Indians were the torch bearers of knowledge for the entire world in ancient times. India was a rich country from its origin and this holy motherland has given birth to too many Philosophers and Scientists who have made valuable contribution to the whole world. It is quite clear that there was no single instance of attack to the rest of the world but the number of Invaders who have attacked our motherland in the past starting from the age of Kingdom. It is a common logic that no one in the world will attack a poor country as it is only a stage of adventurism which is itself a proof of our richness in wealth and knowledge. The destruction of the world oldest University physically and intellectually by the outsiders indicate that India had a glorious past in terms of knowledge too. The banking system in India was there since the Vedic age and the formal description was not obtained due to the loss of the written materials at Nalanda University. If University could be saved in the past in its original form, then we might have felt proud as on today for its existence as the world's oldest University.
The ancient Hindu Scriptures refer to the existence of Banking System in the Vedic period in India and money-lending can be traced back to the Vedic period which is taken by some authorities to range from at least 2,000 to 1,400 BC; but no evidence of its then being followed as a profession by any section of the people, or details about the terms on which the money was lent, are available. It is from the fifth century B.C. that Indian literature supplies us with definite evidence of the details of money-lending and of remittance of money in cash or by credit instruments.
Kautilya's Arthashastra is a famous book of ancient India and is regarded as a library rather than a book and was written around 300 B.C. and deals with economics, administration, political ideas, ecology and various other topics related to the development of human values. The Arthashastra predates any similar body of work from the Greek, Roman or Chinese civilizations and is the source of many modern practices such as double-entry book keeping method, audits, etc. In this paper I am going to take up some economic ideas of Kautilya's which may be proved very useful in present era.
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