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For the purpose of these guidelines, Non-Convertible Debentures (NCDs) will mean secured, negotiable money market instruments with original maturity of less than one year issued by corporates (including NBFCs) to meet their short term funding requirements, issued by way of private placement with investors. The guidelines also cover NCDs with original maturity of more than one year with option attached to it, which can be exercised within a year from the date of issue.

For the purpose of these guidelines, Non-Convertible Debentures (NCDs) will mean secured, negotiable money market instruments with original maturity of less than one year issued by corporates (including NBFCs) to meet their short term funding requirements, issued by way of private placement with investors. The guidelines also cover NCDs with original maturity of more than one year with option attached to it, which can be exercised within a year from the date of issue.

In Foreign Exchange market free currencies can be bought and sold readily

Real Estate and Mortgage Glossary Terms and …


Value added tax: A tax that is levied only on the value added of a firm. A VAT is usually subject to border tax adjustment.
Value added: The value of output minus the value of all intermediate inputs, representing therefore the contribution of, and payments to, primary factors of production.
Value Additivity Principle: The principle that the net present value of a set of independent projects is simply the sum of the NPVs of the individual projects.
Value chain: A value-added process in a firm to transform raw materials and other inputs to finished goods, which creates value to customers.
Value date: Date on which a foreign exchange contract is executed, i.e. seller delivers. The date on which the monies must be paid to the parties involved in a foreign exchange transaction. For spot transactions, it is set as the second working day after the date on which the transaction is concluded.
Value marginal product: Marginal value product
Value quota: A quota specifying value, price times quantity, of a good.
Value stocks: Stocks with low price/book ratios or price/earnings ratios. Historically, value stocks have enjoyed higher average returns than growth stocks , stocks with high price/book or PE ratios) in a variety of countries.
Value-added tax (VAT): A sales tax collected at each stage of production in proportion to the value added during that stage. Method of indirect taxation whereby a tax is levied at each stage of production on the value added at that specific stage.
Value-at-Risk (VAR): A calculation which allows a financial institution to estimate the maximum amount it might expect to lose in a given time period with a certain probability.
Value-Dating: Refers to when value (credit) is given for funds transferred between banks.
Variable costs: A cost that varies directly with volume and is zero when production is zero.
Variable levy: A tax on imports that varies over time so as to stabilize the domestic price of the imported good. Essentially, the tax is set equal to the difference between the target domestic price and the world price.
Variable returns to scale: The property of a production function that returns to scale may be increasing or decreasing, at different rates, at different levels of output.
Vehicle currency: The currency used to invoice an international trade transaction, especially when it is not the national currency of either the importer or the exporter.
Velocity of money: The rate at which money changes hands in an economy, usually defined by the equation of exchange.
Vent for surplus: The concept that a country -- especially a developing country -- may be able to gain by exporting the products of factors that would not be employed at all without trade.
Venture capital: An investment in a start-up business that is perceived to have excellent growth prospects but that does not have access to capital markets.
Vertical integration: Production of different stages of processing of a product within the same firm.
Vertical intraindustry trade: Intraindustry trade in which the exports and imports are at the different stages of processing. It contrasts with horizontal IIT.
Virtual corporation: A business organizational model that involves the large-scale outsourcing of business functions. Partnerships so close those two partners become a single firm for all operational purposes.
Virtual Currency Option: A foreign currency option listed on the Philadelphia Stock Exchange which is settled in U.S. dollars rather than in the underlying currency.
Visible: In referring to international trade, used as a synonym for good. Visible trade is trade in goods. It contrasts with invisible.
Volatility: The extent to which an economic variable, such as a price or an exchange rate, moves up and down over time.
Voluntary export restraint (VER): One country promises another country to limit its imports; this is often done when the promising country fears increased tariffs or quotas if it does not self-regulate. A restriction on a country's imports that is achieved by negotiating with the foreign exporting country for it to restrict its exports.
Voluntary import expansion: The use of policies to encourage imports, in response to pressure from trading partners.

