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IMPORTANT FINANCIAL TERMS - 6
Transcript of IMPORTANT FINANCIAL TERMS - 6
It refers to a condition in which there is free flow of economic goods and services in international exchange. Exchange Rate
The price rate at which one currency is exchanged for another currency. The actual rate at any one time is determined by supply and demand conditions for the relevant currencies in the market Estate Duty
It is a tax payable on a person’s property at his death before it passes into the hands of others. The estate duty differs from an inheritance tax. The latter is payable by the recipient and may vary according to financial circumstances of the inheritor. IMPORTANT FINANCIAL TERMS 6 Futures
It refers to contracts made in a ‘future market’ for the purchase or sale of commodities or financial assets, on a specified future date.
A seaport or airport which is able to accept cargo without the imposition of any import tariff or some specified taxes. Fringe Benefit Tax
An additional tax imposed by the government on fringe benefits of the employees who are categorised differently under the new provision. Fringe benefits include any privilege, service, facility or amenity provided (directly or indirectly) by an employer to his/her employees, including facilities provided to former employees. Face Value
The face value of a security is the price at which it will be redeemed
Paper money or banknote which is not backed by gold or silver