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What do you really mean by transfer payments?

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What do you really mean by transfer payments? Transfer payment is the payment received without effort and productive service. It is the type of income which is earned without contribution made to the flow of goods and services.

What are the features of Balance of Payments in international trade ?

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Balance of payments is a systematic record of all economic transactions. Visible as well as invisible, in a period, between one country and the rest of the world. It shows the relationship between one country’s total payments to all other countries and its total receipts from them.

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