Harberger triangle: The triangular area, or areas, in a supply and demand diagram that measures the net welfare loss, or dead-weight loss due to a market distortion or policy, such as a tariff.
Harberger-Laursen-Metzler Effect: The conjecture or result that a terms of trade deterioration will cause a decrease in savings due to the decrease in real income, and therefore that a real depreciation will cause an increase in real expenditure.
Hard currency: A currency that is widely accepted around the world, usually because it is the currency of a country with a large and stable market. Examples today include the U.S. dollar and the euro. A currency expected to maintain its value or appreciate.
Hard peg: A pegged exchange rate with a credible commitment never to change the par value, thus subordinating monetary policy to the needs of the exchange market and denying access to devaluation as a policy tool. In practice, the effects of a hard peg are achieved only through a currency board or by adopting another country's currency, e.g. dollarization.
1. The changing of government regulations and practices, as a result of an international agreement, to make those of different countries the same or more compatible.
2. In the case of tariffs, this means making tariff rates more similar across industries and/or across countries.
Harmonized System: An international system for classifying goods in international trade and for specifying the tariffs on those goods. It was adopted at the beginning of 1989, replacing the previously used schedules in over 50 countries, including the Brussels Tariff Nomenclature.
Harmonized tariff schedule (HTS): A method of classification used by many countries to determine tariffs on imports.
Harrod neutral: A particular specification of technological change or technological difference that is labor augmenting.
Havana Charter: The charter for the never-implemented International Trade Organization. The draft was completed at a conference in Havana, Cuba, in 1948.
Headquarters services: The activities of a firm that typically occur at its main location and that contribute in a broad sense to its productivity at all of its locations and plants. These may include management, accounting, marketing, and R&D.
Heavily Indebted Poor Countries (HIPC) Initiative: The HIPC Initiative is a major international response to the burdensome external debt held by the world's poorest, most indebted countries. It originated in 1996 as a joint undertaking of the World Bank and the International Monetary Fund (IMF). The name given to those poor countries with large debts, the target of initiatives to forgive that debt as a means of assisting development.
Heckscher-Ohlin Model: A model of international trade in which comparative advantage derives from differences in relative factor endowments across countries and differences in relative factor intensities across industries. Sometimes refers only to the textbook or 2x2x2 model, but more generally includes models with any numbers of factors, goods, and countries.
Heckscher-Ohlin Theorem: The proposition of the Heckscher-Ohlin Model that countries will export the goods that use relatively intensively their relatively abundant factors.
Heckscher-Ohlin-Samuelson Model: Usually synonymous with the Heckscher-Ohlin Model, although sometimes the term is used to distinguish the more formalized, mathematical version that Samuelson used from the more general but less well-defined conceptual treatment of Heckscher and Ohlin.
Heckscher-Ohlin-Vanek Model: The Heckscher-Ohlin Model for the case of identical techniques of production (due either to FPE or Leontief technologies, used to derive the strong prediction about the factor content of trade known as the Heckscher-Ohlin-Vanek Theorem.
Hedge funds: Private investment partnerships with a general manager and a small number of limited partners.
Hedge portfolio: The country-specific hedge portfolio in the International Asset.
Hedge quality: Measured by the r-square in a regression of spot rate changes on futures price changes.
Hedge ratio: The ratio of derivatives contracts to the underlying risk exposure.
Hedge: Something that reduces the risk of future price movements. A position or operation that offsets an underlying exposure. For example, a forward currency hedge uses a forward currency contract to offset the exposure of an underlying position in a foreign currency. Hedges reduce the total variability of the combined position. To offset risk. In the foreign exchange market, hedgers use the forward market to cover a transaction or open position and thereby reduce exchange risk. The term applies most commonly to trade. To enter into a forward contract in order to protect the home currency value of foreign-currency-denominated assets or liabilities.
Hedging (maturity matching) approach: A method of financing where each asset would be offset with a financing instrument of the same approximate maturity.
Hedging Reducing: the risk of a cash position by using the futures instruments to offset the price movement of the cash asset.
Hedonic pricing: The use of statistical techniques such as regression analysis to determine, from the prices of goods with different measurable characteristics, the prices that are associated with those characteristics. The latter can then be used to construct what the comparable price of a good would be from its characteristics.
