...AND ORGANIZATIONAL BACKGROUND 6 2.1 Theoretical Framework 6 2.2 7 Qualitative Analysis of Organization 7 2.2.1 Mission Statement 8 2.2.2 Vision 8 2.2.3 Values 8 2.2.4 Objectives 9 2.2.5 Share Capital and Ownership 9 2.2.6 Share Ownership of NBL 9 2.2.7 Organizational Structure 10 2.2.8 Product and Services 11 2.2.9 Human Resources and Training 12 2.2.10 Awards and recognition 14 2.2.11 The Kamladi Branch 14 2.2.12 Analysis of Organizational Functions 15 2.2.13 Current Status of the organization 17 2.2.14 Current Problems 18 2.2.15 SWOT Analysis 19 ANALYSIS AND PRESENTATION 20 3.1 Remittance Distribution in Nepal 20 3.2 Remittance and Nepalese Economy 21 3.3 Major Players in the Market: 24 3.4 Remittance at Nabil Bank 24 3.5 Framework of Inward Sourcing Unit 25 3.6 Remittance Products of Nabil Bank 26 3.7 Process of Internship 28 3.8 Western Union 29 3.9 Western Union and Nabil Bank 32 3.10 Income generated by NBL through Western Union 33 3.11 Analysis of Statistical Data of Western Union 34 3.11.1 Average Daily Transactions 35 3.11.2 Average transactions from various nations 36 3.12 Nabil Bank and Sub-Agents of Western Union 37 3.13 Nabil Remit 39 3.14 Process of Nabil Remit 39 3.15 Income generated by NBL through Nabil Remit 41 3.16 Analysis of Statistical Data of Nabil Remit 42 SUMMARY, CONCLUSIONS AND RECOMMENDATIONS 44 4.1 Summary 44 4.2 Conclusions 46 4.3...
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...Internship Report NRB remittance in relation to General Banking: A study on Janata Bank Limited On Internship Report On “NRB remittance in relation to General Banking: A study on Janata Bank Limited” Submitted To Sharmin Shabnam Rahman Senior Lecturer BRAC Business School BRAC University Submitted By Afzal Hussain Chowdhury ID# 12164014 Major: Finance Department: MBA Date of submission: 09/09/2014 Letter of transmittal Sharmin Shabnam Rahman Senior Lecturer BRAC Business School BRAC University Subject: Submission of Internship report Madam This report on “NRB remittance in relation to General Banking: A study on Janata Bank Limited” is prepared to fulfill the requirement of the Internship program of MBA degree. This report focuses on the contribution of Janata Bank Limited in collecting remittance from NRB from different countries. I am grateful to you that you give me the opportunity to do this report, which was very interesting. I have enjoyed preparing the report though it was challenging to finish within the given time and limited access. I tried my best to compile the information for this report comprehensive as possible. Thanking you Afzal Hussain Chowdhury ID No: 12164014 BRAC Business School BRAC University Acknowledgment First of all, I would like to thank my almighty Allah for the grace in accomplishing my internship report within the time. I would like to express my gratitude to my academic supervisor Sharmin Shabnam Rahman from the core of my heart for...
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...http://www.academicjournals.org/IJSA DOI: 10.5897/IJSA11.143 ISSN 2006- 988x ©2012 Academic Journals Full Length Research Paper Migrant remittances: A driving force in rural development Benzies Isaac Adu-Okoree* and Adwoa Ofosua Onoma Faculty of Development Studies, Presbyterian University College, Akuapem/Tema Campus, Ghana. Accepted 10 April, 2012 The main push factor for migration from rural communities is lack of employment opportunities for inhabitants who had high level of educational. When they migrate, they remit back to their families at communities they migrated from. Remittances play important role in rural development, and the study using Tutu in Ghana as a case study found out that as a result of money remitted to residents in the community, the study participants acquired farm lands, bought vehicles and built houses which they would not have had without remittances. More wives and mothers than other persons received large portions of the remittances. Those who remitted home maintained that in addition to remitting money to their families, they were also willing to contribute to community development including construction of schools, churches and community centre, and also pay school fees to the brilliant but needy students. Thus, they were willing to help develop the entire community. Key words: Remittances, Tutu, rural development, wives mothers, community development. INTRODUCTION In a study of return migrants, Ammassari (2004) found a ...
