Current A/C of Balance of payment does not include:

Portfolio Investment

The correct answer is Option (1) → Portfolio Investment

The Current Account of the Balance of Payments includes:

• Visible items: Trade in goods.
• Invisible items: Trade in services, income, and current transfers.
• Transfer payments: Transfers of money that do not involve any economic activity in return, such as remittances.

Portfolio Investment, on the other hand, is part of the Capital Account (or Financial Account) of the Balance of Payments.