10 min read.Updated: 27 Feb 2016, 11:35 PM ISTAnkit Mital
At the historic conference that spawned the IMF and the World Bank, the Indian delegation punched above its weight
If the Indian delegation to the Bretton Woods conference of 1944 had an enduring legacy, it was the change in the treatment of “unilateral transfers" in the “balance of payments" accounting system. The balance of payments is the record of all international economic transactions. Among these, unilateral transfers are cross-border payments that do not correspond to any exchange of goods or service—essentially net receipt of remittance from emigrants or donor aid that is not backed by any exchange of goods or services or assets.
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