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...Literature Review on Remittance - Nepal Introduction Remittances are funds transferred from migrants to their home country. They are the private savings of workers and families that are spent in the home country for food, clothing and other expenditures, and which drive the home economy. For many developing nations, remittances from citizens working abroad provide an import source of much-needed funds. In some cases, funds from remittances exceed aide sent from the developed world, and are only exceeded by foreign direct investment (FDI). Remittances give countries the ability to fund development their own way; however, like a teenager flush with cash from a first job, developing countries first have to understand just what it takes to effectively use remittance funds. If it is to efficiently use these funds the country must first develop policies that promote smart, stable growth, and to ensure that growth is not solely concentrated in the cities. It is important to note that migrants do not only travel to the largest world economies for work; instead, they go where the likelihood of work is the highest. While construction-related jobs are often considered the job of choice, many workers flock to countries that are developing their economies as well. Commodity-rich countries have a high demand for labor as the prospect of rising commodity prices continues to remain a constant Research has also shown that migrants returning from working abroad have a higher propensity...
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...Migration Remittances Dear Sir/Madame, Thank you for participating to this survey. This research seeks to explain how and if Egyptian abroad remit (money and ideas) to their country of origin. It will take just 10 minutes of your time. All the answers are private and will be used just for academic purposes. 1. Where do you live? 2. What is your age? • Under 18 years old • 18-24 years old • 25-34 years old • 35-44 years old • 45-54 years old • 55-64 years old • 65-74 years old • 75 years or older 3. What is your sex? Male Female 4. What is your current marital status? • Single, never married • Married or domestic partnership • Widowed • Divorced • Separated 5. How is your household composed of? 6. What is the highest degree or level of school you have completed? What is your last certificate degree? • None (illiterate, I did not complete primary school) • [pic]Primary School • [pic]Secondary School • [pic]Undergraduate degree • [pic]Postgraduate degree • Other, please specify 7. When did you leave Egypt and why? 8. What is your current employment status? • Employed • [pic]Self-employed • [pic]Unemployed (seeking for job) • [pic]Unemployed (not looking for a job) • [pic]Student • [pic]Retired 9. If you work, what is your current occupation? 10. What is your status in the country of emigration? • Regular (Temporary residence) • [pic]Regular (Permanent residence) • [pic]Irregular ...
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...International Remittances Universal Banking Solution System Integration Consulting Business Process Outsourcing “Remittance is the act of transmitting money to a distant location to fulfill an obligation” This Knowledge Paper makes an effort to elucidate the concept of remittances in the international context and is focused on the remittances sent by emigrants to their families back home, for domestic consumption and investment. The paper highlights the significance of International Remittances to the global economy, details existing business models, and examines emerging trends as well as challenges faced by an industry which is to poised to play a bigger role in the globalization process. Remittances Overview In this globalizing world, migration of people from one country to another for employment opportunities has become a common phenomenon. Dominant migration corridors have been formed between various countries/regions. This is primarily due to the socio-economic conditions prevailing in the migrants’ countries of origin and destination. A few examples: Migrant-sending country: • • • • • Lack of job opportunity Lower wage rates Social insecurity Political instability Extreme geographical conditions Migrant-receiving country: • • • • • Availability of employment Friendly migration policies Shortage of skilled resources Financial liberalization Abundance of natural resources A few examples of such corridors (sender country-receiving country) are Mexico-US, South...
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... 2. Does the customer need to have a bank account for availing IMPS? Yes, the customer needs to have a bank account with the bank which has enabled this facility. 3. Does the customer need to register to remit the funds through IMPS? Yes. Customer should enroll for Mobile Banking Service with the bank where customer has an account. The registration process shall be as per their bank’s laid down procedures. 4. Is the beneficiary customer also required to register for IMPS? The beneficiary customer should have their mobile numbers registered with the banks maintaining their accounts. He should also have a valid MMID provided by the bank. . 5. What beneficiary details does the customer need to affect an IMPS remittance? The beneficiary details required are: a. Beneficiary’s mobile number b. MMID of the beneficiary customer 6. What is MMID? Mobile Money Identifier (MMID) is a seven digit random number issued by the bank upon registration. Remitter (customer who wants to send money) and Beneficiary (customer who wants to receive the money) should have this MMID for doing this interbank funds transfer. 7. How can a customer generate/retrieve his/her MMID using SMS mode? The customer has to send MMID as SMS to 5607040: 8. Can a customer link more than one account to the same mobile number? Yes. The customer can link the same mobile number to more than one account. 9. What is the Process flow of IMPS? Step 1: Remitter...
