Elephant Bonds for black money: ⇒ 2019-May: Commerce ministry’s Dr. Surjit S. Bhalla
Committee ‘to improve India’s share in global trade’ suggested ‘Elephant Bonds’. Tenure: 25-years.
31. Social Impact Bonds: SIDBI issued ₹ 300 cr. worth Women’s Livelihood Bonds with the help of
World Bank, UN Women org etc.
32. Zero coupon zero principal instrument: issued by Not for Profit Organization (NPO), Non-
governmental organization (NGO) for social service. They repay NEITHER principal NOR interest.
33. Sukuk Bond/Islamic Bond: It is a sharia-compliant bond instruments used in Islamic finance. Was
in News because Pakistan Govt issued such bonds.
34. Electoral bonds:
• Announce in Budget 2017 → Notified by Dept. of Economic Affairs, Finance Ministry + Only
SBI can issue at present, and in multiples of Rs.1,000, Rs.10,000, Rs.1,00,000,
Rs.10,00,000 and Rs.1,00,00,000. +
• When to buy? For ten days at the start of each quarter. (January, April, July and October).
However, during Lok Sabha election year, can sell for another 30 days
• Who can buy? Only an Indian Citizen or Company registered in India → deposit money in
their bank account → use that ₹₹to buy Electoral Bond, after giving certain KYC-documents.
So, Electoral Bond can’t be bought anonymously or directly with cash
• Electoral Bonds can be donated only to a political party registered under Representation of
the People Act 1951 and which has secured 1% /> votes polled in last Lok Sabha or Vidhan
Sabha elections.
• Validity : Only 15 days from date of purchase. Within that time, buyer must donate, and
political party must deposit in its SBI (current) bank account. No interest payable.
• Paper / Physical format (not DEMAT / electronic format) + Bearer instrument (Donor or
Recipient’s name not mentioned), ○ Promissory Note (promises to transfer money in bank
account) ○ Interest Free banking instrument (zero interest payable to anyone) + Can’t sell it
to third party, can’t pledge it for loans.
 MRUNAL SIR SUMMARY

1. EQUITY INSTRUMENTS: Equity holders are called owners / proprietors of the company. ⇒ If company
makes profit → they get dividend. They’ve last claim during liquidation.
• Venture Capital Funds: VCF are professional firms helping startup companies with seed capital.
(could be debt / equity / hybrid)
• Angel Investors: Rich person helping startup companies out of his hobby, passion, profit motive
or time pass
• Corporate Strategic Investor: Invests in startup company with goal of acquiring the company or
its technology at later date.
• RGESS Started in 2012: Rajiv Gandhi Equity Savings Scheme= Govt gives income tax benefit
to people who invest in the share market for the first time. Discontinued by Budget-2017
2. Sweet Equity: Shares sold @discount to directors & employees for their value addition to company
[Amount is regulated under Companies Act]
3. Penny stocks: Shares whose market price remain excessively low compared to its face value. Such
pathetic companies give zero or little dividend.
4. Blue Chip stocks: Shares of a nationally recognized, well-established and financially sound company
with a history of generating good return for the investor.
5. Multibagger Share: When company’s share price climbs rapidly of time.
6. Cyclical / Seasonal Shares: When price of a company’s shares depend on the particular business cycle
7. Free float: is also known as Public float which refers to the shares of a company that can be publicly
traded and are not restricted. It generally excludes promoters' holding, government / strategic
holding and other locked-in shares, which will not come to the market for trading in the normal course.
8. Market capitalisation = {Total number of share multiplied with current price of every share.} Market cap
can change every day, depending on the price movement in sharemarket.
9. Valuation: It is the process of estimating the total value of a company.
10. EBITDA: It shows Company’s Earnings Before loan Interest repayment, Taxes payment, Depreciation,
and Amortization. Higher number is better.
11. Depreciation: Represents wear and tear, repairs, or decrease in the value of physical assets like
machinery and buildings.
12. Amortisation: Represents decrease in the value of intangible assets like patents and copyrights
13. METHODS OF ISSUING SHARES: Share have printed price on the certificate called Face Value or Par
Value. If they’re sold at higher price than face value, it’s called “Premium Value”- that usually happens
when investor is confident of getting high dividend/return on his investment.
14. Rights issue: Company issues additional shares (FPO) but gives first right to existing shareholders to
buy them, if they refuse then offered to outsiders.
15. QIP: When company issues the shares only to qualified institutional buyers (QIBs) e.g. mutual funds,
pension funds, insurance companies etc
16. Private Placement: If Zee offers to sell its shares only to Ambani. But not to others retail investors.
17. An offer for sale is an issue of existing securities held by the existing shareholders of the company to
the public. Compared to a public issue or an IPO where the proceeds of the issue flow to the company, in
case of an offer for sale, the proceeds flow to the shareholders who are offering the shares.
18. Share Swaping: The term “share swap” refers to the corporate arrangement, in case of a merger or
acquisition, under which two entities agree to exchange the equity -based asset of one with that of the
another. It is also popularly known as a share-for-share exchange, share exchange, stock-for-stock.
19. A bonus share is the additional share that a company gives to its shareholders. These shares are
offered for free. It is a win-win situation for both, as investors enjoy free shares and companies earn faith
of existing shareholders in the operations of the company. Generally, bonus shares are also known as
scrip dividends.
20. Stock splits (also known as sub-division of shares) and reverse stock splits (also known as
consolidation) of shares are the methods of alteration of the share capital of a company.