Herfindahl index: A standard measure of industry concentration, defined as the sum of the squares of the market shares (in percentages) of the firms in the industry.
Herstatt Risk: Named after a German bank that went bankrupt, this is the risk that a bank will deliver currency on one side of a foreign exchange deal only to find that its counterparty has not sent any money in return. It is also known as settlement risk.
High dimension: In trade theory, this refers to having more than two goods, factors, and/or countries, or to having arbitrary numbers of these. It contrasts with the two-ness of the 2x2x2 Model.
High powered money: Same as monetary base, in the sense of currency plus commercial bank reserves.
High-withholding-tax interest income: In the U.S. tax code, interest income that has been subject to a foreign gross withholding tax of 5 percent or more.
Historical Exchange Rate: In accounting terminology, it refers to the rate in effect at the time a foreign currency asset was acquired or a liability incurred.
Historical volatility: Volatility estimated from a historical time series.
Holding-period return: The rate of return over a given period.
Home asset bias: The tendency of investors to over-invest in assets based in their own country.
Home bias: A preference, by consumers or other demanders, for products produced in their own country compared to otherwise identical imports. This was proposed by Trefler (1995) as a possible explanation for the mystery of the missing trade. The tendency of investors to hold domestic assets in their investment portfolios.
Homogeneous expectations: Idea that all individuals have the same beliefs concerning future investments, profits, and dividends.
Homogeneous good: A good all units of which are the same; a homogeneous product.
Homogeneous product: The product of an industry in which the outputs of different firms are indistinguishable. It contrasts with differentiated product.
1. Having the property that all constituent elements are the same, as a homogeneous good.
2. Possessing a certain form of uniformity, as a homogeneous function.
Homohypallagic: Having a constant elasticity of substitution.
Homothetic demand: Demand functions derived from homothetic preferences. The demand functions are not themselves literally homothetic.
Homothetic preferences: Together with identical preferences, this assumption is used for many propositions in trade theory, in order to assure that consumers with different incomes but facing the same prices will demand goods in the same proportions.
Homothetic tastes: Homothetic preferences.
Homothetic: A function of two or more arguments is homothetic if all ratios of its first partial derivatives depend only on the ratios of the arguments, not their levels. For competitive consumers or producers optimizing subject to homothetic utility or production functions, this means that ratios of goods demanded depend only on relative prices, not on income or scale.
Horizontal discipline: The use of a rule, as in the regulations of trade policies under the GATT or GATS, that applies across the board to all sectors of the economy.
Horizontal integration: Production of different varieties of the same product, or different products at the same level of processing, within a single firm. This may, but need not, take place in subsidiaries in different countries.
Horizontal intra-industry trade: Intra-industry trade in which the exports and imports are at the same stage of processing. It is likely due to product differentiation. It contrasts with vertical IIT.
Host country: The country into which a foreign direct investment is made.
Hot money: Holdings of very liquid assets, which may be sold or cashed on short notice and then removed from a country, often in response to expectations of devaluation or other financial crisis.
Hub and spoke integration: A pattern of economic integration in which one country (the "hub") forms preferential trading arrangements with two or more other countries (the "spokes") that do not form such arrangements with each other.
Human capital:
1. The stock of knowledge and skill, embodied in an individual as a result of education, training, and experience, that makes them more productive.
2. The stock of knowledge and skill embodied in the population of an economy.
Hurdle rate: The minimum required rate of return on an investment in a discounted cash flow analysis; the rate at which a project is acceptable.
Hyperinflation: An extremely high rate of inflation, often exceeding several hundred or several thousand percent, that causes a country's money to become practically worthless.
Hyperinflationary Country: Defined in FASB No. 52 as one that has cumulative inflation of approximately 100% or more over a three-year period.
Hysteresis: The behavior of firms that fail to enter markets that appear attractive and, once invested, persist in operating at a loss. This behavior is characteristic of situations with high entry and exit costs along with high uncertainty. Pricing Model serves as a store of value (like the risk-free asset in the CAPM) as well as a hedge against the currency risk of the market portfolio.
1. The failure of an economic variable to return to its initial equilibrium after a temporary shock. For example, an industry or trade flow might disappear due to an exchange rate change, then not reappear after the change is reversed.
2. A time lag between a cause and an effect.

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