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Informal Value Transfer Systems
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 institutions 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 tra ... [...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: 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 possessed 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. The money supply of a country comprises all currency in circulation (banknotes and coins currently issued) and, depending on the particular definiti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foreign Policy (magazine)
Foreign policy, also known as external policy, is the set of strategies and actions a State (polity), state employs in its interactions with other states, unions, and international entities. It encompasses a wide range of objectives, including defense and security, economic benefits, and humanitarian assistance. The formulation of foreign policy is influenced by various factors such as domestic considerations, the behavior of other states, and geopolitical strategies. Historically, the practice of foreign policy has evolved from managing short-term crises to addressing long-term international relations, with diplomatic corps playing a crucial role in its development. The objectives of foreign policy are diverse and interconnected, contributing to a comprehensive approach for each state. Defense and security are often primary goals, with states forming military alliances and employing soft power to combat threats. Economic interests, including trade agreements and foreign aid ... [...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 (India), Ministry of Finance. History 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 (India), 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 R Kavita Rao is the present director of the institute. The previous director was Pinaki Chakraborty and chairman was Vijay Kelkar. Campus Spread over an area of 3 acres, the institute is situated near Jawaharlal Nehru University and the Indian Institute of Technology. The campus consists o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Local Exchange Trading System
A local exchange trading system (also local employment and trading system or local energy transfer system; abbreviated LETS) is a locally initiated, democratically organised, not-for-profit community enterprise that provides a community information service and records transactions of members exchanging goods and services by using locally created currency."LETSystems Training Pack", (1990) W.A. Government. LETS allow people to negotiate the value of their own hours or services, and to keep wealth in the locality where it is created. Similar trading systems around the world are also known as Community Exchange Systems (CES), Mutual Credit trading systems, Clearing Circles, Trade Exchanges or Time Banks. These all use 'metric currencies' – currencies that ''measure'', as opposed to the fiat currencies used in conventional value exchange. Each of these value transfer systems functions as a complementary currency. In the 21st century, the internet-based networks have been us ... [...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 formal va ... [...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. Remittance is more than three times as large as the total global foreign aid. In 2021, $780 billion was sent to 800 million people, while foreign aid totalled $200 billion. Most remittance flows from high-income countries to lower-income countries. Workers' remittances are a significant part of international capital flows, especially with regard to labor-exporting countries. A substantial share of remittance ends up in the hands of banks and money-transfer companies due to fees imposed on money transfers. Governments can play a vital role in enabling migrants to support their families more effectively by implementing measures that help reduce transa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hundi
A hundi or hundee is a financial instrument that was 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 belonging to the Digambara Jain Sect, born in 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 Empire regarded the hundi system as indigenous or traditional, but not informal. They were reluctant to interfere with it as it formed such an important ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hawala
Hawala or hewala ( , meaning ''transfer'' or sometimes ''trust''), originating in India as havala (), 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. In 2003 Hawala as a legal concept was documented, finding evidence of Hawala reaching back to 1327, in a publication by Matthias Schramm and Markus Taube, with the titl ... [...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, and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Action Task Force On Money Laundering
The Financial Action Task Force (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 FATF Secretariat is administratively hosted at the OECD in Paris, but the two organisations are separate. 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. ... [...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 aff ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
September 11, 2001 Attacks
The September 11 attacks, also known as 9/11, were four coordinated Islamist terrorist suicide attacks by al-Qaeda against the United States in 2001. Nineteen terrorists hijacked four commercial airliners, crashing the first two into the Twin Towers of the World Trade Center in New York City and the third into the Pentagon (headquarters of the U.S. Department of Defense) in Arlington County, Virginia. The fourth plane crashed in a rural Pennsylvania field during a passenger revolt. The attacks killed 2,977 people, making it the deadliest terrorist attack in history. In response to the attacks, the United States waged the global war on terror over multiple decades to eliminate hostile groups deemed terrorist organizations, as well as the foreign governments purported to support them. Ringleader Mohamed Atta flew American Airlines Flight 11 into the North Tower of the World Trade Center complex at 8:46 a.m. Seventeen minutes later at 9:03 a.m., United Airlines Fli ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