21. A share buyback, also known as share repurchase, is a corporate action to buy back its own
outstanding shares from its existing shareholders usually at a premium to the prevailing market
price. It is seen as an alternative, tax-efficient way to return money to shareholders.
22. ADR/GDR: A non-American company wants to mobilize money from American share market but does not want to
go through the lengthy & complex process of registration with the American sharemarket regulator. - Then such
 MRUNAL SIR SUMMARY

non-American company gives its shares to an American bank. - Based on those (non-American) shares, the
American bank will issue American Depositary Receipts & sell them to American investors.
• Denomination: USD.
23. Global Depositary Receipt (GDR): Same as above, but when single bank issues receipts for investors in multiple
countries.
• Denomination: usually USD or Euro
24. Initial Coin Offering (ICO): Company wants investors’ money for launching new cryptocurrency, or service/app
related to an existing cryptocurrency. ⇒ Then, it’ll issue Initial Coin Offering (ICO) → Investor subscribes to it, and
receives ‘tokens’ (and not SHARES). Investors can use the ‘tokens’ to buy companies coins/services or may sell it to
a third party.
25. STOCK EXCHANGES / SECONDARY MARKET: Shares are issued through IPO @Primary market. Then, they can be
resold at secondary market, commonly known as Share market or Stock Exchange or Bourses.
• World’s Oldest: Amsterdam Stock exchange, Netherlands (1602)
• Asia’s Oldest: Bombay Stock Exchange (BSE: 1875)
• India’s stock exchanges chronology: BSE → A’bad → Kolkata → NSE (early 90s) ⇒ Just like Banks have Core
Banking Solutions for e-banking, Stock exchanges have their electronic platforms for trading.
26. Social Stock Exchange: It is a market for buying/selling shares/bonds/mutual fund for projects/organizations
related to hunger/malnutrition, poverty, gender equality, LGBT welfare, rural sports, Slum Area Development,
affordable housing. Etc. SEBI setup Ishaat Hussain panel to study it. Then SEBI setup Harsh Bhanwala panel to
study is further.
27. Depositary is an organization that holds the securities (like shares/bonds etc.) in electronic (=DEMATERIALIZED)
form. Then facilitates its trading online.
• SEBI regulates them under the Depositories Act 1996.
• Notable examples: - Central Depository services Limited (CDSL: owned by BSE, HDFC, Canara Bank etc.) -
National Securities Depository Limited (NSDL: owned by SBI, IDBI, UTI, NSE etc.) NSDL also has RBI license
to operate Payment Bank
28. ISIN Number ⇒ International Securities Identification Number (ISIN) is a Unique 12 characters, consisting of both
letters and numbers. It’s a serial code to identify securities
29. CENTRAL COUNTERPARTIES (CCPS) act as intermediary between the buyers and sellers in financial market. They
act as a central counter-party to every trade i.e. CCP becomes seller to the buyer, and simultaneously CCP
becomes buyer to the seller. This process is called “novation”.
• Money transfer between buyer and seller: RBI using powers of Payment and Settlement Systems Act,
2007
• Foreign currency transactions: RBI using powers of Foreign Exchange Management Act, 1999
• Shares, Bonds, Commodities: SEBI using powers of SEBI Act, 1992 and Securities Contract (Regulation)
Act, 1956 (SCRA)
30. Qualified Institutional Buyers: : Investors with expertise and financial muscle to make large investments in capital
markets. E.g. Mutual Funds, Insurance Company, Foreign Venture Capital Funds etc. SEBI has separate registration
norms for them.
• Anchor investors: They’re sub-type of QIBs who are offered shares before IPO-launch. This gives
confidence to other investors to subscribethe given IPO.
• Retail investor: An individual investor who is not a QIB.
31. Types of Investors:
• Jobbers: Full time engaged in buying / selling securities using money from their own pockets. (Whereas
brokers / commission agents buy/sell using money/shares of their clients)
• STAG (Male Deer): He buys newly issued securities from primary market & sells them in secondary market
for quick profit.
• Bull: Optimistic speculator who hopes share prices will rise so purchases (to sell them later at much
higher price). Just like a bull tends to throw his victim up in the air, the bull speculator stimulates the price
to rise.
• Bear: A pessimistic speculator who fears prices will fall so, he sells. A bear usually presses its victim down
to ground. Similarly, bear speculator tends to force down the prices of securities.
 MRUNAL SIR SUMMARY

