1. NEFT- National Electronic Funds Transfer was launched by the RBI in 2005.
2. Under this electronic funds transfer system, bulk transfer of transactions are settled in batches during specific timings across India.
3. Individuals and institutions which maintain accounts with a NEFT enabled bank branch are eligible for using NEFT.

(i) Economic activities:
Commerce deals with all economic activities undertaken for profit.
(ii) Exchange of goods and Services:
Commerce involves an exchange of goods and services for profit.
(iii) Earning Motive :
Profit is an incentive for undertaking all commercial activities.

Crop Insurance:
This policy is to provide financial support to farmers in case of a crop failure due to drought or flood. It generally covers all risks of loss or damages relating to production of rice, wheat, millets, oil seeds and pulses etc.

Private limited company is a type of company which is formed with minimum two shareholders and two directors, The minimum requirement with respect to authorised or paid up capital of Rs 1,00,000 has been omitted by The Companies (Amendment) Act, 2015 w.e.f. 29th of May, 2015. Another crucial condition of a private limited company is that it by its articles of association restricts the right to transfer its shares & also prohibits any invitation to the public to subscribe for any securities of the company. The maximum of 200 persons can become shareholders in the company. A private Limited company can be formed in three variations. .
i. As a private limited company
ii. As a small private limited company
iii. As a One Person Company (OPC).

(i) Department form of organisation of managing state enterprises is the oldest form of organisation. In those days, no distinction was made between the routine functions of the Government and that of the public enterprises.
(ii) Under departmental form of organisation, a public enterprise is run as a separate full-fledged ministry or as a major subdivision of a department of the Government.
(iii) The Delhi Milk Scheme, All India Radio, Doordarshan are other examples of departmental undertakings.

1. The objective of RRB is to develop rural economy and play supplementary role to cooperative societies.
2. They mobilise deposits from the rural public and provide finance to rural artisans, small entrepreneurs and farmers and try to avoid their dependency on money lenders.
3. As on 31.3.2016, there were 56 RRBs in India with 14,494 branches.
4. They are regulated and supervised by NABARD.

On the basis of size, business activities may be broadly grouped into two categories.
A. Small Scale:
Small scale units require less capital, employ small number of workers and produce the goods on small scale
B. Large Scale:
Large scale units require huge capital, employ large number of workers and produce the goods on large scale.

When goods are to be consigned in large quantity, it is advantageous to hire the whole or substantial part of the ship. The document through which this contract is made in known as 'Charter Party'. This may be known as 'Voyage Charter' or 'Time Charter',

According to Prof.Haney, "The relations which exist between persons, competent to make contracts, who agree to carry on a lawful business in common with a view to private gain".
According to Spiegel, "Partnership has two or more members each of whom is responsible for the obligatory requirements of the partnership. Each of the partners may bind the others and the assets of the partners may be taken for debts of partnership".

(i) Some of the products are to be stored in cold storages which uses the technique of refrigeration to extend the period of marketing. Goods are transported in refrigerated containers and stored in refrigerated warehouses.
(ii) These warehouses are used for storing perishable goods like fruits, vegetables, eggs, butter, fish, meat, etc. Goods stored in cold storages without deterioration in quality, can be made available throughout the year.

When various farmers in a village pool their land together and agree to treat the pooled piece of land as one big farm for the purpose of cultivation, purchase the necessary inputs for the cultivation, and market the crops jointly, they are assumed to have formed a cooperative farming society.

The RBI is governed by a Central Board of Directors. The 21 member board is appointed by the Government of India. It consists of :
(i) One Governor and four Deputy Governors appointed for a period of four years.
(ii) Ten directors from various fields.
(iii) Two government officials
(iv) Four directors - one each from local boards.

1. Trade in Sangam period was both internal and external but it was conducted by means of barter (pandamattru).
2. Trade was one of the major means of linking various regions in the medieval period.
3. Sangam work refers to great traders, their caravans, their security force, markets, marts and guilds of such great traders.

Unlimited Liability:
When his business assets are not sufficient to pay off the business debts he has to pay from his personal property.

Danger for Domestic Industries:
MNCs, because of their vast economic power, pose a danger to domestic industries; which are still in the process of development.
Transfer of Outdated Technology :
Where MNCs transfer outdated technology to host nation, it serves no purpose.
No Benefit to Poor People:
MNCs produce only those things, which are used by the rich. Therefore, poor people of host countries do not get, generally, any benefit, out of MNCs.
Deprivation of Job Opportunity of Local People:
MNCs may not generate job opportunities to the people of home country.