ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Foreign Policy- Anti-China Chorus

payments, export realisations and invisible transactions routed through the authorised dealers, i e, commercial banks, are available only upto February 1974. Similarly, the Indian High Commission in London, which imports on government account, has not supplied the necessary details for the period January-March 1974. Aid data were available upto end-March 1974 and so apparently were details of transactions effected through the India Supply Mission in Washington. Thus it would appear that the Reserve Bank was unable to compile balance of payments data for the year 1973-74 mainly on account of two gaps in the available information : the non-availability of details from Indian commercial banks for March 1974 and from the Indian High Commission in London for the period January-March 1974. But, surely, these gaps in data are not so serious as to have come in the way of the Reserve Bank making estimates of the balance of payments for 1973-74. These estimates could have been revised subsequently. In any case, are not all of the Reserve Bank's balance of payments data since 1968-69 still described as 'preliminary'? Then why should the Bank be so pernickety about making estimates for 1973-74? Besides, for non-receipt of information from commercial banks, the Reserve Bank has only itself to blame in not exercising its directive effectively. Similarly, the Reserve Bank is apparently unable to persuade the Indian High Commission in London to comply with its requests for essential data.

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