32. Style of Trading / Investing based on duration and risk:

• Margin Trading: when a person is buying more shares, than he can afford to. usually done by borrowing
money from the broker. Risky because is the investment fails then person will get into huge debt
• Day trading / Intra-day trading: Individuals buy and sell shares over the Internet over a period of a single
day's trading, with the speculative intention of profiting from small price fluctuations.
• Swing Trader: He’s buying a share for just few days or weeks then sells it for profit.
• Long term investor: He’s buying for himself and he holds the share for more than 1 year.
• Block Deal: When large value order placed e.g. ₹5cr or more. This is usually done by institutional investors
such as Mutual Fund, Insurance companies etc.
33. Contra Trading / investing: - investor will do opposite of what everyone else is going. -e.g. in Coronalockdown, if
everyone is buying Pharma shares and ignoring PVR-cinema shares → then contra trader will begin investing in
PVR-cinema shares (with the hope that after Corona unlock down → cinema industry will boom and contra-
investor will make great profit)
34. SENSEX& OTHER NOTABLE INDICES:
• SENSEX: It’s the weighted average of Free Float Market Capitalization (FFMC) of 30 companies, selected
by Bombay Stock Exchange (BSE)’s offiials
• NIFTY: National Stock Exchange (NSE)’s index of 50 companies.
• Nikkei: Tokyo Stock Exchange index of 225 companies.
35. MSCI Emerging Market (EM) index: French word for ‘superior force’. It refers to unexpected external
circumstances that prevent a party to a contract from meeting their obligations. In such cases, courts may not
punish party for dishonoring contract.
36. EFFICIENT MARKET HYPOTHESIS /THEORY (EMH): financial markets are efficient in processing information and
pricing securities. So one investor CANNOT always KEEP earning more profits than the average trend in market.
37. DEMAT Portfolio: Portfolio means the collection of assets held by an investor. In financial market, “Portfolio”
means the list of shares/bonds/ETF you’re keeping in your DEMAT account.
38. SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI): ⇒ HQ- Mumbai + (1988) Formed by an executive order →
(1992) Became Statutory Body → powers increased through amendments in 1999 & 2014 + SEBI Board
Composition: Chairman + 1 officer from RBI + 2 officers from Union Government + 5 members appointed by Union
Government. ⇒ Chairman: upto 5 years / 65 age. Reappointment possible. ⇒ 2022: Madhabi Puri Buch-first
woman chairperson in history of SEBI. She replaced Ajay Tyagi (Ex-IAS). Selection was done by Financial Sector
Regulatory Appointments Search Committee (FSRASC) headed by the Cabinet Secretary (IAS).
• Regulates Process of issuing securities (Bonds, Shares, IPO, ETF, ReIT, INVITs, etc.) using the Securities
Contracts Regulation Act, 1956
• Regulates Places (Depositories, Stock exchanges, Commodity Exchanges etc.)
• Regulates Persons (Investors, Brokers, Fund Managers, Public Limited companies etc.)
• Regulates any Collective Investment Scheme (CIS) of ₹100 cr/> [In the aftermath of SAHARA scam & Chit
Fund scams
• SEBI has “SCORES” online portal for complaint.
• SEBI has Securities Market Trainers (SMARTs) Program for investor education
39. SEBIINVESTOR CHARTER: A citizens’ charter is a document of commitments made by a government agency to the
citizens in respect of the services being provided to them. e.g. if "X" problem is not solved in "Y" days then
complain to "Z" officer on ABC Phone number / email address etc.
 MRUNAL SIR SUMMARY PILLAR 3C COMPLETE BY VYASA IAS

PILLAR 3C: INTERNATIONAL ORGANIZATIONS AND AGREEMENTS RELATED TO ECONOMY

1. BRETTON WOODS ORGANIZATIONS

• Conference was held in Bretton Woods town, New Hampshire in USA after the WW2 (1939-45) to restore the
global economy  Total 44 nations participated, incl. India + It proposed 3 international institutions.
OUTCOME RELATIONSHIP WITH UNITED NATIONS (UN)
International Bank for Reconstruction and Development These two are considered “Specialized Agencies of
(IBRD), commonly known as World Bank. UN.
International Monetary Fund (IMF)
(Proposed) International Trade Organization (ITO). But could WTO is considered “Related organization of UN
not materialize due to American opposition. Instead, nations because it doesn’t fulfil all requirements of UN
later setup GATT → WTO charter on specialized agencies.

• BRETTON WOODS → 1) WORLD BANK, WASHINGTON, 1945, JUL

World Bank = IBRD + IDA.  World Bank Group = comprises of 5 institutions, namely
o International Bank for Reconstruction and Development (IBRD)
o International Development Association (IDA)
o International Finance Corporation (IFC)
o Multilateral Investment Guarantee Agency (MIGA)
o International Centre for the Settlement of Investment Disputes (ICSID)
• World Bank President?
World Bank Reports? World Development Report, Ease of doing business Index, Remittance & Migration
Report, Global Economic Prospects report.

