Overcrowding In Our Jails and Prisons Today Essays - Criminal Law

Publishing Horror Stories

Distributing Horror Stories Distributing Horror Stories Distributing Horror Stories By Sharon Need to realize which errors to keep away from? Heres a distributers viewpoint. In the most recent issue of Publishing Basics, Carolyn Madison uncovers a portion of the blunders that cause distributers to wince. These incorporate incorrect spellings, poor language and accentuation, basic issues, questionable messages and off base substance. They have a pleasant rundown of the constantly regular incorrectly spelled words too: Influence or Effect Guarantee, Insure, or Assure It’s or Its Two, Too, or To Set or Sit At that point or Than There, Their, or They’re That, Which, Who, Whom, or Whose Like or As if Roll or Role Very or Quiet However or Thorough Since or Because Ought to of or Should have Less or Fewer Measure of or Number of Over or More than State house or Capital Look at the full rundown of distributing ghastliness stories. Need to improve your English in a short time a day? Get a membership and begin getting our composing tips and activities every day! Continue learning! Peruse the Fiction Writing classification, check our famous posts, or pick a related post below:100 Idioms About Numbers41 Words That Are Better Than Good20 Ways to Laugh

Differences Between Bipolar Disorder and BPD

Differences Between Bipolar Disorder and BPD BPD Related Conditions Print Differences Between Bipolar Disorder and BPD By Kristalyn Salters-Pedneault, PhD Kristalyn Salters-Pedneault, PhD, is a clinical psychologist and associate professor of psychology at Eastern Connecticut State University. Learn about our editorial policy Kristalyn Salters-Pedneault, PhD Medically reviewed by Updated on February 18, 2020 Arief Juwono/Moment/Getty Images More in BPD Related Conditions Diagnosis Treatment Living With BPD Borderline personality disorder (BPD) has been a controversial diagnosis since it was first recognized in the Diagnostic and Statistical Manual of Mental Disorders in 1980. One controversy that still has not been resolved is whether or not BPD is related to  bipolar disorder since they have many similar symptoms. How Bipolar and Borderline Personality Disorder Are Similar The primary reason that some experts have proposed that BPD and bipolar disorder may be related is that they share the common feature of mood instability. Bipolar disorder is associated with mood shifts from depression to mania, a mood characterized by elation, a decreased need for sleep  and an increase in activity, or hypomania, which is similar to mania but less severe. BPD is also associated with mood changes, sometimes called emotional dysregulation  or affective instability. People with BPD can frequently change from feeling fine to feeling extremely distressed in a matter of minutes. Impulsive behavior is also frequently experienced both by people with bipolar disorder and by people with BPD. The Truth About BPD How Bipolar and Borderline Personality Disorder Are Different What is the difference between BPD and bipolar disorder, then? Some major components separate the two. Quality: While the disorders are both characterized by mood changes, the quality of the mood changes can be very different. People with bipolar disorder tend to experience mania and depression while people with BPD experience intense emotional pain and feelings of emptiness, desperation, anger, hopelessness, and loneliness.Time:  In BPD, mood changes are often more short-lived. They may last for only a few hours at a time. In contrast, mood changes in bipolar disorder tend to last for days or even weeks.Cause: Mood shifts in BPD are usually in reaction to an environmental stressor, such as an argument with a loved one, whereas mood shifts in bipolar disorder may occur out-of-the-blue.Degree: The mood shifts typical of BPD rarely involve elation. Usually, the shift is from feeling upset to feeling OK, not from feeling bad to feeling a high or elevated mood, which is more typical of bipolar disorder. Are Bipolar and Borderline Personality Disorder Related? Although it is not yet clear-cut, research has not found a strong relationship between BPD and bipolar disorder. There is some evidence that people with BPD are diagnosed with bipolar disorder at higher rates than individuals with other personality disorders. One study found that about 20% of people with BPD are also diagnosed with bipolar disorder. Only about 10% of people with other personality disorders also have a bipolar disorder diagnosis. Another study looked at people diagnosed with both BPD and bipolar disorder within a 10-year timeframe. The results showed that the disorders appear to be completely independent. The studys authors stressed that its extremely important to treat each disorder individually for the best chance of symptom relief. The Bottom Line So far, there is not enough research to suggest that BPD and bipolar disorder are related. Although there are definitely some shared features, there are also some marked differences between BPD and bipolar disorder. Also, the co-occurrence of BPD and bipolar disorder is not large enough to suggest that the two disorders are related. However, more research is needed on this topic. It may be that future research, for example, on the genetic and biological causes of BPD and bipolar disorder, may reveal some undiscovered relationships between the two conditions. How the DSM-5 Classifies Personality Disorders

Gender Roles in Odysseus Order of Society - 929 Words

Gender roles play an essential part in Homeric society. Book 1 sees Telemachos’ interaction with his mother Penelope that is again repeated in a few more scenes, which put emphasis on gender role in an ideal Homeric society. However, book 7 reveals an action that goes against the principles of gender role during the interaction between Odysseus and Arete. While there exists complexity in the ways women are treated, whether by them being confined or by exercising minimal power, the Homeric society ultimately remains a male dominant society. In the first scene, in book 1.355-359, Telemachos commands Queen Penelope to go back to her room. Without any response or argument, she obeys his order. This is one of the very first acts in the book to indicate that it is only for men to listen to poems and/or songs and participate in discussions (1.358), and not for women because of their weak emotions. The same scene is repeated in book 21; however, here Telemachos brings up another aspec t of men’s ascendancy - weapons, more specifically, ‘bow’ (21.345). He clarifies that dealing with weaponry is only men’s concern and not women’s. In both scenes, he emphasizes that he as a man holds more power than her, despite Penelope being the queen. A third scene of Telemachos’ assertive interaction with Penelope is when he â€Å"called her by name and scolded her† (23.96) for not caring about her husband after his long return. While analyzing such interactions among opposite genders, itShow MoreRelatedFemale Characters Of Women During The Odyssey By F. Scott Fitzgerald1499 Words   |  6 PagesWhile many patriarchal elements still exist in society today, women were oppressed to a much greater extent in earlier periods of human history. During the time Homer transcribed The Odyssey, women were not even allowed to participate in the theatrical performances; male actors played the female characters. Despite these conditions, female characters are very prevalent in the epic, and many of them even exert their independence outside of traditional gender norms at the time. At the same time, howeverRead MoreMale Stereotypes In The Odyssey Of Homer701 Words   |  3 PagesMale Gender Stereotypes Gender stereotypes has been around for many decades, and have been passed on from generation to generation. These gender stereotypes play a big role in how people are looked upon in society. The ancient Greeks portrayed masculinity as being brave, strong, powerful, superior to women, and in no way feminine. Some of these male expectations are still maintained in society today. In the book â€Å"The Odyssey of Homer† written by Richmond Lattimore, there are many of the male expectationsRead MoreThe Odyssey, Men And Women Experienced Different Degrees Of Power1440 Words   |  6 PagesIn the Odyssey, men and women experienced different degrees of power. Gender heavily influenced the actions the characters committed to and the roles available to them in Ithaca. Men proudly served in combative roles to engage in serious and informational moments. Their presence was crucial to protect and promote courage, loyalty, civilization, and the legacy of their society. Meanwhile, women pr imarily assisted men in accomplishing their goals. In this work, men were heroes and the women were simplyRead More The Role of Men and Women in Homers The Odyssey 1173 Words   |  5 Pagesin ancient Greek society. He appears to be brave, intelligent, well-spoken, and clever. Much of his knowledge is discovered by his travels, absorbing the local culture around him and using it as a guide. Aristocratic and a warrior. Perhaps the best warrior of all time. It is the Iliad which presents these attributes initially. The commander of the Greek army, Agamemnon, calls on Odysseus for