आश्रयार्थी भांडवल म्हणजे

The correct answer is Option A (Short-term capital movement from one country to another country seeking either higher rate of interest or safety of capital).

Key Points:
• In international finance, 'Hot Money' (आश्रयार्थी / चंचल भांडवल) refers to funds that flow rapidly and frequently between financial markets across countries to profit from short-term interest rate differentials or anticipate exchange rate fluctuations.
• Investors shift this short-term capital rapidly to whichever financial center offers the highest yield, best arbitrage opportunities, or relative economic safety.
• Because hot money can enter or exit a country almost overnight via portfolio markets, sudden capital flight can trigger exchange rate volatility, balance-of-payments distress, and currency depreciation.
• The official MPSC final answer key confirms Option 1.
• Key Takeaway: Hot money represents volatile short-term capital moving across nations seeking higher returns or safety.