2. BRICS BANK AND AIIB

BRICS BANK: New Development Bank (NDB) AIIB: Asian Infrastructure Investment
Bank
Started In 6th BRICS Summit in Fortaleza (2014) members signed 2015-16
treaty
Members Founding members: Brazil, Russia, India, China, South China, India, UK, Switzerland, >100
Africa originally each of above founding members had nations as of 2020.
20% shareholding, later diluted to 18.98% after addition
of some new members
Voting 2023-Nov. new shareholding pattern to be Based on share capital contributed:
power • Brazil Russia India China South Africa (18.98% • China largest shareholding
Shareholding each) ~27%,
pattern • Bangladesh (1.79%) • India second largest
• UAE (1.06%) shareholding~7%.
• Egypt (2.27%) • Asian countries control about
• Uruguay added as prospective members but not 75% shareholding
yet have shareholding • 25% with non-Asian nations.
HQ Shangai, China Beijing, China
Corona $1 billion (2020- April) $750 million (2020 – June)
Loan2 India
• BRICS member have also setup $100 billion BRICS Contingent Reserve Arrangement: to help members during BoP
crisis- similar to IMF.
• BRICS nations also planning to setup their BRICS payment system parallel to SWIFT, and BRICS rating agency.

CALL 8851628134 FOR MORE QUERY 1

 MRUNAL SIR SUMMARY PILLAR 3C COMPLETE BY VYASA IAS

3. Multilateral Development Banks → Other

BIS: Bank for International
Settlements
African Development Bank
Asian Development Bank (ADB)
European Bank for Reconstruction &
Development (EBRD)
IDEAS
• 1930: setup in BASEL, Switzerland.
• Made up of 60 countries’ Central Banks. Its committee on banking
supervision set norms in 1988 (I), 2004 (II), 2011(III) to ensure
global financial stability
• 1964: setup in Abidjan in Ivory Coast
• India is a member, also gets loans
• 1966: setup in Manila, Philippines
• India is a member, also gets loans.
• 1991: setup at London.
• India became member (shareholder) in 2018. India will not be
eligible for loans from EBRD but India can initiate joint loan
proposals for Asian, African, European nations for its soft-
diplomacy
• 2005: Indian Development and Economic Assistance Scheme
(IDEAS) to give loans to Developing countries. Ministry of External
Affairs selects the loan-projects → FinMin's Dept of Economic
Affairs will release the loan ₹₹ to the recipient country

4. BRETTON WOODS → 2) IMF, WASHINGTON, 1945, DEC

• International Monetary Fund (IMF) helps in global currency exchange stability, helps against balance of
payment crisis.
• IMF’ Chief Economist (CE)? Gita Gopinath, an Indian-American economist, she became the first woman to be
the Chief Economist of IMF (2019 to 2022-Jan). Previously Raghuram Rajan has also served in this position.
• 2022: Gita Gopinath promoted to the post of First Deputy Managing Director (FDMD).
• Notable reports? Global Financial Stability Report, World Economic Outlook
• United Nations (UN) has 195 members, whereas IMF has 189 members

5. IMF LOAN WINDOWS: Rapid Financing Instrument (RFI), Stand-By Arrangement (SBA), Extended Fund Facility
(EFF).
6. BRETTON WOODS → 3) GATT → WTO (GENEVA)
1948: General Agreement for Tariffs and Trade (GATT) + 1986-1993: Uruguay Round of GATT negotiations → set up a
permanent institution to encourage international trade in goods & services and Intellectual Property Rights (IPR) 
1994: Marrakesh treaty → WTO started functioning from 1/1/1995 at Geneva, Switzerland + India is a founding
member.

7. WORLD TRADE ORGANIZATIONS

Ministerial • Supreme Decision-Making body.
Conference • Usually meets once every two years, deliberates on trade agreements.
• One country = one vote. (unlike IMF & World Bank, where the money power →
shareholding → determines the voting power)
• Appoints Director General (DG) to look after administrative work.
General Council • Day to day decision making body @Geneva.
• Implements the decision of ministerial conferences
• Has representative from each member country.
Has two bodies, with separate chairman
• Dispute settlement body → Appellate Body

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• Trade policy review body

Below general council, there are committees on individual agreements and annexes e.g. Anti
dumping, Subsidies & countervailing measures (SCM) etc.

8. TARIFF BARRIERS AGAINST INTERNATIONAL TRADE

CVD Anti-Dumping Duty

Two scenarios when foreign goods will appear cheaper
to Indians than domestic goods: -
• If foreign country is giving subsidies to their
exporters AND / OR
• If Indian government imposes higher amount
of taxes, cess or surcharge on the locally
manufactured products
THEN Indian Govt tries to protect local (domestic)
industry by imposing Countervailing Duty (CVD),
Special Countervailing Duty, Additional Customs Duty
on imported items on imported items.
If China exports goods to India at a price below their
normal price in domestic Chinese market or at a price
below their cost of production then it is termed as
“Dumping”.
Then, India's commerce ministry → Directorate General of
Trade Remedies: (DGTR) investigates → recommends
Finance ministry to impose “Anti-Dumping Duty” on such
imported items.