assignments frequently, ones that required someone cunning and brilliant. He sends Odysseus off to ask AchillesRead MoreChimpanzees Are Social Creatures, Yet They Travel In Small1305 Words   |  6 Pagesheavily defend their territory in order to assert dominance in their society. Male dominance has existed in literature all throughout history, especially in the Odyssey by Homer. This piece of literature c ontains a journey that lasts for twenty years, a man who yearns to return to his wife, and many mythical beings he must overcome. Odysseus and his wife, Penelope, both face incredible situations within their twenty years of separation. In Homer’s Odyssey, both Odysseus and Penelope seek power throughRead MoreEssay On The Role Of Women In The Odyssey739 Words   |  3 Pagesbased on the story of an ancient Greek hero known as Odysseus. The Story follows his twenty-year journey, ten spent fighting the war, and the other ten spent getting home. Throughout the Poem, Homer presents the roles and nature of women. In The Odyssey, Greek society is controlled by men, while women face an entrenched societal expectation to be subservient and loyal without question. Men play a supreme authoritative role in all aspects of society within Greek culture. Beginning in Book One, HomerRead MoreAchilles Vs Odysseus Research Paper1216 Words   |  5 PagesAchilles Vs. Odysseus Achilles is the son of Peleus, who is the king of Myrmidon. He was the fearless, striking, and a substantial warrior of the army of Agamemnon in the Trojan war. In Greek mythology, Achilles is notorious for having a preference between a long and peaceful life, or a quick life that will guide him to eternal glory. He states that, â€Å"There are no covenants between sheep and wolves, nor between you and me† (Achilles). Achilles had a desire for glory, when it came to the battlefieldRead MoreThe s The Odyssey, Lysistrata, And Clytemnestra1530 Words   |  7 Pageswere restricted to living within the society s norms fulfilling mostly guided roles like housework. While some works of the time presented women as mere housewives, others often put them in the position of political leaders, heroines, and murderers. The women that receive major roles in the stories such as Penelope in Homer s The Odyssey, Lysistrata in Aristophanes Lysistrata, and Clytemnestra in Aeschylus Agamemnon are major characters with important roles, thus breaking the traditions of normalRead More Penelope, Clytaemestra, Athena, and Helen of Homer’s Odyssey1448 Words   |  6 PagesThe Ideal Women of Homer’s Odyssey      Ã‚  Ã‚  Ancient Greek society treated women as secondary citizens. Restrictions were placed on the social and domestic actions of many aristocratic women in ancient Athens.   The women depicted in Homers Odyssey, on the other hand, are the ideal.   Penelope, Clytaemestra, Athena, and Helen are all women with exceptional liberty and power.     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Before comparing the women of the Odyssey to those of Athens, it is beneficial to take a look into the livesRead MoreAn Analysis Of The Bow From The Odyssey And The Lysistrata1207 Words   |  5 Pagesare going to restore their nation. A passage by Laura K. Mclure illustrates this ideal hand in hand, â€Å"In both of the tragic and comic representation of disorder as the abandonment of the loom, a return to order, or weaving, is a return to the gender status quo, to the rigid hierarchical roles that gave rise to the crisis at the beginning.†(2) Laura fails to bring to significance how the women use the loom as a tool to seek their rightful spot as equals not to go back to their submissive lives..

Research Journals on One Way Anova Test - 785 Words

E-Commerce Electronic commerce, commonly known as e-commerce consists of the buying and selling of products or services over electronic systems such as the Internet and other computer networks. Electronic commerce is generally considered to be the sales aspect of e-business. It also consists of the exchange of data to facilitate the financing and payments aspects of the business transactions. Economists have theorized that e-commerce ought to lead to intensified price competition, as it increases consumers ability to gather information about products and prices. Originally,†¦show more content†¦Electronic commerce that is conducted between businesses is referred to as business-to-business or B2B. B2B can be open to all interested parties (e.g. commodity exchange) or limited to specific, pre-qualified participants (private electronic market). Electronic commerce that is conducted between businesses and consumers, on the other hand, is referred to as business-to-consumer or B2C. This is the type of electronic commerce conducted by companies such as Amazon.com. Online shopping is a form of electronic commerce where the buyer is directly online to the sellers computer usually via the internet. There is no intermediary service. The sale and purchase transaction is completed electronically and interactively in real-time such as Amazon.com for new books. If an intermediary is present, then the sale and purchase transaction is called electronic commerce such as eBay.com. APPLICATIONS OF E-COMMERCE: * Document automation in supply chain and logistics * Domestic and international payment systems * Email * Enterprise content management * Group buying * Automated online assistants * Instant messaging * Newsgroups * Online shopping and order tracking * Online banking * Online office suites * Shopping cart software * Teleconferencing * Electronic tickets TYPES OF E-COMMERCE: * Business-to-Business (B2B) * Business-to-Consumer (B2C) * Business-to-Employee (B2E) * Business-to-Government (B2G)Show MoreRelatedBmt500086 Essay909 Words   |  4 PagesAnnotated Bibliography consisting of the two articles listed as resources for this Activity. Length: 2 entries. Approximately 2-3 pages. Submit your document in the Course Work area below the Activity screen. Learning Outcome: 8 * Analyze research articles for construction of an Annotated Bibliography. ------------------------------------------------- ------------------------------------------------- Your instructor will give you feedback using the form below and in margin commentsRead MorePreparing an Annotated Bibliography Essay902 Words   |  4 PagesAustralia, Adelaide used a research model based on nine performance benchmarks and their corresponding performances. The intent of this research is to analyze the participants concern about the significance of perceived performance criteria and their relevant performance results in a construction project. The data of total 324 practitioners who were engaged in construction projects in Hong Kong were compiled The following five hypotheses were developed based on their research i.e. the levels of emphasisRead MoreInvestigating The Interaction Of Reader Perspective And Relevance On Item Recall1249 Words   |  5 Pages200PY - Research Practical Report Assignment Part 1: RP2 Research Practical 2: To investigate the interaction of reader perspective and relevance on item recall. Objective The aim of the study was to achieve replication of Pichert and Andersen’s (1977) study. Pitchert and Andersen’s conducted a study in which they asked participants to read a story and after participants were given different perspectives from which they could recall it, they were either homebuyer or the burglar perspective orRead MorePre Randomized Non Probability Sampling Method889 Words   |  4 Pagesthis study without further testing (Grove, Gray, Burns, 2015). 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I will use four different treatments: control, Defensor, Rhizoboost, Defensor and RhizobiumRead MoreEssay about Insurance Prospecting Methods Statistics1669 Words   |  7 Pages Prospecting is the number one key to an insurance sales professional success. Insurance sales agents need to prospect in order to build their book of record. However, not all insurance sales agents are successful at prospecting or they do not put in enough time prospecting. There are several different methods insurance sales professionals use to build their book of records such as, referrals, cold calling, news paper advertising, market kiosk, seminar, TV, and radio advertising. With all the methodsRead MoreThe Effects Of Prolonged Deprivation On Learned Helplessness818 Words   |  4 PagesHere we discuss research of Indian writers SURAJ MAL, UDAY JAIN and K. S. YADAV, which is called â€Å"Effects of Prolonged Deprivation on Learned Helplessness†. This study article consists of 8 pages. This is a correlational study and it has quantitative character. The article consists of next sections: Abstract, Introduction, Method (this part also consists of such subsections as Subjects, PDS, Tasks, and Procedure), Results, Discussion, and References. Independent variables of the study are genderRead MoreMethods Of Instruction And Their Influence On Diverse Students1522 Words   |  7 PagesStudy of Methods of Instruction and Their Influence on Diverse Students’ Test Scores Is there a correlation between test scores and methods of teaching for students based on gender, race, or economics? By Monica Ross July 29, 2016 Introduction to Statistics and Research Arkansas State University Abstract It is of utmost importance to the Harmony Creek Middle School that they conduct research into how their students are learning in different classrooms. They believeRead MorePsychological Implications Of Interpersonal Attraction1381 Words   |  6 Pagestowards the stimulus, promoting interpersonal attraction (Zajonc, 1968), while similarity between individuals enhances initial attraction (Vinacke, Shannon, Palazzo Balsavage, 1988), and allows social validation (Byrne, 1971). Physical attractiveness, one of the most important determinants of interpersonal attraction is often seen as a sign of fertility, strength, or health (Buss, 1999; Thornhill, 1998). Physical attractiveness individuals has been shown to be treated preferentially and more positivelyRead MoreSelf Esteem in Athletes Compared to Non-Athletes Essays1402 Words   |  6 Pagesto Non-Athletes The correlation of playing competitive sports at college level and self esteem are measured. Subjects were given the Barksdale self esteem questionnaire to fill out and levels of self esteem are measured by scores out of one hundred. The subjects are then separated into categories determined by gender and whether they played sports at the college level. The results indicated that the elite athletes have a higher self esteem than non athletes. The survey also revealed that

