Honey,It's All About Money....

The SportS Arbitrage Tools..

2011-03-19T11:14:00.002+05:30

A Bad Workman blames his tools... :) You got that?. So, need to get equipped with the best and latest tools. But before that, you need to understand the system that how it works. study before you dive-into.Arbitrage sports betting, sometimes known as arbitrage spread betting, is a sure-fire guaranteed way to make money. Many people get confused when it comes to arbitrage bets believing that it is some form of complicated betting system that gives them better odds – this could not be further from the truth.

Sports arbitrage betting is a guaranteed way to get a return on your investment because you cover every eventual outcome of a sporting event. Due to either errors or differences of opinion between online sports betting sites (or ordinary bookmakers for that matter) many times in a day there are sporting events where the odds given on a team to win will differ greatly between two or more betting sites.

When you come across an arbitrage opportunity you have the chance to guarantee you make money by placing a bet on both teams to win. By placing your online bet for Team1 to win and placing another bet with a different site for Team2 to win using the arbitrage formula you can ensure that your winning bet not only covers your losing bet but also exceeds the money you have spent.

These opportunities happen dozens of times every single day. So although you usually get a return of between 2 and 5 % on your investment it is a guaranteed return. Therefore you can place sports arbitrage bets several times a day and quickly build up a large pile of cash to bet with.

The amount you win every day will depend on the cash pile you could up from your guaranteed bets. Leave your winnings to accumulate and you could become very wealthy indeed. Or, you could just make yourself an extra income to help you with your bill payments. It really is up to you.

Now you should realize that arbitrage is not sports gambling! You are not gambling in any way. When you gamble you risk the chance of losing. However with arbitrage sports betting you cannot lose!

Obviously the best way to use such a system is through a sports betting software program that can scour the internet for arbitrage opportunities and notify you of them the instant they become available.

There are such powerful sports betting systems available and they are by far the best way to enter into this type of guaranteed betting as they avoid you becoming victim of your own human error (let’s face it all humans make mistakes).

So although you can certainly learn how to apply an arbitrage system using a pen and paper I find that a computerized arbitrage sports betting system does everything so much quicker, without the hassle or the risk of making a mistake in your calculations.

If you want to start making money from every sports bet you place then arbitrage sports betting is the way to go.
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Sports Arbitrage Betting

2011-03-15T10:29:00.002+05:30

In fact I came know this method nearly 19months ago..when I found an opportunity casually surfing for making money from online.. that too right from my own computer. And I implemented method as it is. Its a wonderful system that any one with mere knowledge can earn a good income. May be in the title I placed BETTING. But its not a gambling or money to lose Betting where people lose money in common. Its just a method where we can earn huge income without risk., yes no risk 100% guaranteed money.

Lets Dive into brief...

The internet is filled to over flowing with false promises about amazing betting systems that very rarely deliver. So when you hear about sports arbitrage betting systems that guarantee profit, no matter which sports team wins a match, it is natural to feel skeptical – I know I did.

However, there is no need to be skeptical because arbitrage betting is not actually gambling. When you place these bets you are guaranteed to profit.

So what exactly is arbitrage sports betting and how can it guarantee you a return on your investment?

Well the concept behind sports arbitrage betting is simple. It is the process of placing a bet covering each potential outcome of a game. During any standard day there are times when different bookmakers give different odds on the outcome of a game.

By placing different bets with different bookmakers at different odds you can ensure that a profit is guaranteed regardless of the outcome of the game.

To illustrate how this works here is an example.

Imagine you find a perfect opportunity to place an arbitrage betting a football match because one bookmaker gives you odds of 2.1 that Team1 will win. This bookmaker offers odds of 1.85 for Team2 to win.

Now, elsewhere in a rival bookmaker shop the odds are much different. This bookmaker offers odds of 1.85 for Team1 and odds of 2.1 Teams2.

Can you see how you would benefit from betting on both teams to win?

Well arbitrage betting works like this. In our example we would place a £200 bet on Team1 to win with the first bookmaker (or if you are in the USA you would be betting in Dollars). Then you would place a £200 bet on Team2 to win at the second bookmakers.

This means that no matter which team wins you are guaranteed a payout higher than your loss from the bet you placed on the losing team.

If Team1 Wins: You collect £200 x 1.1 = £220, minus the £200 bet on Team 2 = £20 profit
If Team2 Wins: You collect £200 x 1.1 = £220, minus the £200 bet on Team1 = £20 profit

You also get back your £200 stake money from the winning bet – thus covering the amount you lost on the losing bet! That amounts to £220 (your winnings) + £200 (returned stake money from winning bet) = £420.

The total cost of the two bets is £400 and your winnings are £420 so you have guaranteed yourself £20 profit.

The above winning may not sound like much for a £400 stake but you must remember that you are not risking your money gambling because you are guaranteed a payout whichever teams wins.

Now, using sports arbitrage betting just once day would mean it would take a long time to make any real money – although even an extra £20 a day can come in useful. However, there are dozens of these opportunities every single day and you can quickly build up a £4000 stake money or even £40,000 stake money if you leave your profits to accumulate!

You can very quickly build up a large pile of cash to bet with so that your winnings are big.

What’s more you can even place free bets by joining betting sites that offer you an incentive for joining (i.e. £100 free bet)!

Placing these arbitrage bets every day can let you accumulate a lot of money very fast. Obviously you need to be able to spot these opportunities as they arise and take advantage of them quickly before bookmakers realize their mistake or the odds change.

Doing this by hand is a lot of work. However I have found that using a computer betting system to do the work is much more efficient. I have placed a link to my favorite sports arbitrage betting computer system under Recommended to the right!

Continue:Best Tools for Sports Arbitrage

The hawala alternative remittance system and its role in money laundering

2011-02-26T14:31:00.004+05:30

Executive summary

This paper presents a description of the hawala (also referred to as hundi) alternative remittance system. Hawala is an ancient system originating in South Asia; today it is used around the world to conduct legitimate remittances. Like any other remittance system, hawala can, and does, play a role in money laundering. In addition to serving as a 'tutorial' on hawala transaction, this paper will also discuss the way in which hawala is used to facilitate money laundering.