Commerce Ministry → DG foreign trade (DGFT) launched ‘ARTIS’ portal (Application for Remedies in Trade for Indian
industry and other Stakeholders). Applicants can file complaints against dumping.

9. WTO: NOTABLE AGREEMENTS

OBJECTIVE
Tariff Barriers
Non tariff barriers
Misc. measures to encourage
global trade, protect environment
AGREEMENT (S)
• General Agreement on Tariffs and Trade (GATT) for goods
• General Agreement on Trade in Services (GATS)
• For non-food: Subsidies and Countervailing Measures (SCM)
• For Food: Agreement on Agriculture (AoA)
• Trade-Related Aspects of Intellectual Property Rights (TRIPS)
• Trade- Related Investment Measures on Foreigners
• WTO’S Agreement on Fisheries Subsidies

10. WTO’s Appellate Body (AB) Crisis

• It is a permanent body) to resolve appeals against DSB’s orders.
• It is ordinarily composed of 7 members, 4 year term & 1 reappointment
• WTO Appellate Body members are appointed by the WTO members by consensus, (i.e. no member-nation
should formally object to candidate’s name).

11. WTO Multiparty Interim Arbitration (MPIA) mechanism

• Due to the aforementioned appellate body crisis → some WTO members have created a Multiparty Interim
Arbitration (MPIA) body as a temporary solution.
• Members? EU, China, Brazil, Australia, New Zealand etc 20+ WTO members.
• India is not a member yet. India wants restoration of the original appellate body (AB).

12. Least Developed Countries (LDC)

• Are identified by the UN Economic and Social Council (ECOSOC) Somaliya, Ethiopia, Congo, etc.
• First world countries, Advanced Economies (AE), Developed Countries= such as USA Canada, France and
Germany etc.

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• Second world countries= USSR and its allied countries

• Third world countries, developing countries, Emerging market economies (EME)= India China, Mexico, Brazil
etc. Nowadays, “Global South” term also used for them.

13. WTO MINISTERIAL CONFERENCES (MC)- NOTABLE LIST

NOTABLE PLACE YEAR COMMENT/ NOTABLE
OUTCOME IF ANY
MC12 Geneva, Switzerland 2022 • Fisheries subsidy agreement.
• Patent waiver for corona vaccines.
MC13 Abu Dhabi 2024

14. FOOD SUBSIDIES & PEACE CLAUSE

• Under WTO’s Agreement on Agriculture (AoA), 1st world and 3rd world countries are required to limit their
food-subsidies to 5% and 10% respectively to the value of their agriculture production.
• 2013: WTO ministerial conference at Bali (Indonesia) → India refused to sign any new agreements until this
food subsidy issue was resolved.
• So, WTO Peace Clause → it gave temporary immunity to India and other developing countries.
• 2020: India informed WTO that in rice production, we've crossed the 10% subsidy limit (in 2018-19). But as
per Peace clause, we’ve immunity.

15. Food subsidies: Cairns Group

Agricultural exporting countries' group + Members: Argentina, Australia, Bolivia, Brazil, Canada etc. 20 nations + They
want WTO members to /stop agri subsidies + India is not a member.

16. Bali Package & Trade Facilitation Agreement / TFA (2013)

• Bali Package is the trade agreement / outcome resulting from the WTO ministerial conference 2013 @Bali,
Indonesia. Its two significant components are: Trade Facilitation Agreement (TFA) and Peace Clause on Subsidies.

17. Nairobi Package & SSM (2015)

• Nairobi Package resulted from the WTO ministerial conference 2015 @Nairobi, Kenya.
• If there is a surge of cheap agro exports from 1st world to 3rd world, then 3rd world countries will have the right
to temporarily increase tariff / taxes on them, to protect their local farmers. It’s called “Special Safeguard
Mechanism.

18. WTO FISH SUBSIDIES

• WTO’s Agreement on Fisheries Subsidies (AFS) signed in WTO Sumit/ Ministerial Conference 2022 at Geneva. AFS
prohibits three kinds of subsidies:
o illegal, unreported, or unregulated (IUU) fishing
o fishing of already over-exploited species/stocks
o fishing on unregulated high seas

19. CONVENTIONAL GRAVITY MODEL

Developed by Jan Tinbergen, a Dutch economist in 1960s + It explains factors affecting trade between 2 countries.

20. TRADE AGREEMENT TYPES

• Partial Scope Agreement (PSA): Trade between two countries for a small list of goods @reduced tariffs.