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...CURRICULUM VITAE | | Muhammad Najeeb MPA (HRM) Muhammad Najeeb [pic] Objectives To pursue a career in a growing and dynamic firm, putting my theoretical knowledge into practical form, rendering all possible services in my capacity to the firm, to effectively contribute to the optimal growth of the company and where I can expose my skills and knowledge to face challenges and meet targets. [pic] Personal Information Father Name-----------------------Muhammad Saddique Date of Birth-----------------------11-09-1987 C.N.I.C------------------------------81202-6084419-5 Marital Status---------------------Married Religion-----------------------------Islam Nationality-------------------------Pakistani Domicile----------------------------Kotli A.K Blood Group----------------------AB+ve [pic] |S. No |Class |Subject/Major |Div./CGPA |Years |Board/University | |1 |MPA |HRM |2nd |2009 |AJK University | |2 |B.A |Humanities |2nd |2007 |AJK University | |3 |F.A |Humanities |2nd |2005 |Mirpur Board | |4 |SSC |Arts |2nd...
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...BUSINESS OVERVIEW Migrants’ remittances, an age old phenomenon, have assumed great importance over the last decade. With increasing internal migration, they are considered to be an ‘important and stable source of external development finance’ for households in source regions, reducing transient poverty and at times even structural poverty. The primary reason for migration is to earn livelihood and the means of earning the same could be any of the following: a. Farming based labor b. Skilled or semi skilled labor c. Manual labor of any other form Also a migrant for the purpose of this case study is primarily someone from the rural setup and falls in SEC D1, D2 or E1, E2, E3 as per the new categorization. The total internal migrant base as per 2011 stats has swelled to close to 1.14 crore. Total annual remittance per customer is at a staggering Rs 14,600 and the annual potential of the overall remittance market is at a staggering Rs 20000 crore. A gender cut of remittance is as below: What are the ways thus for a person to transfer or remit, the conventional ways are, Bank transfer Post office based transfers: Online transfer via FINO etc Hawala and transfer by hand are unconventional means to transferring money. Each of these means has its own set of advantages and inherent challenges/issues. Details as given: **** This case study is confidential and should not be shared in any form**** The most favored and prevalent mean is utilizing banks services...
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...a suicide bomber? Support your answer. Question 1: Describe the “hawala system.” What makes it successful among it’s users? Remittance is a transfer of money by foreign workers, relatives to his or her own countries. Monies sent home or transferred yearly by migrants constitutes the second largest financial influx to many developing countries. Estimates of these types of transactions range from $310 billion (according to the International Fund for Agricultural Development) to the World Banks estimate s of over $450 billion. Once such remittance program, which draws a great deal of attention, is the “hawala system” of remittance and/or payment. “Officials at Interpol and the International Monetary Fund estimates, that transactions within this system range as high a $700 billion dollars yearly” (Jost and Sandhu, 34). So, what is the hawala system? How does it work? What are the advantages of this system of finance? In an article written by Patrick Jost and Hajit Sandhu: “The Hawala Alternative Remittance System and It’s Role in Money Laundering (2010)…“Hawala is an alternative or parallel remittance system. It exists and operates outside of, or parallel to 'traditional' banking or financial channels. It was developed in India, before the introduction of western banking practices, and is currently a major remittance system used around the world. It is but one of several such systems; another well known example is the 'chop', 'chit' or 'flying money'...
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...to this rule. The exception is that if the company provides evidence of indefinitely reinvesting the undistributed earnings. In ASC 740-30-25-17 it explains this in detail , “ The presumption in paragraph 740-30-25-3 that all undistributed earnings will be transferred to the parent entity may be overcome, and no income taxes shall be accrued by the parent entity, for entities and periods identified in the following paragraph if sufficient evidence shows that the subsidiary has invested or will invest the undistributed earnings indefinitely or that the earnings will be remitted in a tax-free liquidation. A parent entity shall have evidence of specific plans for reinvestment of undistributed earnings of a subsidiary which demonstrate that remittance of the earnings will be postponed indefinitely. These criteria required to overcome the presumption are sometimes referred to as the indefinite reversal criteria. Experience of the entities and...