What is hawala?

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' system indigenous to China, and also, used around the world. These systems are often referred to as 'underground banking'; this term is not always correct, as they often operate in the open with complete legitimacy, and these services are often heavily and effectively advertised.
The components of hawala that distinguish it from other remittance systems are trust and the extensive use of connections such as family relationships or regional affiliations. Unlike traditional banking or even the 'chop' system, hawala makes minimal (often no) use of any sort of negotiable instrument. Transfers of money take place based on communications between members of a network of hawaladars, or hawala dealers.

How does hawala work?

Hawala works by transferring money without actually moving it. In fact 'money transfer without money movement' is a definition of hawala that was used, successfully, in a hawala money laundering case.
An effective way to understand hawala is by examining a single hawala transfer. In this scenario, which will be used throughout this paper, Abdul is a Pakistani living in New York and driving a taxi. He entered the country on a tourist visa, which has long since expired. From his job as a taxi driver, he has saved $5,000 that he wants to send to his brother, Mohammad, who is living in Karachi.
Even though Abdul is familiar with the hawala system, his first stop is a major bank. At the bank, he learns several things:

The bank would prefer that he open an account before doing business with them;
The bank will sell him Pakistani rupees (Rs) at the official rate of 31 to the dollar; and
The bank will charge $25 to issue a bank draft.

This will allow Abdul to send Mohammad Rs 154,225. Delivery would be extra; an overnight courier service (surface mail is not always that reliable, especially if it contains something valuable) can cost as much as $40 to Pakistan and take as much as a week to arrive. Abdul believes he can get a better deal through hawala, and talks to Iqbal, a fellow taxi driver who is also a part-time hawaladar.
Iqbal offers Abdul the following terms:

A 5% 'commission' for handling the transaction;
35, instead of 31, rupees for a dollar; and
Delivery is included.

This arrangement will allow Abdul to send Mohammad Rs 166,250. As we will see, the delivery associated with a hawala transaction is faster and more reliable than in bank transactions. He is about to make arrangements to do business with Iqbal when he sees the following advertisement (5) in a local 'Indo-Pak' newspaper (such advertisments are very common):

MUSIC BAZAAR AND TRAVEL SERVICES AGENCY

Cheap tickets to India, Pakistan, Bangladesh, Sri Lanka, Dubai
Great rupee deals (service to India and Pakistan)
Large movie rental selection
Video conversions
Latest Bollywood hits on CD and cassette
Prepaid international calling cards
Pager and cellular activations (trade-ins welcome)
Conveniently located in Jackson Heights

(718) 555-1111 ask for Nizam or Yasmeen
(718) 555-2222 [fax]
(718) 555-2121 [pager]

Abdul calls the number, and speaks with Yasmeen. She offers him the following deal:

A fee of 1 rupee for each dollar transferred;
37 rupees for a dollar; and
Delivery is included.

Under these terms, Abdul can send Mohammad Rs 180,000. He decides to do business with Yasmeen.
The hawala transaction proceeds as follows:

Abdul gives the $5,000 to Yasmeen;
Yasmeen contacts Ghulam in Karachi, and gives him the details;
Ghulam arranges to have Rs 180,000 delivered to Mohammad.

This diagram summarizes the transaction:

Even though this is a simple example, it contains the elements of a hawala transaction. First, there is trust between Abdul and Yasmeen. Yasmeen did not give him a receipt, and her recordkeeping, such as it may be, is designed to keep track of how much money she owes Ghulam, instead of recording individual remittances she has made. There are several possible relationships she can have with Ghulam (these will be discussed later); in any case she trusts him to make the payment to Mohammad. This delivery almost always takes place within a day of the initial payment (a consideration here is time differences), arid the payment is almost always made in person. Finally, in some scenarios, he trusts her to repay him the equivalent of either $5,000 or Rs 180,000.
Connections are of equal importance. Yasmeen has to be connected to Ghulam in Karachi to arrange this payment. As her advertisement indicates, she also offers service to India, so she either knows, or has access to, someone who can arrange payment there. Hawala networks tend to be fairly loose, communication usually takes place by phone or fax (but email is becoming more and more common).
To complete this discussion, there are two related issues to be addressed. The first is the relationship between Yasmeen and Ghulam, and the second is how Ghulam 'recovers' the money that he paid to Mohammad on Abdul's behalf.
As was stated above, hawala works through connections. These connections allow for the establishment of a network for conducting the hawala transactions. In this transaction, Yasmeen and Ghulam are part of the same network. There are several possible ways in which this network could have been constructed.
The first possibility is that Yasmeen and Ghulam are business partners (or that they just do business together on a regular basis). For them, transferring money is not only another business in which they are engaged but a part of their normal business dealings with one another. Another possibility is that, for whatever reason, Ghulam owes Yasmeen money. Since many countries make it difficult to move money out of the country, Ghulam is repaying his debt to Yasmeen by paying her hawala customers; even though this is a very 'informal' relationship, it is quite typical for hawala. A third (and by no means the final) possibility is that Yasmeen has a 'rupee surplus' and Ghulam is assisting her in disposing of it.
In the last two cases, Ghulam does not need to recover any money; he is either repaying an existing debt to Yasmeen, or he is handling money that Yasmeen has entrusted to him, but is unable to move out of the country. In the first case, where Yasmeen and Ghulam are partners, a more formal means of balancing accounts is needed.
One very likely business partner scenario is an import/export business. Yasmeen might import CDs and cassettes of Indian and Pakistani music and 22 carat gold jewelry from Ghulam, and export telecommunications devices to Ghulam. In the context of such a business, invoices can be manipulated to 'conceal' the movement of money.
If Yasmeen needs to pay Ghulam the Rs 180,000 that he has given to Mohammad, she can do it by 'under invoicing' a shipment to him. She could, for example, send him $20,000 worth of telecommunications devices, but only invoice him for $15,000. Ghulam pays Yasmeen $15,000 against this invoice. The 'extra' value of goods, in this case $5,000 (the equivalent of Rs 180,000) is the money that she owes him.
In order to move money the other way (in this case, from Pakistan to New York)',over invoicing' can be used. For this example, it is assumed that Ghulam owes Yasmeen $5,000. She could buy $10,000 of telecommunications devices, and send it to Ghulam with an invoice for $15,000. Ghulam would pay her $15,000; this covers the $10,000 for the telecommunications devices as well as the other $5,000.
Since many hawala transactions (legitimate and illegitimate) are conducted in the context of import/export businesses, the manipulation of invoices, as discussed above, is a very common means of settling accounts after the transactions have been made.