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• Preferential Trade Agreement (PTA) / Free Trade Agreement (FTA): Member= lower tariff; non-members: regular
tariff.
• Customs Union (CU): FTA in which members apply a common external tariff (CET) for non- members + E.g. East
African Community (EAC).
• Common Market (CM): Customs union where factors of production (capital/FDI, labour) can move freely
amongst members e.g. MERCOSUR- S.America.
• Economic Union (EU): common market where member countries keep common currency & tariff.

21. FTA: India Mauritius FTA/CECPA, 2021

India Mauritius Free trade agreement: Comprehensive Economic Cooperation and Partnership Agreement (CECPA)
came into effect from 1st April 2021.

22. India UAE CEPA, 2022

23. FTA: India Australia ECTA: India-Australia Economic Cooperation and Trade Agreement (IndAus ECTA-2022).
24. Interim (early harvest) trade agreement
Signed between two countries on a small list of goods and services + They act as a frontrunner before signing a more
comprehensive free trade agreement (FTA).

25. Transatlantic Trade and Investment Pact (TTIP) #NOT-yet-Signed

Proposed free trade agreement between USA & EU with objectives similar to TPP- reduce tariff, easier entry of
foreign investment etc.

26. U.S.-E.U. Trade and Technology Council (TTC) (2021)

2021: Started by President Biden to coordinate technology and trade policy between the United States and European
Union.

27. Trans Pacific Partnership (TPP)

USA proposed free trade agreement among 12 countries: US, Japan, Malaysia, Vietnam, Singapore, Brunei, Australia,
New Zealand, Canada, Mexico, Chile and Peru + Aimed to have lower tariffs for participant countries, easier norms
for labour, environment and investment.

28. TPP-11 or CPTPP

Some of the nations in Pacific region separately worked out a ‘Comprehensive and Progressive Agreement for Trans-
Pacific Partnership’ (CPTPP or commonly called TPP-11) in 2018-Dec + Presently, it has 11 signatories: Australia,
Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.

29. INDO-PACIFIC ECONOMIC FRAMEWORK (IPEF)

Intro-Origin: 2022- USA launched it on the sidelines of QUAD Summit in Tokyo, Japan + IPEF is not a traditional trade
agreement.

30. Introduction to RCEP

RCEP is a proposed free-trade agreement the 10 ASEAN countries and their six Free-Trade Agreements partners viz.
Australia, China, India, Japan, New Zealand and S. Korea + 2020-Nov: 15 members signed it. India not yet signed.
2021: Singapore becomes 1st to sign.

31. India-ASEAN to review FTA by 2025

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2009: India-ASEAN FTA signed + So, India and the ASEAN countries will form a committee to review / modify the
agreement by deadline of 2025.

32. Budget-2020: FTA ‘rules of origin’

1998: India - Sri Lanka FTA + FTA agreements contain 'rules of origin + Originating country (Srilanka) cannot dump
goods from some third country (China) in the Indian market by just putting a label on it.

33. Commerce Ministry: Certificate of Origin

Certificate of Origin (CoO) is issued by the Director general of foreign trade under the commerce ministry.

34. Trade agreements losing shine → NAFTA & SAFTA

NAFTA 1994 • North American Free Trade Agreement; (1994) involves Canada, USA and Mexico
SAFTA 2004 • South Asian Free Trade Area is a trade agreement of SAARC nations- Afghanistan,
Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka.
• 2016: India refused to attend SAARC Annual summit @Pakistan, after Uri-Attack.
AFCFTA 2019 • African Union (AU) members have signed the African Continental Free Trade
Agreement (AfCFTA) covering 54 nations

35. Protectionism, Trade war

Protectionism means use of tariff and non tariff barriers to protect the local industry against foreign competition.

36. USA’s Special 301 report

• Annual report that lists the countries who are harming the Intellectual Property Rights: (IPR)- copyrights,
patents and trademarks of American companies.
• These countries are classified into categories such as “Priority Foreign Country” (Most dangerous)> "Priority
Watch List" > "Watch List" etc.
• 2018: India, Russia, China etc. are in priority watchlist.

37. USA’s Generalized System of Preferences (GSP) list

If a developing country’s name is in this list, its exports will be subjected to zero/lower import duties in USA (for
selected products only) + 2019: Trump removed India from GSP list.

38. GROUPINGS: INDIAN SUBCONTINENT

SAARC, 1985
South Asian Association for Regional Cooperation
HQ: Kathmandu, Nepal (1985)
8: Afghanistan, Bangladesh, Bhutan, India, Nepal,
Maldives, Pak & Sri Lanka.
2016: summit @Islamabad cancelled after India and
others boycotted due to Uri attack + Then no annual
summits in 2017, 2018 etc.
BIMSTEC, 1997
Bay of Bengal Initiative for Multi-Sectoral Technical
and Economic Cooperation (BIMSTEC)
Dhaka, Bangladesh (1997)
7 members: Bangladesh, India, Myanmar, Sri Lanka,
Thailand , Nepal and Bhutan.
• Summits every four years.
• 2018 summit @Kathmandu, Nepal.
• 2022: summit @Colombo, Sri Lanka (virtual
mode)
Bitter areas: Myanmar coup & Rohingya crisis →
outflow of refugees India and Thailand

39. Mekong- Ganga Cooperation (2000)

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India + five of the ASEAN countries, namely, Cambodia, Laos, Myanmar, Thailand and Vietnam. for cooperation in
tourism, culture, education, transport, communications + Mekong river starts from China → flows through Myanmar,
Laos, Thailand, Vietnam, Cambodia → drains in South China Sea.