Contemporary Issue on Chit Funds -“The Invincible” Free Essays

An contemporary issue report on CHIT FUNDS â€Å"THE INVICIBLE† 2013-2014 Made by : Fakhruddin Badshah PREFACE This document sketches the the meaning, introduction, overview,its working,online chit funds, I threw some light on latest news about this sector and also tried to cover the latest upsteram and downsteam aspects of this sector (chit fund companies). My aim of writing on this issue is who will going to stop the fraudulant activities being done by this companies. I chose this segemnt for my contemporay because this is going very common among the people in today’s time. We will write a custom essay sample on Contemporary Issue on Chit Funds -â€Å"The Invincible† or any similar topic only for you Order Now So I thought lets give away the the detail of this segment to the people. With the help of this document people will come to know what exactly going on in this domain. This sector is expanding rapidly like anything. This developments has become a catalyst for the growth of vigourous chit fund companies in all over India. So what provisions should be made to curb the alleged false practices done by these companies or segment. Thus it is the to think and act on it to protect the interest of small investors and their hard earned incomes. Index Introduction| 5-7| Overview of chit fund| 8| How chit fund works| 9-11| 2012-2013 Highlighted News about chit-fund| 12-13| Who will stop chit funds? | 14-18| Report of MCA| 18-21| Benefits| 21-22| Drawbacks| 23| Safety from Chit funds| 24| CHIT FUNDS – â€Å"The Invincible† Introduction: A chit fund is a type of savings scheme practiced in India, besides other forms of savings scheme offered by various public and private sector banks, post offices, insurance corporations etc. Chit Funds are indigenous financial institutions in India that cater to the financial needs of the low-income households, which have been excluded from the formal financial system. Chit†, in the legal purview, means a transaction whether called chit, chit fund, chitty, kuri or by any other name by or under which a person enters into an agreement with a specified number of persons that every one of them shall subscribe a certain sum of money (or a certain quantity of grain instead in the case of villages) by way of periodical installment s over a definite period and that each such subscriber shall, in his turn, as determined by lot or by auction or by tender or in such other manner as may be specified in the chit agreement, be entitled to the prize amount. In simple words, A chit fund is a savings-borrowing scheme, in which a group of people enter into an agreement to contribute fixed amounts periodically, for a specified period of time. The amount so collected (or the chit value) is distributed among each of the persons in turns, which is determined by way of lots or an auction. Chit funds provide an opportunity to save excess cash on a daily, weekly or monthly basis, and give an easy access to it in case of emergency. Chit funds are the Indian equivalent of the Rotating Savings and Credit Associations (ROSCA) that are famous throughout the world. ROSCAs are a means to â€Å"save and borrow† simultaneously. It is considered one of the best instruments to cater to the needs of the poor. It enables poor people to convert their small savings into lump sums. The concept of chit funds originated more than 1000 years ago. Initially it was in the form of an informal association of traders and households within communities, wherein the members contributed some money in return for an accumulated sum at the end of the tenure. Participation in Chit funds was mainly for the purpose of purchasing some property or, in other words, for â€Å"consumption† purposes. However, in recent times, there have been tremendous alterations in the constitution and functioning of Chit funds. While in most places ROSCAs are user-owned and organized informally, in India, chit funds have been formally institutionalized as well. Legally recognized firms provide a variety of chit schemes. A Chit Fund can either be legally registered or unregistered. Registered Chit Funds, as the name suggests are being regulated under the various Chit Fund acts. While unregistered Chit Funds are unorganized and mostly run by the close friends, relatives or family members of the investor. Unregistered Chit Funds which exceed 100 ($2) in value are illegal in India, although it is very well known that unregistered Chit Fund industry is very popular in India, mainly in the rural and semi-urban area, where people have very little access to the banking services and where financial illiteracy is more. The regulation of the Chit Fund industry was put in place by the Government of India to address the problem of misuse of informal Chit Funds by unscrupulous promoters and founders running away with the participant’s funds, leaving the members with little recourse to retrieve their money back. Chit funds in India are governed by various state or central laws. Organized chit fund schemes are required to register with the Registrar or Firms, Societies and Chits. Various Chit Fund Acts governing the industry in India are as under: * Union Government – Chit Funds Act 1982 (Except the State of Jammu and Kashmir) * Kerala – Kerala Chitties Act 1975 * Tamil Nadu – Tamil Nadu Chit Funds Act, 1961 * Karnataka: The Chit Funds (Karnataka) Rules, 1983 * Andhra Pradesh – The Andhra Pradesh Chit Funds Act, 1971 * New Delhi- The Chit Funds Act,1982 and Delhi Chit Funds Rules, 2007 * Maharashtra – Maharashtra Chit Fund Act 1975 Uttar Pradesh: Uttar Pradesh Chit Funds Act, 1975 * Goa, Daman Diu: The Goa, Daman and Diu Chit Funds Act, 1973 * Pudducherry/Pondicherry: The Pondicherry Chit Funds Act, 1966. An overview of chit funds: The economic development of a country depends upon the availability of resources. The main activities that contribute to the gr owth are production and employment. Production depends upon the inputs of the factors such as finance, raw materials, labor etc. The most important here bring finance, which is the chief mobilized of all the factors of production. In a money economy, finance for development initially comes from private savings. These private savings give to the secondary deposits; this is where the financial institutions come into picture. Financial institutions occupy a central place in mobilizing savings from the people and make it available to the trade, commerce and industries either as a capital or loans. The non banking sector comprises of money lenders, indigenous bankers, pawn brokers, nidhis, â€Å"chit funds† etc. The origin of chit funds can be traced way back to the 17th century when the economic wizards of state of Malabar (now known as the state of Kerala) started this activity. Those were the people who actually founded this financial institution. It became so popular and numerous that people started adopting this activity as a profession by the 18th century all over. As the chit industry grew the number of people involved in this industry also grew. This gave rise to many misconceptions, frauds, mismanagement etc. , in this industry. To prevent this State Government of Travancore took the first initiative and introduced the first Chit Fund Regulation being the Chit Fund Act 1914. One important regulation introduced by this act was that of a commission payable to the foreman. The Act brought about a ceiling limit on the commission payable to the foreman that is 5% maximum which is still the same even to this date. How chit funds works: Chit funds which are popular from a very long time but still some people don’t know how exactly this chit fund works and invest their money illogically. This can be understood by the following procedure: Let’s say there are 20 people who come together and form a group. Each one will contribute Rs 1,000 per month and this will continue for next 20 months (equal to number of people in the group). In this group there will be one