Why would anyone bother with hawala?

When compared to a 'traditional' means of remitting money, such as obtaining a check or ordering a wire transfer, hawala seems cumbersome and risky. In this section, we will examine the motivations for using the hawala system.
The primary reason is cost effectiveness. As was shown in this example, Abdul was able to obtain nearly Rs 30,000 more (averaging exchange rates, this is about US$ 880), a significant savings by using the hawala system. Some of the reasons for this cost effectiveness, namely low overhead, exchange rate speculation and integration with existing business activities, will be discussed in the next section of this paper.
The second reason is efficiency. A hawala remittance takes place in, at most, one or two days. This can be contrasted with the week or so required for an international wire transfer involving at least one correspondent bank (as well as delays due to holidays, weekends and time differences) or about the same amount of time required to send a bank draft from North America to South Asia via a courier service (surface mail is not a reliable option where the contents are valuable, and it can also take several weeks to arrive).
The third reason is reliability. Complex international transactions, which might involve the client's local bank, its correspondent bank, the main office of a foreign bank and a branch office of the recipient's foreign bank, have the potential to be problematic. In at least once instance reported to the authors, money for a large commercial transaction (money being sent from the United States to South Asia) was lost 'in transit' for several weeks while trying to conduct such a transaction. When the bank located the money, it was returned to the customer. He enlisted the services of a local hawaladar, who was able to complete the transaction in less than a day.
The fourth reason is the lack of bureaucracy. Abdul is living and working in the United States on an expired student visa; he does not have a social security number (and since he deals almost exclusively in cash, he really does not need one). It would be difficult, if not impossible for him to open a bank account as he does not have adequate identification. In addition, he does not completely trust banks and would prefer not to use them if at all possible. Iqbal and Yasmeen do not operate in a 'bureaucratic' framework, making them a preferable alternative to the bank.
The fifth reason is the lack of a paper trail. Even though Abdul earned the money that he sent to Mohammad legally, he would prefer to remain anonymous (this is a much more important consideration in illicit hawala transactions). Since it is rare for hawaladars to keep records of individual transactions, it is unlikely that Abdul's remittance will ever be identified as part of the business dealings between Yasmeen, Ghulam and their associates.
The sixth reason is tax evasion. In South Asia, the 'black' or parallel economy is 30%-50% of the 'white' or documented economy. Money remitted through official channels might invite scrutiny from tax authorities - hawala provides a scrutiny-free remittance channel.

Why does hawala work?

In brief, hawala 'works' - or competes effectively with other remittance mechanisms - because of its cost effectiveness. A secondary consideration is that hawala is often related or even integral to existing business dealings.
One reason for hawala's cost effectiveness is low overhead. A business like Yasmeen's 'Music Bazaar and Travel Services Agency' operates out of a rented storefront as opposed to a bank building (which has expensive vaults and alarm systems), and may even share space with another business (e.g. a sari or gold shop), further reducing rental expenses. Yasmeen's employees are paid less than bank officers, and they probably do not have insurance or access to a retirement plan. Some hawaladars operate with even less, using a table in a tea shop as an office and having little more than a cellular phone and notebook as overhead expenses.
The second reason is exchange rate speculation. In India, for example, the Foreign Exchange Regulation Act (FERA), 8(2) states that '(e)xcept with the previous general or special percussion of the Reserve Bank, no person, whether an authorised dealer or a moneychanger or otherwise, shall enter into any transaction which provides for the conversion of Indian currency into foreign currency or foreign currency into Indian currency at rates of exchange other than the rates for time being authorised by the Reserve Bank'. Since hawala dealers do not, in many if not most cases comply with such regulations, their transactions may be illegal (a more detailed discussion of the legality of hawala follows).
Depending on one's perspective (and possibly jurisdiction), hawaladars are either engaging in foreign exchange speculation or black market currency dealing. In any case, they exploit naturally occurring fluctuations in the demand for different currencies. This enables them to turn a profit from hawala transactions (which, in addition to being remittances, almost always have a foreign exchange component), and they are also able to offer their customers rates that are better than those offered by banks (most banks will only transact at authorized rates of exchange).
The rates cited in this paper (35 Rs/$ for Iqbal, 37 Rs/$ for Yasmeen and the official rate of 31 Rs/$ as cited by the bank) reflect a difference of 12-19% over the official rate. These may actually be a little high. A U.S. hawaladar involved in the laundering of drug proceeds as well as legitimate remittances told one of the authors of this paper that he could still make a profit on an exchange rate margin as small as 2%, making him much more competitive than a bank.
In addition, since many hawaladars are also involved in businesses where money transfers are necessary, providing remittance services fits well into these businesses' existing activities. Monies from remittances and business transfers are processed through the same bank accounts, and few, if any, additional operational costs are incurred by a business that offers hawala remittance services.
Finally, an important component of hawala is trust. Hawala dealers are almost always honest in their dealings with customers and fellow hawaladars. Breaches of trust are extremely rare. It is worth noting that one of the meanings attached to the word hawala is 'trust'!

Is hawala legal?

