Jadhav, N. B.
April 2014
Golden Research Thoughts;Apr2014, Vol. 3 Issue 10, p1
Academic Journal
After the Second World War many countries felt the need to have an Organization to get help in monetary matters between countries. The IMF came into being in 29th Dec., 1945. IMF has 187 countries as members up to 30th June, 2011. The IMF works for global prosperity by promoting the balanced expansion of world trade, stability of exchanger rate, avoidance of competitive devaluations and correction of balance of payments problems. Main objective of IMF is to promote international monetary co-operation. IMF is controlled and managed by a Board of Governors. India's voting right is 250+30555=30805 because India's quota is SDR 30555 lakh. India is on 13th place in IMF General Quota. India was allocated 681.170 million SDR as part of India's Allocation from the SDRs created so for by IMF. India was among the First five nation highest quota with IMF and due to this status India was allotted a permanent place in executive Board of Directors. The Board of Directors is the highest policy making body of the IMF. The IMF has raised the quota and voting shares of the Developing countries in which India is on 11th place among the 184 members of the organisation. Whenever India underwent balance of payments crices, it sought the help of IMF. Some analysts Predict that India is purchasing gold to move forward for higher Voting share in the IMF. India is also seeking for a considerable say in global fiscal affairs and greater account in the IMF.


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