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Informal Value Transfer System
An informal value transfer system (IVTS) is any system, mechanism, or network of people that receives money for the purpose of making the funds or an equivalent value payable to a third party in another geographic location, whether or not in the same form. Informal value transfers generally take place outside of the conventional banking system through non-bank financial institution or other business entities whose primary business activity may not be the transmission of money. The IVTS transactions occasionally interconnect with formal banking systems, such as through the use of bank accounts held by the IVTS operator. History An informal value transfer system is an alternative and unofficial remittance and banking system, that pre-dates current day modern banking systems. The systems were established as a means of settling accounts within villages and between villages. It existed as far back as over 4000 years ago and even more. Their use as global networks for financial t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Money
Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The primary functions which distinguish money are as a medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment. Money was historically an emergent market phenomenon that possess intrinsic value as a commodity; nearly all contemporary money systems are based on unbacked fiat money without use value. Its value is consequently derived by social convention, having been declared by a government or regulatory entity to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private", in the case of the United States dollar. Contexts which erode public confidence, such as the circulation of counterfeit money or domestic hyperinflation, can cause good money to l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foreign Policy (magazine)
''Foreign Policy'' is an American news publication, founded in 1970 and focused on global affairs, current events, and domestic and international policy. It produces content daily on its website and app, and in four print issues annually. ''Foreign Policy'' magazine and ForeignPolicy.com are published by The FP Group, a division of Graham Holdings Company (formerly The Washington Post Company). The FP Group also produces FP Events, ''Foreign Policy''s events division, launched in 2012. History ''Foreign Policy'' was founded in late 1970 by Samuel P. Huntington, professor of Harvard University, and his friend Warren Demian Manshel to give a voice to alternative views about American foreign policy at the time of the Vietnam War. Huntington hoped it would be "serious but not scholarly, lively but not glib". In early 1978, after six years of close partnership, the Carnegie Endowment for International Peace acquired full ownership of ''Foreign Policy''. In 2000, a format change ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Institute Of Public Finance And Policy
The National Institute of Public Finance and Policy (NIPFP) is an autonomous research institute under India's Ministry of Finance. Based in New Delhi, India, the centre conducts research on public finance and contributes to the process of policy-making relating to public finance. The NIPFP also works jointly with the Department of Economic Affairs at the Ministry of Finance to research the effects of past economic policy. NIPFP is overseen by a governing board comprising a chairman and representatives from the Ministry of Finance, Planning Commission of India and Reserve Bank of India. Urjit Patel is the present chairman and Pinaki Chakravarty is the present director of the institute. The previous director was Rathin Roy and chairman was Vijay Kelkar. Research *Tax policy and administration, especially in reference to reform in the structure and administration of personal and corporate income tax, customs, excise, sales tax, and state-level and local-leveltaxes, as well as the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Value Transfer System
A value transfer system refers to any system, mechanism, or network of people that receives money for the purpose of making the funds or an equivalent value payable to a third party in another geographic location, whether or not in the same form. The average size of the payment is an indicator of the system's use. Specialised large-value transfer system have developed because of the large size and critical timing of some payments market participants require services and mechanisms that meet their need for reliability, security, accuracy and timeliness. A value transfer system may fall into one or more of these groups: *Retail value transfer systems: **Traditional retail value transfer systems, e.g. Bank transfer, Wire transfer, Post offices transfer service or specialist companies such as Western Union **Internet-only value transfer systems, e.g. Electronic money such as PayPal, eGold, Liberty Reserve ***Cryptocurrencies: Bitcoin, Litecoin, Ethereum, etc. *Institutional for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Remittance
A remittance is a non-commercial transfer of money by a foreign worker, a member of a diaspora community, or a citizen with familial ties abroad, for household income in their home country or homeland. Money sent home by migrants competes with international aid as one of the largest financial inflows to developing countries. Workers' remittances are a significant part of international capital flows, especially with regard to labor-exporting countries. According to the World Bank, in 2018 overall global remittance grew 10% to US$689 billion, including US$528 billion to developing countries. Overall global remittance is expected to grow 3.7% to US$715 billion in 2019, including US$549 billion to developing nations. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hundi