40. GROUPINGS: ASEAN VS SCO

ASEAN
Association of Southeast Asian Nations
1969 → Bangkok declaration → HQ: Jakarta, Indonesia.
8th August is celebrated as ASEAN Day.
10 Members: Brunei, Cambodia, Indonesia, Laos,
Malaysia, Myanmar, Philippines, Singapore, Thailand
and Vietnam.
Chairmanship of ASEAN rotates annually based on the
alphabetical order of the English names of Member
Nations.
2023: @Indonesia. 2024: @Laos
SCO
Shanghai Cooperation Organization
2001 → HQ: Beijing, China.
Regional Anti-Terrorist Structure (RATS) @Tashkent,
Uzbekistan
6 founding members: Russia, China, Kazakhstan,
Kyrgyzstan, Tajikistan and Uzbekistan.
+2 new members: India & Pak (2017)
+1 new member: Iran (2023)
2023: India; Theme- 'Towards a SECURE SCO"
2024: Astana (Kazakhstan)

41. Afghanistan 6+2+1 group for redevelopment of Afghanistan

6: neighbouring countries: China, Iran, Pakistan, Tajikistan, Turkmenistan and Uzbekistan; + 2 global players the
United States and Russia, and +1: Afghanistan itself.

42. GROUPINGS: OCEAN-RIM WALLA

INDIAN OCEAN RIM ASSOCIATION (IORA)
22 Indian Ocean rim nations. India is a
member. China-USA are dialogue partners.
Setup in 1997, HQ: Ebene, Mauritius
2023: Summit at Colombo, SriLanka
ASIA-PACIFIC ECONOMIC COPPERATION (APEC)
21 Pacific Rim ocean economies. India is not a member, China-
USA are members.
1989, HQ: Singapore
2020-Virtual summit adopted “Putrajya Vision 2040” for
economic cooperation and development partnership.

43. BRICS
• 2024: New members to join: Argentina, Egypt, Iran, Saudi Arabia, Ethiopia, and UAE
• 2024: Summit @Kazan (Russia)
Role of secretariat is played by its pro tempore presidency. e.g. 2022: China, 2023: S.Africa

44. GROUPINGS: BRICS, OECD, OPEC & JAI

OPEC, 1961 • Organization of the Petroleum Exporting Countries, 1961 HQ@Vienna, Austria.
• A group of oil producing countries Saudi, UAE, Venezuela, Iran, Iraq etc total 14
members. Qatar withdrew from 1/1/19. Russia is NOT a member
OECD, 1961 Organisation for Economic Co-operation and Development: 1961 HQ @Paris, France
NAM 1961 • Non-Aligned Movement was founded under the leadership of Josip Broz Tito of
Yugoslavia, Gamal Abdel Nasser of Egypt, Jawaharlal Nehru of India, Kwame
Nkrumah of Ghana, and Sukarno of Indonesia.
• They advocated 3rd world nations to abstain from allying with USA/USSR during
Cold war
2+2 e.g. India Japan 2+2 = meeting of foreign minister & defense minister from each side

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JAI Trilateral 2018 Prime Minister Narendra Modi, US President Donald Trump and Japan Prime Minister Shinzo
Abe met in a trilateral format in the sidelines of G-20 Summit in Buenos Aires, Argentina. It
was called the first-ever ‘JAI’ meeting. Objective? Economic growth, common prosperity.
QUAD Quadrilateral Security Dialogue is a strategic dialogue / group of political democracies,
market economies and pluralistic societies. between the United States, Japan, Australia and
India.
AUKUS 2021: This trilateral security pact between Australia, the United Kingdom. Under the pact,
the US and the UK will help Australia to acquire nuclear-powered submarines. France
doesn’t like this, because earlier they were going to sell submarine to Australia.
Paris Club • Paris Club: Informal group of nations that help a debtor nation when debtor nation
facing loan repayment problems.
• Members include Australia, Canada, France, Germany et cetera.
• India is an observer state (meaning not full member yet)

45. G20 SUMMIT AT INDIA

• 2023: African Union (made up of 55 countries in the African continent) is given full membership- similar to the
EU.
• G20 Common Framework: G20 + Paris Club together devised a framework to help the low-income countries in its
loan repayment problems (2020).
• Sherpa Track: India’s SHERPA = Amitabh Kant (Retd IAS)

46. G20 Summit- 2023: 18th Summit @New Delhi, India: theme and logo
• G20 Summit is held annually with a rotating presidency
• Brazil (future summit in 2024)
• Theme:- “Vasudhaiva Kutumbakam” or “One Earth One Family One Future” - is drawn from the ancient Sanskrit
text of the Maha Upanishad
• Logo:- globe/earth resting on a lotus

47. G20 Summit-2023: Outcomes / New Delhi declaration (2023)

• African Union (55 members) accepted as G20 member- just like how EU is member of G20.
• India – Middle East – Europe Economic Corridor (IMEC) launched.
• Global Biofuel Alliance (GBA) launched.