Since hawala is a remittance system, this question really addresses regulations governing remittance services and the circumstances of the remittance. The assumption here, of course, is that these remittances are like Abdul's, and 'legitimate'; the illicit use of hawala in money laundering is discussed in the next section of this paper.
Even though hawala is illegal from a regulatory standpoint in some U.S. jurisdictions, hawaladars advertise their services widely in a variety of media (ethnic newspapers have been the traditional place to find them, now some are using the Internet). Enforcement of these regulations is difficult with respect to hawala. The advertisements are often printed in foreign languages, and wording like 'sweet rupee deals' does not necessarily suggest remittance services. Moreover, businesses like Yasmeen's do not conduct remittances as their primary activity.
In South Asia, the situation is more complicated. Many South Asian nations (such as India and Pakistan) have laws that prohibit speculation in the local currency, prohibit foreign exchange transactions at anything other than the official rate of exchange, and impose strict licensing requirements on money remitters and foreign exchange dealers. In addition, there are regulations governing inbound and outbound remittances.
A detailed discussion of these regulations is beyond the scope and intent of this paper. It is, however, possible to state 'hawala is illegal in India and Pakistan' with nearly complete accuracy.
The important point for our purposes is that the existence of these regulations is another reason hawala is still used. Many people in these countries have money that they would like to move to another country due to concerns about stability, to pay for education or medical treatment. Hawala provides a ready means of doing this, and its use as a facilitator of 'capital flight' on both large and small scales is very common. The existence of these laws also explains, in part, the prevalence of invoice manipulation as part of hawala schemes.
Another aspect of these regulations is the use of the United Arab Emirates, specifically Dubai, for hawala transactions. There are two main reasons for this. The first is the large population of expatriate workers from India and Pakistan; they use hawala to send money home. The second is Dubai's large gold market, which is the source of much of the gold sent (licitly and illicitly) to India and Pakistan. Dubai, unlike many other South Asian nations, allows essentially unregulated financial dealings. Because of this, many South Asian businessmen maintain offices in Dubai, and money is often wired there to circumvent regulations elsewhere. In addition, Dubai offers a neutral meeting place for Indian and Pakistani businessmen, as tension between these countries makes travel between them difficult if not impossible.
This paper should not, however, be considered a condemnation of the economic policies of India or Pakistan, both of which have taken concrete steps to combat money laundering. The efficiency and cost effectiveness of hawala make it an attractive means of remitting money under almost any regulatory regime.

How is hawala used to launder money?

Up to this point, no distinction has been made between hawala transactions where the source of the money is legitimate (e.g. Abdul's remittance to his brother) and where the source, and intent, of the transactions is illegitimate. Following Indian and Pakistani usage, the term 'white hawala' is used to refer to legitimate transactions, such as Abdul's. The term 'black hawala' refers to illegitimate transactions, specifically hawala money laundering (11).
This distinction is valuable for money laundering enforcement. Many 'white' hawala transactions are essentially remittances, and, while illegal under Indian and Pakistani law, are not illegal in other jurisdictions. `Black' hawala transactions, however, are almost always associated with some serious offense (e.g. narcotics trafficking, fraud), that is illegal in most jurisdictions.
Money laundering consists of three phases: placement, layering and integration. Since hawala is a remittance system, it can be used at any phase.
In placement, money derived from criminal activities is introduced into the financial system. In many money laundering schemes, the biggest 'problem' here is handling cash. Some jurisdictions, such as the United States, require reporting by financial institutions of cash transactions over a certain amount (in the U.S. it is US$ 10,000) (12), and attempting to circumvent such reporting requirements by making smaller transactions is an offense.
Hawala can provide an effective means of placement. In the example, Abdul gave Yasmeen US$ 5,000 in cash. Since she also operates a business (and also performs remittance services for others), she will make periodic bank deposits consisting of cash and checks. She will justify these deposits to bank officials as the proceeds of her legitimate business. Even though she might prefer it if reports were not filed, she will not object to this as it would arouse suspicion at the bank (and her business provides more than adequate justification). She may also use some of the cash received to meet business expenses, reducing her need to deposit that cash into her bank account.
In the layering stage, the money launderer manipulates the illicit funds to make them appear as though they were derived from a legitimate source. A component of many layering schemes has been seen to be the transfer of money from one account to another. Even though this is done as carefully as possible, when it is done through the 'traditional' banking system it presents two problems to the money launderer. First, there is the possibility that a transaction could be considered to be suspicious and reported as such. Related to this is the paper trail created by these transactions. If any portion of the laundering network is examined, the related paper trails could lead a diligent investigator directly to the source of the criminal proceeds and unravel the money laundering network.
Hawala transfers leave a sparse or confusing paper trail if any. Even when invoice manipulation is used, the mixture of legal goods and illegal money, confusion about `valid' prices and a possibly complex international shipping network create a trail much more complicated than a simple wire transfer.

Both of the authors of this paper have investigated hawala money laundering, and have found that even 'basic' hawala transfers can be difficult to trace and tie to the original, criminal source of money. There is no reason, however, why hawala transfers could not be 'layered' to make following the money even more difficult. This could be done by using hawala brokers in several countries, and by distributing the transfers over time.
In the final stage of money laundering, integration, the launderer invests in other assets, uses the funds to enjoy his ill-gotten gains or to continue to invest in additional illegal activities. The same characteristics of hawala that make it a potential tool for the layering of money also make it ideal for the integration of money. This is when money seems to become legitimate, and, as we have seen, hawala techniques are capable of transforming money into almost any form, offering many possibilities for establishing an appearance of legitimacy.
Given hawala's close ties to business activities, there is no reason why money cannot be 'reinvested' in a legitimate (or legitimate appearing) business. Yasmeen could very easily arrange for the transfer of money from the United States to Pakistan, and then back to the United States, apparently as part of an investment in a business there.

What are some indicators of hawala?