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...Socio-economic Impact of Remittance on Households: A Study on Khulna City Md. Ashif Hossain Economics Discipline Social Science School Khulna University Khulna, Bangladesh August, 2013 Socio-economic Impact of Remittance on Households: A Study on Khulna City …………………………………… Md. Ashif Hossain Student Number: BSS 0 9 1 5 0 8 Session: 2011-2012 Supervisor ……………………………………. Sk. Sharafat Hossen Assistant Professor Economics Discipline Khulna University Khulna, Bangladesh A Thesis Paper submitted to the Economics Discipline of Social Science School, Khulna University, Bangladesh in partial fulfillment for the BSS (Hons.) in Economics degree August, 2013 Socio-economic Impact of Remittance on Households: A Study on Khulna City ………………………………………… (Mohammed Ziaul Haider, Ph.D) Head Economics Discipline Social Science School Khulna University August, 2013 Statement of Originality Socio-economic Impact of Remittance on Households: A Study on Khulna City The findings of this Thesis are entirely of the candidate’s own research and any part of it has neither been accepted for any degree nor is it being concurrently submitted for any other degree. ………………………………. Md. Ashif Hossain Student Number: BSS 0 9 1 5 0 8 Session: 2011-2012 August, 2013 Acknowledgement First of all I express my heartfelt gratitude to supreme creator and ruler of the world Almighty ALLAH who has given me the opportunity to conduct my education...
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...Remittances are playing an increasingly large role in the economies of many countries, contributing to economic growth and to the livelihoods of less prosperous people (though generally not the poorest of the poor). According to World Bank estimates, remittances totalled US$414 billion in 2009, of which US$316 billion went to developing countries that involved 192 million migrant workers.[4] For some individual recipient countries, remittances can be as high as a third of their GDP.[4] As remittance receivers often have a higher propensity to own a bank account, remittances promote access to financial services for the sender and recipient, an essential aspect of leveraging remittances to promote economic development. According to some social scientists [5] remittances have social significance that extends well beyond the mere financial dimensions. The World Bank and the Bank for International Settlements have developed international standards for remittance services.[6] In 2004 the G8 met at the Sea Island Summit and decided to take action to lower the costs for migrant workers who send money back to their friends and families in their country of origin. In light of this, various G8 government developmental organizations, such as the UK government's Department for International Development (DFID) and USAID began to look into ways in which the cost of remitting money could be lowered. In September 2008, the World Bank established the first international database of remittance...
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...durable assets and currencies Sharikah al Mufawadah Investment Auctioning Output sharing DP with Management DP without Management Profit sharing Musharakah-based DP Mudharabah-based DP Sharikah al Amwal Sharikah al Abdan Sharikah al Wujuh Profit Sharing Revenue sharing Durable Assets Participation Musaqa Muzara‘a Output (Revenue) Sharing Involuntary: e.g., due to inheritance Voluntary: e.g., jointly purchasing a building for renting Sharikah al milk (Partnership based on joint Ownership) Temporary or Ongoing Musharakah Temporary or Ongoing Mudharabah Sharing Principle Fees deferred Ijara: Rents deferred Financial Murabahah Installment sale Object deferred Sale (ODS) Pre-paid istisna‘ Fees paid in advance Rents paid in advance Pure Salam SHARIKAT: PARTNERSHIPS Qard/Service Charge Heeba (Donations) 'Ariyah (qard of assets) Qard: Interest Free Loans TABARU‘AT: GRANTS Hemish Jedheya-Sale:...
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...Codification of Accounting Standards, a company should not recognize revenue until 1.“it has performed under the terms of the arrangement” and 2. “unless it will indeed receive and retain payment in a form that has value to the company,” (accountingresearchmanager.com) This means that the company has to perform the duty that they have agreed to in their contract and will receive a form of payment in return. The performance of the arrangement can be the delivery of goods, providing services, or providing information. Once a company performs the terms of the arrangement, the revenue is deemed as earned; however, at least part of the job must be fulfilled. In addition, the company should not recognize revenue even if their clients paid in advance to fulfillment of the agreement. Revenue is realized or realizable when “the seller receives cash or assets from the customer that is convertible into cash,” (accountingresearchmanager.com) This must occur before revenue is recognized. In the case, “Lighthouse”, the issue of how revenue should recognized for the sales of both Ship Finder devices and service arises. In this particular case, the company Lighthouse created a hardware unit which it installs in ships and provides the services for this unit. This device and service are utilized together in providing information to shipping companies on the ship location, speed, and current local weather. Lighthouse requires its customers to sign two separate contracts, one for the device...
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