48. G20 2023 Outcome India-Middle East-Europe corridor (IMEC)

• Announced during G-20 Summit @India (2023).
• Players? India, Saudi Arabia,UAE, Jordan, Israel, USA, EU & others in G20.
• Objective? Build railway line, shipping connectivity and optical fibre Link

49. G20 2023 Outcome Global Biofuel Alliance (GBA)

• Announced during sidelines of G-20 Summit @India (2023)
• Players? India, Singapore, Bangladesh, Italy, USA, Brazil, Argentina, Mauritius and UAE and more- total 19
countries and 12 international orgs (- As of 2023-Sept.)

50. G7 - Group of Seven (1975)

• Seven major developed countries: Canada, France, Germany, Italy, Japan, USA, UK.
• 1997: Russia was added so it became G8 but then Russia annexed Crimea region of Ukraine.
• 2022: Summit@Germany

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51. Bletchley Declaration o AI Safety (UK-2023)

India, China, Saudi Arabia, USA etc....total 28 nations AND European Union signed Bletchley declaration.

52. D10: 5G club proposed by UK (2020)

G7 countries — UK, US, Italy, Germany, France, Japan and Canada + + 3 more plus Australia, South Korea and India.

53. MINERALS RELATED GROUPINGS

Masterminds? World Bank and Japan. Later Canada, Italy, S.Korea and UK also joined.

54. Minerals Security Partnership (MSP)

• US-led partnership to secure critical minerals and reducing dependency on China.
• MSP includes Australia, Canada, Finland, France, Germany, Japan, the Republic of Korea, Sweden, United
Kingdom, and the European Commission.
• 2023-June: India joins MSP grouping. (Originally, we were not invited.)

55. INFRASTRUCTURE RELATED NOTABLE GROUPS/INITIATIVES

iNITIATIVES MASTERMIND YEAR
Belt and Road Initiative (BRI) / One belt one road (OBOR) China 2013
Blue Dot Network (BDN) USA, Japan, Australia 2019
Global Gateway Initiative EU 2021
Partnership for Global Infrastructure Investment (PGII) G7 (Mostly USA’s Brainchild) 2022
India-Middle East-Europe corridor (IMEC)- it as subscheme of G20 Delhi Summit 2023
PGII given in previous cell
Partnership for Resilient and Inclusive Supply-chain World Bank and Japan. Later Canada, 2023
Enhancement (RISE) for critical minerals, such as cobalt, Italy, S.Korea and UK also joined
lithium, vanadium, manganese and zirconium

56. GROUPINGS: MIDDLE EAST: GCC VS OIC

Gulf Cooperation Council (GCC)
1981: HQ-Riyadh, Saudi Arabia
6 members: Bahrain, Kuwait, Oman, Qatar, Saudi
Arabia, and the UAE
2017: some of these members have cut off diplomatic
and business ties with Qatar. 2021: Extraordinary
summit @Pakistan
Organisation of Islamic Cooperation (OIC)
1969: HQ-Jeddah, Saudi Arabia
~50 Islamic countries from across of the world.
2019-March: While India is not a member, but first time
invited in OIC meeting as guest of honour.

57. ABRAHAM ACCORDS (2020-SEPT)

• UAE, Bahrain and Israel’s Peace agreement for normalization of relations.
• Abraham = regarded as a prophet by both the Jewish and Islam

58. I2U2: Middle Eastern/ West Asian QUAD (2021-22)

• Indo-Pacific Quad = India, USA, Japan and Australia
• Middle Eastern Quad / / West Asian QUAD = India Israel, UAE, and USA

59. WORLD ECONOMIC FORUM (1971)

• Not-for-profit think-tank in Cologny (a municipal area in Geneva), Switzerland

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• Known for its annual summit at Davos resort in Switzerland where they invite selected world leaders, thinkers,
NGOs and industrialists.
• 2021: Davos Summit 2021- cancelled by Corona’s Omicron variant.
• 2022:Online Davos Agenda 2022 summit, held in virtual mode.
• Annual reports: Global Competitiveness Report, Global Information Technology Report, Global Gender Gap
Report, Global Risks Report, Global Travel and Tourism Report, Financial Development Report, Global Enabling
Trade Report.etc.

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