organizer, who will take the pain of fixing the meetings, collecting money from each other and then doing other procedures. So each month all these 20 people will meet on a particular day and deposit Rs 1,000 each. That will make a total of Rs 20,000 every month. Now there will be a bid on who will take this money. Naturally there will be few people who are in need of big amount because of some reason like some big expenses, liquidity crunch, business problem, Beti ki Shaadi etc etc Out of all the people who are in need of money, someone will bid the lowest amount, depending on how desperate he is for this money. The person who bids for the lowest amount wins the bid. Suppose out of total 3 people who bid for 18,000, 17,000 and Rs 16,000, the one who bids the lowest will win. In this case it’s the person who has bid Rs 16,000. There will also be â€Å"organizer charges† which are around 5% (standard) of the total amount, so in this case its 5% of Rs 20,000, which is Rs 1,000. So out of the total 16,000 which this winner was going to get, Rs 1,000 will be deducted and the winner will get only Rs 15,000, Rs 1,000 will be organizer charges and Rs 4,000 is the profit, which will be shared by each and every member (all 20 people), it comes out to be Rs 200 per person, and it will be given back to all 20 members. So here you can see that the main winner took a big loss because of his desperate need of getting the money and others benefitted by it. So each person actually paid just 800, not 1,000 in this case (they got 200 back). Note that when a person takes the money after bidding, he can’t bid from next time, only 19 people will be eligible for bidding. Now next month the same thing happens and suppose the best bid was Rs 18,000 , then winner will get 17,000 (after deducting the organizer fees) and the rest 2,000 will be divided back to people (Rs 100 each) . So each person is paying effectively Rs 900. This way each month all the people contribute the money, someone takes the money by bidding lowest, organizer gets his charges and the rest money is divided back to members. You will realize that the person who takes the money at the end will get all the money except organizer fee, as there is no one else to bid now. So the person will get around Rs 19,000 in the end, if you try to find out the returns which he got out of the whole deal, it will depend on two things, how much lower bids were each month and the fees paid to organizer, if bids and charges are very low, then a person will make more money at the cost of other situations. So this is pretty much how a chit fund works, there are various versions of chit funds and how they work , but the idea was to communicate the basic model and how it works. | Online Chit Funds is also running with pace of E-commerce With the advent of ecommerce in India, Chit funds have also started going online. Online chit funds conduct auctions online and subscribers can pay their monthly dues and receive prize amount online through online transactions including electronic fund transfers. Each member will have an online account through which they can manage their chit funds. 2012-2013 Highlighted News about chit-fund: . Cunning strict approaches adopted by RBI to protect the investors from delusive acts of chit fund companies. 2. Last year in the month of December, The Reserve Bank of India (RBI) warned all the state governments about the mushrooming of chit funds and also written to them to take appropriate actions against them for duping depositors. 3. RBI Governor Duvvuri Subba rao said, â€Å"The responsibility for checking the chit funds and for prosecuting the violation of law is of the state government. We have written to all the state governments to be vigilant about this and to take appropriate action†. . D Subbarao also called for greater awareness among police and the general public for checking the proliferation of the chit funds in the country. 5. On 6th December 2012, Minister of State for Corporate Affairs RPN Singh said that 87 companies have come under the scanner for alleged irregularities related to chit fund schemes and money circulation in the garb of multi-level marketing. The Registrar of Companies (RoC) and its Regional Directors have been asked to scrutinize the balance sheets and inspect the books of accounts and other records of these 87 companies. . India’s market regulator, Securities and Exchange Board of India (Sebi) had banned companies such as Rose Valley and MPS Greenery Developers from accepting deposits from t he public. 7. The former chief minister also pointed it out that small savings through post offices and co-operatives has suffered a lot as many people are depositing their money to these chit funds expecting huge return. 8. In Bhubneshwar, The crime branch told that they are making a short documentary to sensitize people about illegal non-banking financial companies (NBFCs). The film will feature a host of financial management companies like Seashore, Ashore and Saffex, whose irregularities were exposed recently. The Economic offences wing (EOW) of the Crime Branch has registered at least 30 cases against several fraud companies in the past six months for embezzling public deposits after giving them false promise of high return. Senior functionaries (Head) of the companies were arrested and their bank accounts being ceased. 9. EOW also making plan to start a toll free number to protect people from fraudulent activities done by chit fund companies. 10. Government making steps towards the projection of model; rules to check chit fund and MLM (Multi-level Marketing) frauds. The central government will soon make stringent provisions in place, like hefty financial penalty, jail terms, de-listing from the registrar of companies (RoC) roster, among others. Who will stop chit funds In October 2012, a women and her elder daughter were running a chit fund, committed suicide by consuming acid in Puthur in Trichy as they were unable to repay their investors. These women had started a Diwali chit fund in the year 2011 and attracted around 300 investors in the area. They had collected around `9lakh from the investors. As per norms, the chit fund company should have repaid the money with interest or given assured gifts to the investors before Diwali of the year 2012. When the investors pressurize the women, they decided to end their lives and consumed poison. Investors are helpless. This is not the only case there are numerous. Most chit fund investors are the rural poor and or small investors. Neither the victimized investors nor the police bring to book the persons responsible. Only the poor agents remain in place from whom the money cannot be recovered. According to Ministry of Corporate Affairs (MCA), there are 4256 listed or registered chit fund companies which are running their business in the country while India chit-fund association estimates that the country has in total 15000 (registered and unregistered) companies which manage billions of rupees worth of funds. ShriRam Capital, one of the largest players, operates in four southern states and manages over USD 800 million. Some hope that recent hiccups in India’s once-booming microfinance sector, whose rise was led by microcredit, could bring even more business their way. One can imagine how big the business is all over India. Too many regulators could not stop irregularities in chit funds. Everybody agrees that irregularities need to be stopped because these are causing harm to a lot of small investors. But the question is; who will stop it? In 1978, when the RBI banned chit funds, it came under the ministry of corporate affairs as a collective investment scheme. Another way these companies work is through private placement of the non-convertible debentures or collective investment scheme. In this case, SEBI has the power to regulate it. Sahara and many other big names are in on it. Any debenture or private placement cannot be done by more than 50 people. In contrast, these kinds of companies collect money from thousands of investors. If the number of investors of share and debenture is more than 50, it needs to be registered in the market and the SEBI would control it. RBI wants the state government to take steps: In this context, RBI has a different take. Subbarao, Governor, RBI, has advised the state governments to make their law stronger to save common investors from the chit fund trap. It has written letters to the states to develop a definite action plan to take step against these multi levels marketing player. Subbarao explained that RBI has no power to regulate chit funds. So, it has asked state government to take the initiative to prevent the mushrooming of money market agencies. RBI can train police and other legal bodies about chit funds but cannot instruct the police to do so. It is a state subject to plan and executes the prevention process of chit funds. Corporate Affairs ministry looking into it: Union corporate Affairs Minister Sachin Pilot has said that the central government is looking into the issue of some chit funds and the Ponzi scheme that allegedly dupe small investors by using legal loopholes. It would also encourage state government to take necessary action against these firms. These firms are now misusing the loopholes, pilot added. Furthermore