As has been shown in this paper, hawala is actually quite simple; much of the complexity associated with and ascribed to hawala money laundering comes from the nearly infinite number of variations that are encountered in hawala transactions.
This complexity of variation makes it nearly impossible to lay out a straightforward guide to recognizing hawala money laundering as part of a criminal undertaking. It is, however, possible to provide a few indicators that may be useful.
One of the most consistent and valid indicators of hawala activity in investigations conducted in the United States is seen in bank accounts. A 'hawala' bank account almost always shows significant deposit activity, usually in the forms of cash and checks, which are often from one or more ethnic communities (e.g. Afghan, Bangladeshi, Indian, Pakistani, Somali) associated with the hawaladar. These checks may be made out to the primary account holder, or some secondary entity (often outside the United States) somehow associated with the account. These checks may also have some sort of notation, consisting of a name (presumably of the person to whom the money is remitted to) or something supposedly indicating what was 'bought' with the money. In one case, many checks were seen with the word 'bangle' written on them; this was done apparently in order to make it appear as though the checks, which were almost all for even dollar amounts, had been written to purchase jewelry.
These accounts will also almost always show outgoing transfers (usually by wire) to a major financial center known to be involved in hawala. Three of the most common locations are Great Britain, Switzerland, and, as discussed previously, Dubai. Given the flexible and casual nature of the hawala business, hawala accounts will not always be seen to balance. The following diagram summarizes 'hawala account' behavior:

As has been discussed, certain businesses are also more likely than others to be involved in hawala. Once again, it is not possible to give an exhaustive list, but the following is a starting point:

Import/Export
Travel and Related Services
Jewelry (gold, precious stones)
Foreign Exchange
Rugs/Carpets
Used Cars
Car Rentals (usually non-chain or franchise)
Telephones/Pagers

Laws in India, Pakistan and other countries make it difficult to convert foreign currency (or foreign currency instruments, such as travelers' checks). Criminal activities in these countries may often involve foreign currency (especially dollars), which pose something of a problem. A 'solution' that has been seen to this problem is the shipment of these negotiable instruments from South Asia to the United States. Even though such shipments may violate both courier policies and U.S. law, the money launderers accept these risks rather than try to attempting to place these instruments into their local economies.

*Appendix A: Origins of hawala, hundi* and other related words**

This section provides linguistic background on some Arabic, Hindi, Urdu, Gujarati and Farsi (Persian) words associated with hawala.
The words hawala and hundi are both used, correctly and interchangeably, to describe the alternative remittance system discussed in this paper. Since there is only one system, the usage 'the hawala and hundi systems' is incorrect. Either name can be used, or one can say 'the hawala or hundi system'.
The word hawala comes from the Arabic root h-w-l , which has the basic meanings 'change' and 'transform'. The word 'hawala' is defined as a bill of exchange or a promissory note. It is also used in the expression hawala safar , traveler's check.
When the word came into Hindi and Urdu it retained these meanings, but it also gained the additional meanings 'trust' and 'reference' which reflect the manner in which the system operates. Furthermore, in popular usage',hawala' is often used to refer to any sort of financial crime, particularly money laundering or fraud.
A hawala operator is a hawaladar
The word hundi comes from the Sanskrit root meaning 'collect'. In India, one of its most common meanings is for the collection box found in a Hindu temple. In addition to this, it also has the same meanings as hawala: bill of exchange, promissory note, trust, reference and the alternative remittance system.
A hundi operator is a hundiwala , which also means banker or foreign exchange dealer.
Both terms are used; there appears to be some slight geographic preference for the term hundi in northern Pakistan, particularly around Lahore. Hawala, on the other hand, seems to be used almost exclusively in Indian journalism. In Iran, the term havala (also spelled as in Urdu) is used, this is the same as the word 'hawala' due to a difference in pronunciation of the letter (w in Urdu, v in Farsi).
A Hindi word which is of interest for historical reasons is potedar , which means 'treasurer' or 'paymaster' and comes from the word pot , which means 'assessment'.
The Arabic root s-r-f has, among other meanings',pay' and 'disburse'. The Arabic word for bank, masrif , comes from this root. It is also the basis for the Farsi words saraf , which means a 'money changer' or 'money remitter (hawala dealer)' and sarafi , which is the name for the business.

Appendix B: The history of hawala

Hawala predates 'traditional' or 'western' banking (the first 'western bank' in India was the Bank of Hindustan, established in Calcutta around 1770). Prior to this, the operations of sarafs and potedars, who were primarily moneychangers (and essentially the predecessors of the hawaladars discussed in this paper) were a fundamental component of the commercial and financial infrastructures.
Contrary to some accounts, hawala did not begin during the Vietnam War. It was, however, during the Vietnam War that many Americans were exposed to hawala through the operations of Indian merchants in Saigon. Americans often took advantage of their hawala service to remit money.
Today, hawala and 'traditional' banking exist as parallel, but intertwined, economic systems in India and Pakistan.

Appendix C: Another hawala pricing scheme

In this scenario, Abdul wants to send 100,000 rupees to his brother Mohammad. This differs from the previous scenario in that he wants to send a fixed amount in rupees, rather than dollars.
The Bank
The bank gives the official exchange rate for rupees (for the purposes of this paper, that is assumed to be 31 Rs/$) and charges $25 for the exchange. The cost of the 100,000 rupees would be $3,125; adding the $25 fee brings the total cost of this transaction to $3,150.
The Hawaladars (Iqbal and Yasmeen)
Iqbal offers his usual rates: 35 rupees for a dollar and five percent commission. The rupees will cost Abdul $2,857, Iqbal's fee is $142, for a total of $2,999.
Yasmeen also offers her typical terms: 37 rupees for a dollar and a fee of one rupee for each dollar remitted. The rupees will cost Abdul $2,702 and Yasmeen's fee is $73. At $2,775, Yasmeen still has the best deal in town!

Appendix D: Hawala bookkeeping

'Hawala bookkeeping' emphasizes keeping track of how much money is owed to whom. The following sample chart is based on records analyzed by one of the authors of this paper during a recent investigation, and is representative of the records that might be encountered during a hawala investigation (note that these charts are usually handwritten, and it is not uncommon for English and another language to be used):

16/6/98	Vinod	100000	37.6	2659.57	F-1202
16/6/98	Ashish	250000	39.25	6369.42	F-1203
16/6/98	Nitin Bhai	350000	42.3	8274.23	B-8146
17/6/98	DK	50000	38.75	1290.32	F-1204
17/6/98	Suresh Kumar	300000	39.25	7643.31	B-8147
17/6/98	Anil	200000	40.1	4987.53	S-5428
17/6/98	Vinod	150000	39.75	3773.58	F-1205
18/6/98	Manoj	300000	41.25	7272.72	B-8148
18/6/98	Vinod Bhai	350000	42.2	8293.83	L-2160
18/6/98	Ganesh Trading	200000	38	5263.15
19/6/98	Suresh Kumar	175000	39.5	4430.37	B-8149

