short note on drain of wealthwrite a short note on drain in wealth
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A demand deposit is an account with a bank or other financial institution that allows the depositor to withdraw his or her funds from the account without warning or with less than seven days' notice. Demand deposits are a key component of the M1 money supply calculated by the Federal Reserve.
Answer:
The transfer of wealth from India to England for which Indian got no proportionate economic return, is called the Drain of Wealth.
Till the Battle of Plassey, the European traders used to bring gold into India to buy Indian cotton and silk. However, after the conquest of Bengal, the British stopped getting gold into India. They began to purchase raw material for their industries in England from the surplus revenues of Bengal. Thus, began the process of plundering India's raw materials, resources and wealth to England.