he added, â€Å"Our main objective is to protect small investors from these companies, who are taking their (investors) hard earned money. † As many as 87 companies have come under the scanner for alleged irregularities related to chit fund schemes and money circulations. Minister of State for corporate Affairs R. P. N. Singh has informed the Rajya Sabha that the directions have been issued on the basis of specific complaints received by the ministry against these companies, which are â€Å"alleged to be carrying on activities related to prize chit fund and money circulation in the garb of multi-level marketing. Legislative hodgepodge: Singh further said that SFIO (Serious Fraud Investigation Office) has recommended setting up of a specific central regulatory agency for the implementation of the prize chit and money circulation scheme (Banning) act, 1978. The act is administered by the Department of Financial services (DFS) which has constituted an Inter-Ministerial Group consisting of representatives from DFS, Ministry of Corporate Affairs (MCA), RBI, Security and Exchange Board of India (SEBI), Department of Consumer Affairs and Central. Report of Ministry of Corporate Affairs: List of Companies not registered but found doing Chit Business Beware of these Companies. Never join them. M/s. P. V. R. Chits (P) Ltd. , B-50, Flatted Factories, Okhla Phase-III, N. Delhi-20. | M/s. Narmal Chits (P) Ltd. , 1427, Gurudwara Road, Kotla Mubarakpur,N. Delhi-3. | M/s. Sahara Chits (P) Ltd. , WZ/A-49, Krishna Park Extension, N. Delhi-18. | M/s. Twenty Second Century Chit Fund (P) Ltd. , 4205-4206, Sant Nagar, Main Road, Rani Bagh, Delhi-34. | M/s. Skylla Chits (P) Ltd. , D-223/115, Laxmi Chambers, Laxmi Nagar, Delhi-92. | M/s. Hari Vimal Chits (P) Ltd. , Shop No. 8, M. R. Market, Rangpuri, N. Delhi-70. | M/s. Merchant Chits (P) Ltd. , CA-24/2, Tagore Garden, N. Delhi-27. | M/s. Mehar Chits (P) Ltd. , IIIrd Floor, 528, Krishna Gali, Katra Neel, Chandni Chowk, Delhi-6| M/s. Vinamar Chits (P) Ltd. , 170-E, Kamla Nagar, Delhi-7. | M/s. Vinamar Chits (P) Ltd. , 272, Hakikat Nagar, Mall Road, Delhi-9. | M/s. Well King Chits (P) Ltd. , C-47, Acharya Niketan, Mayur Vihar, Phase-I,Delhi-91. | M/s. Aegis Chit Fund (P) Ltd. , E-484, Greater Kailash-II, New Delhi-48. | List of Companies which have been debarred from doing any Chit Fund business in Delhi   NAME| ADDRESS| A. G. CHIT FUND PVT. LTD. |    | ARJIT CHITS PVT. LTD. | | BHAGMAL CHITS PVT. LTD. | | CHOJI PRITAM CHITS PVT. LTD. | | DISHTI CHIT FUND PVT. LTD. | DIRECTOR: Sh. Ajay Pandon| DISHTI CHIT FUND PVT. LTD. | DIRECTOR: Sh. Sudarshan Kapoor| EK-ONKAAR CHIT FUND PVT. LTD. | | EROS FIN. ; CHIT FUND PVT. LTD. | | GIRDHAR CHITS PVT. LTD. | | GOLDEN BENEFIT CHITS PVT. LTD. | | J. KRISHNA CHIT FUND PVT. LTD. | | J. V. CHITS PVT. LTD. | | KADS CHIT FUND PVT. LTD. | | KHAJANA CHITSPVT. LTD. | | LEAN CHITS PVT. LTD. | | MINCO CHITS PVT. LTD. | | NIKETAN CHIT FUND PVT. LTD. | | PARVATI CHIT FUND PVT. LTD. | | PARVEEN CHIT FUND PVT. LTD. | | POMA CHIT FUND PVT. LTD. | | PROSPER CHIT FUND PVT. LTD. | | RITESH CHIT FUND PVT. LTD. | | ROHTGI CHIT FUND PVT. LTD. | | ROYAL CHIT FUND PVT. LTD. | | RUHANI CHIT FUND PVT. LTD. | | S. T. S. CHIT FUND PVT. LTD. | | SAFAL CHIT FUND PVT. LTD. | | SATSANGI CHIT FUND PVT. LTD. | | SIMPLICITY CHIT FUND PVT. LTD. | | SUBHASH NAGAR CHIT FUND PVT. LTD. | | TRI NAGAR CHIT FUND PVT. LTD. | | VEDANTA CHIT FUND PVT. LTD. |    | YOG MAYA CHIT FUND PVT. LTD. |    | PARVARISH LEASING ; FIN. (P) LTD| Shop No. 6, Mafare Garden, New Delhi| M. V. A. CHIT FUND (P) LTD. | Shop No. 10, Krishna Mkt. ,Lajpat Nagar,N. Delhi. | HONOUR CHITS (P) LTD. | 2352, Sevak Bhawan,IIIrd Floor, Shop No. 9,Beadon Pura,Karol Bagh, N. Delhi. | * Source Ministry of corporate Affairs Benefits of Chit funds: Chit Fund is an attractive Investment Option which caters to people from all walks of life. It is specifically beneficial to the Salaried Class, Professionals, Businessmen and Self Employed. The uniqueness of Chit Fund as a method of Financial Planning stems from the fact that, it is both a tool for saving and borrowing. In other words, it serves the dual purpose of being an investment for your savings and in times of need the Subscriber can bid for the Prize Amount in order to meet any unexpected expenditure. The benefits of Investing in Chit Fund are numerous. You can choose how much you want to save per month. Chit funds companies offers chits of various denominations and monthly subscriptions amount ranges from Rs 2500/=(Chit value Rs 1 lakh) to monthly subscription of Rs 1,25,000. * The rate of return is very high compared to other Investment Options and it is also secure form of Investment. * Your Monthly payments will be the Chit Subscription Amount min us the Dividend. The details of the Dividend entitled for Deduction and the Balance Amount payable shall be informed every month, which is mandatory. It inculcates the habit of saving and setting apart a particular amount every month towards investment for a rainy day. * It is good for the Housewife to keep or save their small savings in Chit funds as they will get the money at the time of utmost financial need for household purposes. * It is generally used by housewives, employees of same company, peer groups, friends, and family members or some associations. * If it is used in proper or genuine way then it is makes a worth to invest in chit funds (Organized or unorganized). Drawbacks: Chit-funds do not offer any pre-determined or fixed returns. * Higher returns are earned when there are more number of members in the group or if the duration of the scheme is longer. * One would earn more, when more members need emergency funds. Thus returns cannot be calculated and decided when one joins the scheme. * No security in unregistered chit fund companies. So there are more chances of getting hoax by these fraud companies. * Organizer gets benefited more from your savings. * No guarantee if fixed returns. * In chits interest earnings are lower than Fixed deposits (FD). High degree of risk is associated with chits, so relying on chit funds for saving could be more dangerous. * Chit does not make money; it is just a mechanism for liquidity and emergency funds. * Many chit fund owners are collecting huge volume of money from the common people by making false promises to them. Many poor people of our state are being allured by these chit fund owners and depositing their hard-earned money. But the people are not getting back returns for their investments How to be a Safe investor in Chit Funds: With the plethora of chit fund companies around, the safety of a chit fund lies in choosing the right one. In a registered chit fund company, under legal binding, the activities are regulated and institutionalized by the Chit Fund Act. And hence could be considered safe. However, other unregistered companies operating informally do exist. It has been also seen that depositors are being lured by chit funds companies or firms with higher returns than what banks offer them. These companies are also flourishing in the rural belts where banking penetration is low. One should carefully analyze the pros and cons before making investment in chit funds. Therefore one needs to exercise caution while choosing where he desires to invest. Chit funds definitely are an attractive option for regular saving. It inculcates a disciplined approach to financial planning. It has the added advantage of bringing a combination of savings as well as hassle free borrowing. This dual purpose investment tool could be a friend in need at times of unexpected financial emergencies. Thence BE SAFE AND BE SELECTIVE while going for any chit fund schemes. How to cite Contemporary Issue on Chit Funds -â€Å"The Invincible†, Essay examples Contemporary Issue on Chit Funds -â€Å"The Invincible† Free Essays An contemporary issue report on CHIT FUNDS â€Å"THE INVICIBLE† 2013-2014 Made by : Fakhruddin Badshah PREFACE This document sketches the the meaning, introduction, overview,its working,online chit funds, I threw some light on latest news about this sector and also tried to cover the latest upsteram and downsteam aspects of this sector (chit fund companies). My aim of writing on this issue is who will going to stop the fraudulant activities being done by this companies. I chose this segemnt for my contemporay because this is going very common among the people in today’s time. We will write a custom essay sample on Contemporary Issue on Chit Funds -â€Å"The Invincible† or any similar topic only for you Order Now So I thought lets give away the the detail of this segment to the people. With the help of this document people will come to know what exactly going on in this domain. This sector is expanding rapidly like anything. This developments has become a catalyst for the growth of vigourous chit fund companies in all over India. So what provisions should be made to curb the alleged false practices done by these companies or segment. Thus it is the to think and act on it to protect the interest of small investors and their hard earned incomes. Index Introduction| 5-7| Overview of chit fund| 8| How chit fund works| 9-11| 2012-2013 Highlighted News about chit-fund| 12-13| Who will stop chit funds? | 14-18| Report of MCA| 18-21| Benefits| 21-22| Drawbacks| 23| Safety