The first column indicates the date of the transaction. The second column is the name of the hawala broker to whom the debt is owed; it is very common to use partial names (e.g. 'Vinod') or codes (e.g. 'DK' ). The third column is the amount of the debt. This chart reflects a tendency to do business in multiples of 100,000; so it would not be uncommon to see things like '1.5' for 150,000. The third column indicates the dollar/rupee exchange rate in effect for the transaction. The fourth column is the value of the transaction in dollars. The fifth column reflects the way in which the payment was made. Notations such as 'F-1202' usually represent a bank ('F' might be 'First Bank'; 'B' and 'L' would represent other banks) and the check number. The notation for Ganesh Trading is '52 t' in Hindi. This represents 52 tolas of gold, possibly paid to a local goldsmith or jeweler instead of remitting the money via a bank.

source:
http://www.interpol.int/Public/FinancialCrime/MoneyLaundering/hawala/

HAWALA SYSTEM FOR HAWALA TRANSACTIONS VIA A HAWALADAR

2011-02-26T14:29:00.000+05:30

That’s hawala, not koala and there are many hawala benefits. For those unfamiliar with a hawala system, a hawala money transfer is a way to send money via a hawaladar or hawaladars, usually across long distances, at a far lower cost than sending money by wire or bank transfer. Hawala banking with hawala transactions and hawaladars have been used for thousands of years, mostly among African, Asian and Middle Eastern cultures. Although the advent of modern banking has made hawala banking less common than before, the introduction of severe restrictions to banking privacy through legislation and enforcement has made a hawala system via a hawala network is a very attractive option again for privately transferring money.
The transfer of money via a hawala banking system is extremely private and is unlikely to be reported or discovered by anyone other than the hawaladar, the transferor and the tranferee. In a world where bank privacy is increasingly hard to find, this is a welcome feature of hawala banking. In the hawala system, hawaladars are the brokers or facilitators of the transaction. This transactional privacy has made hawala banking an evil villain for enemies of personal privacy and financial privacy. False and exaggerated allegations of money laundering and terrorism funding through hawala money transfers and hawala transactions have incorrectly characterized the hawala network while hawala banking is actually the most efficient and ancient of all money transferring systems.

THE MECHANICS OF HAWALA BANKING SYSTEM WITH HAWALADARS

The most common use for a hawala system is to send hawala money transfers to another person who is at a great distance from you. For hawala transactions, the money sender contacts a local hawaladar and gives him the money he or she wants to send. The hawladar then contacts another hawaladar in the destination city for the money and arranges to have the hawaladar in the destination city turn over the money to the recipient, minus a small fee. In the hawala transactions no money actually physically travels the distance at that time but the hawaladars keep a tally of the total owed and then settle the difference at a later date. The exact methods can differ greatly from hawala network to hawala network but this is the general overview of how hawala banking works.

BENEFITS OF A HAWALA SYSTEM OR HAWALA NETWORK

The hawala system can exist outside of the traditional legal system because hawaladars generally engage in hawala transactions with other hawaladars based on a long relationship of mutual trust, often built up over generations of hawaladars. Thus with hawala banking there is no need for formal legal protection, which is expensive, and there is a very low risk of default when you transact with such well known individuals.
This hawala system is by far the most private form of transferring money. The entire hawala transaction can occur over a couple of phone calls, emails, text messages, or instant messages. Although the United States requires registration of these kinds of hawala banking services, it is very hard to enforce such a requirement because of the difficulty detecting the hawala transactions. No formal records of the individual hawala transactions are usually kept after the hawala transaction has occurred. All that exists is usually a running tally of what is owed, often encrypted or coded by the hawaladars in the hawala network. This is far different from the extensive disclosures required by banks for a similar transaction.
The hawaladars also have the benefit of being able to settle accounts in a hawala transaction with something of value other than a currency. These non-cash hawala transactions can be used to avoid currency controls, official exchange rates, import or export duties, or other undesirable tax effects through the hawala system. These legal, privacy and economic advantages allow the hawaladars to perform the service of a hawala money transfer at a much lower cost than is usually available through bank money transfers.

CRITICISM OF HAWALA BANKING SYSTEM AND HAWALA TRANSACTIONS

There are many who strongly criticize the hawala system as dangerous because the hawala transactions are extremely private. The privacy invading aardvarks want to stick their nose in everyone else’s business. Although there have been no conclusive findings that hawala transactions through hawaladars have contributed significantly to terrorism or organized crime, some argue that such hawala transactions are likely to occur.
These critics wish to either ban hawala systems (there are strict laws in some states regarding these hawala transactions) or subject the hawala network to rigorous reporting requirements similar to how the banks currently operate. The reasoning appears to be something along the lines of, criminals eat food therefore we need to outlaw the private exchange of food unless there is a paper trail. Reporting requirements as they are currently constructed not only offend the notion of justice which requires that there be probable cause that there is criminal activity afoot or evidence of a crime, based on articulable facts, before a search can be conducted but also greatly invade privacy when individuals can use a hawala system with hawaladars for a hawala money transfer. If you want to engage in hawala transactions, you will want to consult with a privacy attorney before hand to make sure that you are not in violation of any of these arbitrary laws.
The search may only occur after a neutral judge finds that there is probable cause and then issues a valid warrant. Although the banks are subject to invasive reporting requirements, they also require large amounts of capital to operate and thus are not easily overlooked by enforcers of such policies. Hawaladars can easily operate undetected with hawala transactions through the hawala system and it is likely that many will do so. Catching a hawaladar will be harder than catching a drug smuggler that never smuggles any drugs across the border.

