1. Prologue
  2. L6/P1: IMF, SDR, Quota reform & Gold standard Exchange rate
  3. L6/P2: WTO, Bali Package, Food subsidy issue, TFA
  4. L6/P3: Money- evolution and functions
  5. L6/P4: Bitcoins- mechanism, money laundering, RBI’s stand


  • On 27th February 2015, My lecture at IMF-WTO-Bitcoin at Sardar Patel institute of Public Administration (SPIPA), Ahmedabad.
  • Total ~2:30 hours but I’ve split it into four parts and uploaded on youtube.
  • PowerPoint of the lecture, available at Mrunal.org/Download
  • Medium of instruction- Hindi.
  • English version not possible for the moment, because I’m required to teach at this batch, in Hindi/Gujarati only. Besides, same content is available in English-text articles or English PPTs on the site.

L6/P1: IMF, SDR, Quota reform & Gold standard Exchange rate


  1. Bretton Woods conference and the origin of International monetary fund
  2. IMF: structure and functions
  3. What is gold standard exchange rate regime? Why did it fail?
  4. What are special drawing rights (SDRs)?
  5. Value of individual SDR and its utility
  6. Criticism against IMF and the need for need for reforms in it?
  7. IMF Reforms: (1) Quota reforms (2) governance structure reforms
  8. BRICS Bank vs AIIB (Self study)


L6/P2: WTO, Bali Package, Food subsidy issue, TFA

WTO Bali summit

  1. General Agreement on Tariff and trade (GATT) and the origin of World Trade Organisation (WTO)
  2. WTO: structure and functions
  3. difference between tariff and nontariff barriers in international trade
  4. major agreements under WTO.
  5. SPS Agreement: Sanitary and phytosanitary measures, ban on Indian Alphonso and American poultry
  6. Three types of subsidies: green box, Amber box and blue box- and provisions of WTO on them.
  7. Agreement on agriculture –food subsidies quota on developed and developing countries.
  8. WTO Bali summit and its 3 major outcomes
  9. Peace clause: origin, purpose and features
  10. Trade facilitation agreement (TFA)- origin, purpose, features, why did India refused to sign it initially?
  11. Shanta Kumar FCI-PDS reform Angle to food subsidies


L6/P3: Money- evolution and functions

evolution of money

  1. Barter system: features, pros and cons
  2. Money: primary functions and derivative functions
  3. Divisibility versus fungibility
  4. Evolution of money- the five stages
  5. commodity money: features, pros and cons
  6. metallic money- features, pros and cons
  7. Debasement of metallic money and fall of Mughal empire
  8. Paper money- two types: Gold standard versus paper standard
  9. Indian rupee- paper standard system: coins vs currency- RBI vs Government- who prints what?
  10. Fiat money: meaning, examples and limitations
  11. Bank money- meaning, examples, benefits


L6/P4: Bitcoins- mechanism, money laundering, RBI’s stand

Bitcoin explained

  1. Need for a “decentralized” digital currency
  2. Satoshi Nakomoto and the origin of bitcoin
  3. How does Bitcoin system can operate?
  4. mining of bitcoins, hashrate, computer technology
  5. Bitcoin E-wallet or Digital wallet transactions- why and how are they anonymous?
  6. Compare and contrast: RTGS-NEFT-Bitcoins
  7. how can Bitcoin be used in money laundering, terrorism and drug trafficking
  8. Casestudy: Silkroad website & illegal trade of coccain using bitcoin currency
  9. Bitcoin vs Dollar: historic fluctuations in exchange rate
  10. officers stand of People’s Bank of China and reserve bank of India (RBI) on bitcoins
  11. How does Bitcoin violate FEMA and Prevention of money laundering act?
  12. US’s official stand on bitcoins and capital transaction tax on them.
  13. Misc. developments: Laxmicoin and fall of Mt.Gox bitcoin exchange website
  14. possible questions for interviews from this topic.