from Chit funds| 24| CHIT FUNDS – â€Å"The Invincible† Introduction: A chit fund is a type of savings scheme practiced in India, besides other forms of savings scheme offered by various public and private sector banks, post offices, insurance corporations etc. Chit Funds are indigenous financial institutions in India that cater to the financial needs of the low-income households, which have been excluded from the formal financial system. Chit†, in the legal purview, means a transaction whether called chit, chit fund, chitty, kuri or by any other name by or under which a person enters into an agreement with a specified number of persons that every one of them shall subscribe a certain sum of money (or a certain quantity of grain instead in the case of villages) by way of periodical installment s over a definite period and that each such subscriber shall, in his turn, as determined by lot or by auction or by tender or in such other manner as may be specified in the chit agreement, be entitled to the prize amount. In simple words, A chit fund is a savings-borrowing scheme, in which a group of people enter into an agreement to contribute fixed amounts periodically, for a specified period of time. The amount so collected (or the chit value) is distributed among each of the persons in turns, which is determined by way of lots or an auction. Chit funds provide an opportunity to save excess cash on a daily, weekly or monthly basis, and give an easy access to it in case of emergency. Chit funds are the Indian equivalent of the Rotating Savings and Credit Associations (ROSCA) that are famous throughout the world. ROSCAs are a means to â€Å"save and borrow† simultaneously. It is considered one of the best instruments to cater to the needs of the poor. It enables poor people to convert their small savings into lump sums. The concept of chit funds originated more than 1000 years ago. Initially it was in the form of an informal association of traders and households within communities, wherein the members contributed some money in return for an accumulated sum at the end of the tenure. Participation in Chit funds was mainly for the purpose of purchasing some property or, in other words, for â€Å"consumption† purposes. However, in recent times, there have been tremendous alterations in the constitution and functioning of Chit funds. While in most places ROSCAs are user-owned and organized informally, in India, chit funds have been formally institutionalized as well. Legally recognized firms provide a variety of chit schemes. A Chit Fund can either be legally registered or unregistered. Registered Chit Funds, as the name suggests are being regulated under the various Chit Fund acts. While unregistered Chit Funds are unorganized and mostly run by the close friends, relatives or family members of the investor. Unregistered Chit Funds which exceed 100 ($2) in value are illegal in India, although it is very well known that unregistered Chit Fund industry is very popular in India, mainly in the rural and semi-urban area, where people have very little access to the banking services and where financial illiteracy is more. The regulation of the Chit Fund industry was put in place by the Government of India to address the problem of misuse of informal Chit Funds by unscrupulous promoters and founders running away with the participant’s funds, leaving the members with little recourse to retrieve their money back. Chit funds in India are governed by various state or central laws. Organized chit fund schemes are required to register with the Registrar or Firms, Societies and Chits. Various Chit Fund Acts governing the industry in India are as under: * Union Government – Chit Funds Act 1982 (Except the State of Jammu and Kashmir) * Kerala – Kerala Chitties Act 1975 * Tamil Nadu – Tamil Nadu Chit Funds Act, 1961 * Karnataka: The Chit Funds (Karnataka) Rules, 1983 * Andhra Pradesh – The Andhra Pradesh Chit Funds Act, 1971 * New Delhi- The Chit Funds Act,1982 and Delhi Chit Funds Rules, 2007 * Maharashtra – Maharashtra Chit Fund Act 1975 Uttar Pradesh: Uttar Pradesh Chit Funds Act, 1975 * Goa, Daman Diu: The Goa, Daman and Diu Chit Funds Act, 1973 * Pudducherry/Pondicherry: The Pondicherry Chit Funds Act, 1966. An overview of chit funds: The economic development of a country depends upon the availability of resources. The main activities that contribute to the gr owth are production and employment. Production depends upon the inputs of the factors such as finance, raw materials, labor etc. The most important here bring finance, which is the chief mobilized of all the factors of production. In a money economy, finance for development initially comes from private savings. These private savings give to the secondary deposits; this is where the financial institutions come into picture. Financial institutions occupy a central place in mobilizing savings from the people and make it available to the trade, commerce and industries either as a capital or loans. The non banking sector comprises of money lenders, indigenous bankers, pawn brokers, nidhis, â€Å"chit funds† etc. The origin of chit funds can be traced way back to the 17th century when the economic wizards of state of Malabar (now known as the state of Kerala) started this activity. Those were the people who actually founded this financial institution. It became so popular and numerous that people started adopting this activity as a profession by the 18th century all over. As the chit industry grew the number of people involved in this industry also grew. This gave rise to many misconceptions, frauds, mismanagement etc. , in this industry. To prevent this State Government of Travancore took the first initiative and introduced the first Chit Fund Regulation being the Chit Fund Act 1914. One important regulation introduced by this act was that of a commission payable to the foreman. The Act brought about a ceiling limit on the commission payable to the foreman that is 5% maximum which is still the same even to this date. How chit funds works: Chit funds which are popular from a very long time but still some people don’t know how exactly this chit fund works and invest their money illogically. This can be understood by the following procedure: Let’s say there are 20 people who come together and form a group. Each one will contribute Rs 1,000 per month and this will continue for next 20 months (equal to number of people in the group). In this group there will be one organizer, who will take the pain of fixing the meetings, collecting money from each other and then doing other procedures. So each month all these 20 people will meet on a particular day and deposit Rs 1,000 each. That will make a total of Rs 20,000 every month. Now there will be a bid on who will take this money. Naturally there will be few people who are in need of big amount because of some reason like some big expenses, liquidity crunch, business problem, Beti ki Shaadi etc etc Out of all the people who are in need of money, someone will bid the lowest amount, depending on how desperate he is for this money. The person who bids for the lowest amount wins the bid. Suppose out of total 3 people who bid for 18,000, 17,000 and Rs 16,000, the one who bids the lowest will win. In this case it’s the person who has bid Rs 16,000. There will also be â€Å"organizer charges† which are around 5% (standard) of the total amount, so in this case its 5% of Rs 20,000, which is Rs 1,000. So out of the total 16,000 which this winner was going to get, Rs 1,000 will be deducted and the winner will get only Rs 15,000, Rs 1,000 will be organizer charges and Rs 4,000 is the profit, which will be shared by each and every member (all 20 people), it comes out to be Rs 200 per person, and it will be given back to all 20 members. So here you can see that the main winner took a big loss because of his desperate need of getting the money and others benefitted by it. So each person actually paid just 800, not 1,000 in this case (they got 200 back). Note that when a person takes the money after bidding, he can’t bid from next time, only 19 people will be eligible for bidding. Now next month the same thing happens and suppose the best bid was Rs 18,000 , then winner will get 17,000 (after deducting the organizer fees) and the rest 2,000 will be divided back to people (Rs 100 each) . So each person is paying effectively Rs 900. This way each month all the people contribute the money, someone takes the money by bidding lowest, organizer gets his charges and the rest money is divided back to members. You will realize that the person who takes the money at the end will get all the money except organizer fee, as there is no one else to bid now. So the person will get around Rs 19,000 in the end, if you try to find out the returns which he got out of the whole deal, it will depend on two things, how much lower bids were each month and the fees paid to organizer, if bids and charges are very low, then a person will make more money at the cost of other situations. So this is pretty much how a chit fund works, there are various versions of chit funds and how they work , but the idea was to communicate the basic model and how it works. | Online Chit Funds is also running with pace of E-commerce With the advent of ecommerce in India, Chit funds have also started going online. Online chit funds conduct auctions online and subscribers can pay their monthly dues and receive prize amount online through online transactions including electronic fund transfers. Each member will have an online account through which they can manage their chit funds. 