FUTURE OF HAWALA BANKING AND THE HAWALADAR

Because of the dramatic benefits that a hawala system offers via hawala transactions through a hawaladar it is only a matter of time before it becomes widely used in many more hawala transactions throughout the world. Individuals that act as hawaladars and are well known in their niche or community will grow in influence as they are able to provide hawala banking services at a much lower cost than may be found elsewhere. People who have strong relationships with others in their field of work or in their social life, who have the means to help others with such hawala transactions, will become hawaladars, if just for a family member as a one time hawala transaction. In addition, the hawala banking services provided by these modern hawaladars will benefit the privacy of individuals. Hawala transactions will also help you avoid tax liability when you are traveling outside of tax free states. To further protect your privacy when engaging in hawala transactions, look to the book How To Vanish, Legally Protecting Your Personal and Financial Privacy to show you lots of tools and tips.
curtosy:

Article to be continue: "The hawala alternative remittance system and its role in money laundering "

The Government Encouraging,.Illigal Payment methodes by its narrow minded Policies....!!!

2011-02-26T14:19:00.001+05:30

EpilogueDo you know.. When the Late Hon Prime minister MR. P.v Narasimharao Govt (at that time finance minister was Mr.Manmohan Singh.)made historical Economic reforms in Indian Financial history.. he lifted all the controls and opened the doors for FII(foreign institutional investments) liberalized the procedures and welcomed the Investments, he put Licese Raj in to dustbin. Rao's major achievement is generally considered to be the liberalization of the Indian economy. The reforms were adopted to avert impending international default in 1991.[4] The reforms progressed furthest in the areas of opening up to foreign investment, reforming capital markets, deregulating domestic business, and reforming the trade regime. Rao's government's goals were reducing the fiscal deficit, Privatization of the public sector, and increasing investment in infrastructure. Trade reforms and changes in the regulation of foreign direct investment were introduced to open India to foreign trade while stabilizing external loans. Rao wanted I.G. Patel as his finance minister.[24] Patel was an official who helped prepare 14 budgets, an ex-governor of Reserve Bank of India and had headed The London School of Economics and Political Science.[24] But Patel declined. Rao then chose Manmohan Singh for the job. Manmohan Singh, an acclaimed economist, played a central role in implementing these reforms.

Major reforms in India's capital markets led to an influx of foreign portfolio investment. The major economic policies adopted by Rao include:

* Abolishing in 1992 the Controller of Capital Issues which decided the prices and number of shares that firms could issue.[4][25]

* Introducing the SEBI Act of 1992 and the Security Laws (Amendment) which gave SEBI the legal authority to register and regulate all security market intermediaries.[4][26]

* Opening up in 1992 of India's equity markets to investment by foreign institutional investors and permitting Indian firms to raise capital on international markets by issuing Global Depository Receipts (GDRs).[27]

* Starting in 1994 of the National Stock Exchange as a computer-based trading system which served as an instrument to leverage reforms of India's other stock exchanges. The NSE emerged as India's largest exchange by 1996.[28]

* Reducing tariffs from an average of 85 percent to 25 percent, and rolling back quantitative controls. (The rupee was made convertible on trade account.)[29]

* Encouraging foreign direct investment by increasing the maximum limit on share of foreign capital in joint ventures from 40 to 51 percent with 100 percent foreign equity permitted in priority sectors.[30]

* Streamlining procedures for FDI approvals, and in at least 35 industries, automatically approving projects within the limits for foreign participation.[4][31]

The impact of these reforms may be gauged from the fact that total foreign investment (including foreign direct investment, portfolio investment, and investment raised on international capital markets) in India grew from a minuscule US $132 million in 1991-92 to $5.3 billion in 1995-96.[30] Rao began industrial policy reforms with the manufacturing sector. He slashed industrial licensing, leaving only 18 industries subject to licensing. Industrial regulation was rationalized.[4]

Thus The telecom revolution came, thus the Indian telecommunication reformed, and the result, Hitch cities came, as result they needed Internet and basic infrastructures.. thus boom in computer and software industry.. thus Companies like Infosis, HCL, (TCS which was the major Banking software and income-tax automate software supplier..was formed later.) and many more Tech gigantic came existence, created Billions of $$$$ wealth...,

Epilogue to Eilogoue Do you know all the Indian State Governments allow Lottories except 3states? They gaining some Tax from the lotteries, otherwise and illigal Matka come again by Mafia., thats why they regularized the lottery system. But what happening the remain 3states? an illigal lottery syndicate is making $$$$ profits by selling trash(tickets). So, those treasuries are losing big income.

Present: The Reserve Bank Of India(the present Prime minister, and the once Fininace minister in PVR government was also the Governor of RBI)made some reforms which come into force from March 1st 2011. The devastating affect of the those socalled regulations, No Indian can buy or send money outside India. The intelligence reports say, money was coming into India to the Anti-social Organizations thru small amounts, and going outside as well. I also like that decision to make a ban on outgoing funds from India, RBI stopped PayPal money transfers from country, Payoneer, and Neteller Master cards work inland no-more. India Visa Cards also not useful for online purchases(liqpay stopped accepting Visa)

The Government think that Fx reserves become big. And can control the money circulation..so they can get the hand on the inflation. Its appear too good to seem, but in action, what happens(there may be some lobbing...I doubt) the exports will narrowed and the online entrepreneurs will get disturbed.. cause!! Unemployment of the youth turn a problem.

Most export based companies have some tie-ups with the Hundy systems, so they can avoid taxes.., but somehow if the Government allow the Export based firms, It gains more and more Forex.

Article to be continued.."HAWALA SYSTEM FOR HAWALA TRANSACTIONS VIA A HAWALADAR"

PayPal is Dead Dog For India...any alternatives?!!!

2011-02-25T11:00:00.005+05:30

There is no doubt that PayPal is number one payment processor. But from march 1st, its a dead dog for Indian users.. we can not send or buy using PayPal funds anymore.. due to the Reserve Bank of India ruling and guidelines.

And some other changes are also happened in other payment companies like Neteller, liqpay, moneybookers and Payoneer. Neteller stopped its ATM withdrawals using Master Card.(from Feb 14th) Payoneer also packed up its services already. When I tried to load my liqpay account using Visa Card., it was not accepted.. I contacted the Liqpay support. As per their saying, Visa payments are no longer possible. Moneybookers limited its Master Card services to EU only.

