India s International Monetary System And Classification...

In this system, each country adopts a certain monetary unit with, more or less, fixed par value, based generally upon its gold content. This par value is made the basis of its exchange rate with other national standard momentary units, and this announced exchange rate remains stable or permanent for some time before it is officially changed. -The Floating Rate of Exchange A country using the floating rate of exchange for its monetary allows its money to be traded in the money market at exchange rates fixed by the daily forces of demand and supply for such money. The monetary unit is allowed to seek its own price level. -The Flexible Par Value System The middle system between fully fixed rates of exchange and the free floating rate of exchange (International Monetary System, 2016) Presenters Notes for Slide 2 (Continue) What is India’s International Monetary System and classification? Reserve Bank of India, the Central Bank of the country, is at the center of the Indian Financial and Monetary system. RBI is among the oldest among the developing countries . It was inaugurated on April 1, 1935 as a private shareholders institution under the Reserve Bank of India Act 1934. It was nationalized in January 1949, under the Reserve Bank (Transfer to Public Ownership) of India Act, 1948 RBI took a leading role in designing and implementing policies for agricultural and industrial development and for laying the foundations for financial markets. 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