2012-2013 Highlighted News about chit-fund: . Cunning strict approaches adopted by RBI to protect the investors from delusive acts of chit fund companies. 2. Last year in the month of December, The Reserve Bank of India (RBI) warned all the state governments about the mushrooming of chit funds and also written to them to take appropriate actions against them for duping depositors. 3. RBI Governor Duvvuri Subba rao said, â€Å"The responsibility for checking the chit funds and for prosecuting the violation of law is of the state government. We have written to all the state governments to be vigilant about this and to take appropriate action†. . D Subbarao also called for greater awareness among police and the general public for checking the proliferation of the chit funds in the country. 5. On 6th December 2012, Minister of State for Corporate Affairs RPN Singh said that 87 companies have come under the scanner for alleged irregularities related to chit fund schemes and money circulation in the garb of multi-level marketing. The Registrar of Companies (RoC) and its Regional Directors have been asked to scrutinize the balance sheets and inspect the books of accounts and other records of these 87 companies. . India’s market regulator, Securities and Exchange Board of India (Sebi) had banned companies such as Rose Valley and MPS Greenery Developers from accepting deposits from t he public. 7. The former chief minister also pointed it out that small savings through post offices and co-operatives has suffered a lot as many people are depositing their money to these chit funds expecting huge return. 8. In Bhubneshwar, The crime branch told that they are making a short documentary to sensitize people about illegal non-banking financial companies (NBFCs). The film will feature a host of financial management companies like Seashore, Ashore and Saffex, whose irregularities were exposed recently. The Economic offences wing (EOW) of the Crime Branch has registered at least 30 cases against several fraud companies in the past six months for embezzling public deposits after giving them false promise of high return. Senior functionaries (Head) of the companies were arrested and their bank accounts being ceased. 9. EOW also making plan to start a toll free number to protect people from fraudulent activities done by chit fund companies. 10. Government making steps towards the projection of model; rules to check chit fund and MLM (Multi-level Marketing) frauds. The central government will soon make stringent provisions in place, like hefty financial penalty, jail terms, de-listing from the registrar of companies (RoC) roster, among others. Who will stop chit funds In October 2012, a women and her elder daughter were running a chit fund, committed suicide by consuming acid in Puthur in Trichy as they were unable to repay their investors. These women had started a Diwali chit fund in the year 2011 and attracted around 300 investors in the area. They had collected around `9lakh from the investors. As per norms, the chit fund company should have repaid the money with interest or given assured gifts to the investors before Diwali of the year 2012. When the investors pressurize the women, they decided to end their lives and consumed poison. Investors are helpless. This is not the only case there are numerous. Most chit fund investors are the rural poor and or small investors. Neither the victimized investors nor the police bring to book the persons responsible. Only the poor agents remain in place from whom the money cannot be recovered. According to Ministry of Corporate Affairs (MCA), there are 4256 listed or registered chit fund companies which are running their business in the country while India chit-fund association estimates that the country has in total 15000 (registered and unregistered) companies which manage billions of rupees worth of funds. ShriRam Capital, one of the largest players, operates in four southern states and manages over USD 800 million. Some hope that recent hiccups in India’s once-booming microfinance sector, whose rise was led by microcredit, could bring even more business their way. One can imagine how big the business is all over India. Too many regulators could not stop irregularities in chit funds. Everybody agrees that irregularities need to be stopped because these are causing harm to a lot of small investors. But the question is; who will stop it? In 1978, when the RBI banned chit funds, it came under the ministry of corporate affairs as a collective investment scheme. Another way these companies work is through private placement of the non-convertible debentures or collective investment scheme. In this case, SEBI has the power to regulate it. Sahara and many other big names are in on it. Any debenture or private placement cannot be done by more than 50 people. In contrast, these kinds of companies collect money from thousands of investors. If the number of investors of share and debenture is more than 50, it needs to be registered in the market and the SEBI would control it. RBI wants the state government to take steps: In this context, RBI has a different take. Subbarao, Governor, RBI, has advised the state governments to make their law stronger to save common investors from the chit fund trap. It has written letters to the states to develop a definite action plan to take step against these multi levels marketing player. Subbarao explained that RBI has no power to regulate chit funds. So, it has asked state government to take the initiative to prevent the mushrooming of money market agencies. RBI can train police and other legal bodies about chit funds but cannot instruct the police to do so. It is a state subject to plan and executes the prevention process of chit funds. Corporate Affairs ministry looking into it: Union corporate Affairs Minister Sachin Pilot has said that the central government is looking into the issue of some chit funds and the Ponzi scheme that allegedly dupe small investors by using legal loopholes. It would also encourage state government to take necessary action against these firms. These firms are now misusing the loopholes, pilot added. Furthermore he added, â€Å"Our main objective is to protect small investors from these companies, who are taking their (investors) hard earned money. † As many as 87 companies have come under the scanner for alleged irregularities related to chit fund schemes and money circulations. Minister of State for corporate Affairs R. P. N. Singh has informed the Rajya Sabha that the directions have been issued on the basis of specific complaints received by the ministry against these companies, which are â€Å"alleged to be carrying on activities related to prize chit fund and money circulation in the garb of multi-level marketing. Legislative hodgepodge: Singh further said that SFIO (Serious Fraud Investigation Office) has recommended setting up of a specific central regulatory agency for the implementation of the prize chit and money circulation scheme (Banning) act, 1978. The act is administered by the Department of Financial services (DFS) which has constituted an Inter-Ministerial Group consisting of representatives from DFS, Ministry of Corporate Affairs (MCA), RBI, Security and Exchange Board of India (SEBI), Department of Consumer Affairs and Central. Report of Ministry of Corporate Affairs: List of Companies not registered but found doing Chit Business Beware of these Companies. Never join them. M/s. P. V. R. Chits (P) Ltd. , B-50, Flatted Factories, Okhla Phase-III, N. Delhi-20. | M/s. Narmal Chits (P) Ltd. , 1427, Gurudwara Road, Kotla Mubarakpur,N. Delhi-3. | M/s. Sahara Chits (P) Ltd. , WZ/A-49, Krishna Park Extension, N. Delhi-18. | M/s. Twenty Second Century Chit Fund (P) Ltd. , 4205-4206, Sant Nagar, Main Road, Rani Bagh, Delhi-34. | M/s. Skylla Chits (P) Ltd. , D-223/115, Laxmi Chambers, Laxmi Nagar, Delhi-92. | M/s. Hari Vimal Chits (P) Ltd. , Shop No. 8, M. R. Market, Rangpuri, N. Delhi-70. | M/s. Merchant Chits (P) Ltd. , CA-24/2, Tagore Garden, N. Delhi-27. | M/s. Mehar Chits (P) Ltd. , IIIrd Floor, 528, Krishna Gali, Katra Neel, Chandni Chowk, Delhi-6| M/s. Vinamar Chits (P) Ltd. , 170-E, Kamla Nagar, Delhi-7. | M/s. Vinamar Chits (P) Ltd. , 272, Hakikat Nagar, Mall Road, Delhi-9. | M/s. Well King Chits (P) Ltd. , C-47, Acharya Niketan, Mayur Vihar, Phase-I,Delhi-91. | M/s. Aegis Chit Fund (P) Ltd. , E-484, Greater Kailash-II, New Delhi-48. | List of Companies which have been debarred from doing any Chit Fund business in Delhi   NAME| ADDRESS| A. G. CHIT FUND PVT. LTD. |    | ARJIT CHITS PVT. LTD. | | BHAGMAL CHITS PVT. LTD. | | CHOJI PRITAM CHITS PVT. LTD. | | DISHTI CHIT FUND PVT. LTD. | DIRECTOR: Sh. Ajay Pandon| DISHTI CHIT FUND PVT. LTD. | DIRECTOR: Sh. Sudarshan Kapoor| EK-ONKAAR CHIT FUND PVT. LTD. | | EROS FIN. ; CHIT FUND PVT. LTD. | | GIRDHAR CHITS PVT. LTD. | | GOLDEN BENEFIT CHITS PVT. LTD. | | J. KRISHNA CHIT FUND PVT. LTD. | | J. V. CHITS PVT. LTD. | | KADS CHIT FUND PVT. LTD. | | KHAJANA