An unrestricted market with free competition of buyers and sellers.

A letter meant for an individual but published in a newspaper or broadcast to the general public. The purpose of such a ‘Letter’ is to focus any wide and urgent issues in which the notice and intervention of a high authority to whom the open letter is addressed is a crying demand.

A programme, show, exhibition or fair to which any one has free access without entry fee or invitation.

Refers to a list of items for the import of which no license is required. The aim of economic reforms is to enlarge the O.G.L. so that more and more imports are made free and trade barriers are dismantled.

An economy that is free from any curb imposed by the state is an open economy. In such an economy, both in the sphere of internal and external trade, traders and buyers can make business deals among themselves without any agency interference. An economy which is largely run by the market forces.

A credit agreement that allows incurring of more debt, upto a specific limit as for buying of goods, even before the original debt is paid up.

A policy by which opportunities for trade with a particular nation are extended to all other nations on equal term. This is common in the W.T.O. format as equal treatment to all member countries – in the name of Most Favoured Nation (MFN) clauses.

Free admission of foreign trade or entry of outside alien stimuli.

The procedure of printing the date of expiry on the packages of certain products. It is a safety compulsion of the packaging act.

A giant corporation, whose stock is owned by many stock holders; it is generally possible to buy or sell such stock freely in the open market or secondary market in the stock exchange.

A cheque without any ‘crossing’ which can be encased over the counter of the bank by its bearer.

An informal agreement that enables a customer to obtain goods with a promise to pay later.

Buying or selling on credit, generally on the strength of the ‘authorized signature’ of the buyer.

Organization of Petroleum Exporting Countries.

The highest rate charged for running of an advertisement, as the space hired by the advertiser is insufficient.

Training provided to an employee even as he performs the job for which he was recruited.

On the premises. A term used to signify validity of physical presence or existence in any agreement or document.

Information at once available on demand through computerized systems. Terminals including P.C’s can be connected online to the main computer or the internet.

Terminals linked to a central computer, through which information can be fed or retrieved directly. Online connection with the internet makes global information available to the home computer.

A term used to denote a special high power authority created by the legislature of a country to exercise judicial authority over complaints against high public officials.