onomi     on epts and erminolo ies       22.37
        norkA                                                    numerAire
     Indians work abroad and remit much of their              A monetary unit which is used as the basis for
     earnings back home. Kerala is a state where non-         denominating international exchanges in a
     residents contribute significantly to the state’s        product and financial settlements on a common
     resources. Keeping this important revenue channel        basis. For example, the US dollar being used as the
     in mind, the Government of Kerala launched the           numeraire of international oil trade, the Special
     department of Non-resident Keralites’ Affairs            Drawing Rights (SDRs) as the numeraire of the
     (NORKA) in 1996 to redress the grievances of             IMF transactions, etc.
     Non-Resident Keralites (NRKs). NORKA is the
     first of its kind formed by any Indian state.               nvs
          It makes efforts to solve the grievances raised in
                                                              Non voting Shares (NVS) are the equity shares
     petitions for remedial action on threats to the lives
                                                              not having right to vote at the general meetings of
     and property of those who are left at home, tracing
                                                              the company. But these shares get higher dividend
     of missing persons abroad, compensation from
                                                              than the shares having voting rights. A company
     sponsors, harassment from sponsors, cheating by
                                                              in India may issue such shares maximum to the 25
     recruiting agents, educational facilities for children
                                                              per cent of the total issued share capital and such
     of NRKs, introduction of more flights, assistance
                                                              shares cannot get more than 20 per cent higher
     to stranded Keralites, etc.
                                                              dividend than the shares with voting rights.
        normAl gooDs
                                                                 oil bonDs
     The goods whose demand increases as income of
                                                              Oil bonds are special bonds issued by the GoI
     the people increases. It is just opposite of inferior
                                                              to the oil marketing public sector companies
     goods.
                                                              to cover-up their losses in marketing. In case
                                                              of global price rise in crude oil the companies
        null hypothesis
                                                              needed to increase prices of their products. But
     An idea that is put to the test. In econometrics,        to avoid inflationary effects on the economy, the
     experts start with a null hypothesis (i.e., a particular oil marketing companies were not allowed to do
     variable equals a particular number), then crunch        so—ultimately leading them to fetch huge losses.
     the data to verify it in accordance with the laws of     So that these companies are able to arrange funds
     statistical significance. The chosen null hypothesis     (to fill up their losses), the government used to
     is often just opposite to what the experimenter          issue oil bonds. These bonds, backed by sovereign
     believes.                                                power, are marketable in the financial system of
          Statistical significance means that the             India. After the domestic prices of petrol, diesel,
     probability of getting the result by chance is low.      lubricants and aviation turbine fuel (ATF) have
     It is most commonly used measure is that there           been linked to the international crude prices need
     must be a 95 per cent chance that the result is right    of issuing such bonds have not been felt. The
     and only 1-in-20 chance of the result occurring          declining global crude oil prices of recent times
     randomly.                                                have also helped the GoI to avoid such instances.