CHITSPVT. LTD. | | LEAN CHITS PVT. LTD. | | MINCO CHITS PVT. LTD. | | NIKETAN CHIT FUND PVT. LTD. | | PARVATI CHIT FUND PVT. LTD. | | PARVEEN CHIT FUND PVT. LTD. | | POMA CHIT FUND PVT. LTD. | | PROSPER CHIT FUND PVT. LTD. | | RITESH CHIT FUND PVT. LTD. | | ROHTGI CHIT FUND PVT. LTD. | | ROYAL CHIT FUND PVT. LTD. | | RUHANI CHIT FUND PVT. LTD. | | S. T. S. CHIT FUND PVT. LTD. | | SAFAL CHIT FUND PVT. LTD. | | SATSANGI CHIT FUND PVT. LTD. | | SIMPLICITY CHIT FUND PVT. LTD. | | SUBHASH NAGAR CHIT FUND PVT. LTD. | | TRI NAGAR CHIT FUND PVT. LTD. | | VEDANTA CHIT FUND PVT. LTD. |    | YOG MAYA CHIT FUND PVT. LTD. |    | PARVARISH LEASING ; FIN. (P) LTD| Shop No. 6, Mafare Garden, New Delhi| M. V. A. CHIT FUND (P) LTD. | Shop No. 10, Krishna Mkt. ,Lajpat Nagar,N. Delhi. | HONOUR CHITS (P) LTD. | 2352, Sevak Bhawan,IIIrd Floor, Shop No. 9,Beadon Pura,Karol Bagh, N. Delhi. | * Source Ministry of corporate Affairs Benefits of Chit funds: Chit Fund is an attractive Investment Option which caters to people from all walks of life. It is specifically beneficial to the Salaried Class, Professionals, Businessmen and Self Employed. The uniqueness of Chit Fund as a method of Financial Planning stems from the fact that, it is both a tool for saving and borrowing. In other words, it serves the dual purpose of being an investment for your savings and in times of need the Subscriber can bid for the Prize Amount in order to meet any unexpected expenditure. The benefits of Investing in Chit Fund are numerous. You can choose how much you want to save per month. Chit funds companies offers chits of various denominations and monthly subscriptions amount ranges from Rs 2500/=(Chit value Rs 1 lakh) to monthly subscription of Rs 1,25,000. * The rate of return is very high compared to other Investment Options and it is also secure form of Investment. * Your Monthly payments will be the Chit Subscription Amount min us the Dividend. The details of the Dividend entitled for Deduction and the Balance Amount payable shall be informed every month, which is mandatory. It inculcates the habit of saving and setting apart a particular amount every month towards investment for a rainy day. * It is good for the Housewife to keep or save their small savings in Chit funds as they will get the money at the time of utmost financial need for household purposes. * It is generally used by housewives, employees of same company, peer groups, friends, and family members or some associations. * If it is used in proper or genuine way then it is makes a worth to invest in chit funds (Organized or unorganized). Drawbacks: Chit-funds do not offer any pre-determined or fixed returns. * Higher returns are earned when there are more number of members in the group or if the duration of the scheme is longer. * One would earn more, when more members need emergency funds. Thus returns cannot be calculated and decided when one joins the scheme. * No security in unregistered chit fund companies. So there are more chances of getting hoax by these fraud companies. * Organizer gets benefited more from your savings. * No guarantee if fixed returns. * In chits interest earnings are lower than Fixed deposits (FD). High degree of risk is associated with chits, so relying on chit funds for saving could be more dangerous. * Chit does not make money; it is just a mechanism for liquidity and emergency funds. * Many chit fund owners are collecting huge volume of money from the common people by making false promises to them. Many poor people of our state are being allured by these chit fund owners and depositing their hard-earned money. But the people are not getting back returns for their investments How to be a Safe investor in Chit Funds: With the plethora of chit fund companies around, the safety of a chit fund lies in choosing the right one. In a registered chit fund company, under legal binding, the activities are regulated and institutionalized by the Chit Fund Act. And hence could be considered safe. However, other unregistered companies operating informally do exist. It has been also seen that depositors are being lured by chit funds companies or firms with higher returns than what banks offer them. These companies are also flourishing in the rural belts where banking penetration is low. One should carefully analyze the pros and cons before making investment in chit funds. Therefore one needs to exercise caution while choosing where he desires to invest. Chit funds definitely are an attractive option for regular saving. It inculcates a disciplined approach to financial planning. It has the added advantage of bringing a combination of savings as well as hassle free borrowing. This dual purpose investment tool could be a friend in need at times of unexpected financial emergencies. Thence BE SAFE AND BE SELECTIVE while going for any chit fund schemes. How to cite Contemporary Issue on Chit Funds -â€Å"The Invincible†, Papers

The Rise Of Communism In Russia Essays (2683 words) - Old Bolsheviks

The Rise of Communism in Russia Unless we accept the claim that Lenin's coup gave birth to an entirely new state, and indeed to a new era in the history of mankind, we must recognize in today's Soviet Union the old empire of the Russians -- the only empire that survived into the mid 1980's? (Luttwak, 1). In their Communist Manifesto of 1848, Karl Marx and Friedrich Engels applied the term communism to a final stage of socialism in which all class differences would disappear and humankind would live in harmony. Marx and Engels claimed to have discovered a scientific approach to socialism based on the laws of history. They declared that the course of history was determined by the clash of opposing forces rooted in the economic system and the ownership of property. Just as the feudal system had given way to capitalism, so in time capitalism would give way to socialism. The class struggle of the future would be between the bourgeoisie, who were the capitalist employers, and the proletariat, who were the workers. The struggle would end, according to Marx, in the socialist revolution and the attainment of full communism (Groiler's Encyclopedia). Socialism, of which ?Marxism-Leninism? is a takeoff, originated in the West. Designed in France and Germany, it was brought into Russia in the middle of the nineteenth century and promptly attracted support among the country's educated, public-minded elite, who at that time were called intelligentsia (Pipes, 21). After Revolution broke out over Europe in 1848 the modern working class appeared on the scene as a major historical force. However, Russia remained out of the changes that Europe was experiencing. As a socialist movement and inclination, the Russian Social-Democratic Party continued the traditions of all the Russian Revolutions of the past, with the goal of conquering political freedom (Daniels 7). As early as 1894, when he was twenty-four, Lenin had become a revolutionary agitator and a convinced Marxist. He exhibited his new faith and his polemical talents in a diatribe of that year against the peasant-oriented socialism of the Populists led by N.K. Mikhiaiovsky (Wren, 3). While Marxism had been winning adherents among the Russian revolutionary intelligentsia for more than a decade previously, a claimed Marxist party was bit organized until 1898. In that year a ?congress? of nine men met at Minsk to proclaim the establishment of the Russian Social Democratic Worker's Party. The Manifesto issued in the name of the congress after the police broke it up was drawn up by the economist Peter Struve, a member of the moderate ?legal Marxist? group who soon afterward left the Marxist movement altogether. The manifesto is indicative of the way Marxism was applied to Russian conditions, and of the special role for the proletariat (Pipes, 11). The first true congress of the Russian Social Democratic Workers' Party was the Second. It convened in Brussels in the summer of 1903, but was forced by the interference of the Belgian authorities to move to London, where the proceedings were concluded. The Second Congress was the occasion for bitter wrangling among the representatives of various Russian Marxist Factions, and ended in a deep split that was mainly caused by Lenin -- his personality, his drive for power in the movement, and his ?hard? philosophy of the disciplined party organization. At the close of the congress Lenin commanded a temporary majority for his faction and seized upon the label ?Bolshevik? (Russian for Majority), while his opponents who inclined to the ?soft? or more democratic position became known as the ?Mensheviks? or minority (Daniels, 19). Though born only in 1879, Trotsky had gained a leading place among the Russian Social-Democrats by the time of the Second party Congress in 1903. He represented ultra-radical sentiment that could not reconcile itself to Lenin's stress on the party organization. Trotsky stayed with the Menshevik faction until he joined Lenin in 1917. From that point on, he acomidated himself in large measure to Lenin's philosophy of party dictatorship, but his reservations came to the surface again in the years after his fall from power (Stoessinger, 13). In the months after the Second Congress of the Social Democratic Party Lenin lost his majority and began organizing a rebellious