A hundi or hundee is a financial instrument that developed in Medieval India for use in trade and credit transactions. Hundis are used as a form of remittance instrument to transfer money from place to place, as a form of credit instrument or IOU to borrow money and as a bill of exchange in trade transactions. The Reserve Bank of India describes the hundi as "an unconditional order in writing made by a person directing another to pay a certain sum of money to a person named in the order." History Hundis have a very long history in India. Written records show their use at least as far back as the Twelfth century. The merchant Banarasi Das, born 1586, received a hundi for 200 rupees from his father to enable him to borrow money to start trading. During the colonial era, the British government regarded the hundi system as indigenous or traditional, but not informal. They were reluctant to interfere with it as it formed such an important part of the Indian economy and they also wis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hawala
Hawala or hewala ( ar, حِوالة , meaning ''transfer'' or sometimes ''trust''), also known as in Persian, and or in Somali, is a popular and informal value transfer system based on the performance and honour of a huge network of money brokers (known as ''hawaladars''). They operate outside of, or parallel to, traditional banking, financial channels and remittance systems. The system requires a minimum of two hawaladars that take care of the "transaction" without the movement of cash or telegraphic transfer. While hawaladars are spread throughout the world, they are primarily located in the Middle East, North Africa, the Horn of Africa and the Indian subcontinent. Hawala follows Islamic traditions but its use is not limited to Muslims. Origins The hawala system originated in India. Hawala as a legal concept came to be described as early as 1327, according to Schramm and Taube, though the actual practice has existed since the 8th century between Indian, Arab and Musl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
FATF Blacklist
The Financial Action Task Force blacklist (often abbreviated to FATF blacklist, and officially known as the "Call for action"),FATF nations, Full member nations, Observer nations, Call for action nations (Blacklisted nations), Other monitored jurisdictions (greylisted nations) FATF, accessed 24 October 2019. is a maintained by the Financial Action Task Force. The blacklist has been issued by the FATF since 2000, a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Action Task Force On Money Laundering
The Financial Action Task Force (on Money Laundering) (FATF), also known by its French name, ''Groupe d'action financière'' (GAFI), is an intergovernmental organisation founded in 1989 on the initiative of the G7 to develop policies to combat money laundering and to maintain certain interest. In 2001, its mandate was expanded to include terrorism financing. The objectives of FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. FATF is a "policy-making body" that works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas. FATF monitors progress in implementing its Recommendations through "peer reviews" ("mutual evaluations") of member countries. Since 2000, FATF has maintained the FATF blacklist (formally called the "Call for action ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Correspondent Account
A correspondent account is an account (often called a nostro or vostro account) established by a banking institution to receive deposits from, make payments on behalf of, or handle other financial transactions for another financial institution. Correspondent accounts are established through bilateral agreements between the two banks. Application Commonly, correspondent accounts are the accounts of foreign banks that require the ability to pay and receive the domestic currency. A bank will typically require correspondent accounts for holding currencies outside of jurisdictions where it has a branch or affiliate. This is because most central bank settlement systems do not register deposits or transfer funds to banks not doing business in their countries. With few exceptions, the actual funds held in any foreign currency account (whether for a bank or for its customer) are held in the bank's correspondent account in that currency's home country. Even where a bank has branches or af ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
September 11, 2001 Attacks
The September 11 attacks, commonly known as 9/11, were four coordinated suicide terrorist attacks carried out by al-Qaeda against the United States on Tuesday, September 11, 2001. That morning, nineteen terrorists hijacked four commercial airliners scheduled to travel from the Northeastern United States to California. The hijackers crashed the first two planes into the Twin Towers of the World Trade Center in New York City, and the third plane into the Pentagon (the headquarters of the United States military) in Arlington County, Virginia. The fourth plane was intended to hit a federal government building in Washington, D.C., but crashed in a field following a passenger revolt. The attacks killed nearly 3,000 people and instigated the war on terror. The first impact was that of American Airlines Flight 11. It was crashed into the North Tower of the World Trade Center complex in Lower Manhattan at 8:46 a.m. Seventeen minutes later, at 9:03, the World Trade Center ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Exchange Rate
In finance, an exchange rate is the rate at which one currency will be exchanged for another currency. Currencies are most commonly national currencies, but may be sub-national as in the case of Hong Kong or supra-national as in the case of the euro. The exchange rate is also regarded as the value of one country's currency in relation to another currency. For example, an interbank exchange rate of 114 Japanese yen to the United States dollar means that ¥114 will be exchanged for or that will be exchanged for ¥114. In this case it is said that the price of a dollar in relation to yen is ¥114, or equivalently that the price of a yen in relation to dollars is $1/114. Each country determines the exchange rate regime that will apply to its currency. For example, a currency may be floating, pegged (fixed), or a hybrid. Governments can impose certain limits and controls on exchange rates. Countries can also have a strong or weak currency. There is no agreement in the ec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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