Now, what is the best way to send money online, or pay for products/services bought/hired? well, Still I see, PayPal is the best way to receive money to bank., but what about payments to made? There are some solutions people should migrate to.., 1. AlertPay, 2.Liberty Reserve, 3. Webmoney.

I see that Alert-pay is a company that growing day by day, many hosting companies are accepting AP., opening an account with a valid email id is so easy thing. Sending to any other party who has an account is deadly easiest thing. to extend the account limitations, we need to verify with Credit Card, and a mobile phone. Account loading and cashing out is some problematic. they sending wire and checks only at present. They announced a debit/atm card, but dunno how long it takes.

The Other option is Liberty Reserve.. which I most liked one. Sending money with LR is so easy. and as well as cashing out is also easiest thing, some ecurrency exchangers providing ATM card, but there are always 3rd party exchanger available for cashing out where we can get good conversion than the paypal or banks provide us.The beauty of the Liberty Reserve system.. they do not reverse, hold the payments. Almost all countries have exchangers at local. one can check their website https://www.libertyreserve.com/en/public/exchangers .

The thirdone is Webmoney. its a widely used system. sending/receiving is easy. but not enough popular as Liberty Reserve. 3rd party services available to cashout. please check for more details at www.wmtransfer.com

For purchases at ebay.in or ebay global easy buy, we can use normal bank cards like icici, hdfc, iob visa and master cards. or the bank debit. Or can utilize the facility to pay at door.

please send your experience with other payment systems etc. advices and thought are welcome.

Where to Play Lotto.. In India.. and Make Big Fortunes....!!

2010-06-01T08:23:00.004+05:30

Playwin - Khelo India
website: www.myplaywin.com

Playwin is India's first and largest online gaming company promoted by the Essel group of companies. It is in the business of providing infrastructure, data communication, marketing support and service to facilitate a secure online lottery network.

You can choose to play from Jackpot and Instant games including SuperTT, Joker, fast lotto, super lotto among many others.

Super Triple Ticket

SuperTT website: http://mysupertt.com

The Super TT Game contains 10 combinations of game ranging from 00-09 to 90-99. The draw starts at 9.00 AM everyday in intervals of 15 minutes. There are seven games visible on the screen. The Timer is displayed at the center of the screen. The previous draw winning results are displayed besides the play panel. The transaction amount is Rs. 5.50, 11.00, 22.00, 33.00, 55.00, 110.00 & 220.00 for one ticket based on the tickets MRP. The winning amount is Rs. 50.00, 100.00, 200.00, 300.00, 500.00, 1000.00, & 2000.00 per ticket respectively.

You can play super TT lottery with Itz Cash Card.
India lottery - play online lottery on Playwin, www.myplaywin.com

A Playwin banner reads:

A winner every 5 second. 4,00,000 winners a day. 64 crorepatis till date. More than 2,800 lakhpatis till date. Are you Next?

Lotteries are easiest way to lose your hard-earned income. Think twice before you bet big on one of these games.

Next: Any System that can predict most probability?

Make a Fortune ...from Lottary

2010-05-31T07:59:00.008+05:30

An Introduction:

he roots of lotteries go down deep and spread far. "Casting lots" is even mentioned in the Bible. The first lottery to offer cash prizes probably originated in Florence, Italy, in the 16th century. It was dubbed Lotto de Firenze, and it quickly spread to other Italian cities. The game, as well as the name, caught on. Italy's national lottery is still called Lotto, as are those in the U.S. and many other countries.

During Colonial times, lotteries were all the rage in America. Most were held for charitable or civic purposes, such as building churches, bridges, and schools. But lotteries fell into disfavor by the mid-19th century. Things changed in the second half of the 20th century. New Hampshire was the forerunner, holding its first lottery in 1964. Other states gradually followed suit. In the '80s and particularly the '90s, the ancient game became hotter than a two-dollar pistol.

You'll see people of all ages and from all walks of life picking and scratching (picking numbers and scratching off instant tickets, that is). In the United States, total annual lottery sales have grown into the billions of dollars. In many states, all it costs to take a chance on changing your life forever is $1. Where else can you buy a dream for a dollar?

Remember, no person, system, or article can truthfully guarantee to make you a lottery winner. What this article provides is a brief overview of the different games and how they're played. It gives you a slew of ideas and tips on what to do and what to avoid. There's even advice on what to do if you win. For the most part, it presents a host of number-picking strategies to help you overcome those long odds.

So choose a system, have some fun, and take a chance. You just might end up a millionaire.

Types of Lottery Games

New types of lottery games are popping up more and more frequently. But the basics remain Lotto, Little Lottos, Dailies, Multi-State Games, and Instant Games. The Instant Games are scratch-off tickets, while the other lottery games are on-line games because they consist of computer-generated tickets.

Let's look at the various games lottery players love to play, beginning with Lotto, which has become the most popular of all lottery games.

Lotto:
In Lotto, six numbers are drawn from a range of numbers (such as 42, 46, 47, 49, 51, and 54). Michigan, for instance, has a 6-out-of-47 game (6/47), meaning that six numbers are drawn from a possible 47. Florida's Lotto is 6/53, meaning that six numbers are drawn from a possible 53.

To play Lotto, indicate your six chosen numbers by marking the numbered squares on a play slip. Then take the play slip to a lottery retailer (or agent). The retailer enters your selection in the on-line terminal, which produces your game ticket. The ticket, not the play slip, is the official receipt and must be presented and validated in the event of a win. Always check to make sure that the correct date and numbers are on the game ticket before you leave. Lottery agents are found in convenience stores, gas stations, and grocery stores.

The cost for one chance at Lotto is still $1 in many states. So for one chance, or play, at Lotto, you would pay $1. For five plays -- that is, to play five sets of numbers--you would pay $5. Illinois offers a bargain: two plays for $1.

Typically, Lotto drawings are held twice a week, usually on Wednesday and Saturday nights. However, this may not be true for every state.country.

The lottery officials use special ball-drawing machines, and the balls are numbered. The machine randomly shoots out six selected balls; these balls display the winning numbers for that evening's lottery drawing. If all six of your numbers exactly match the numbers drawn, you win the jackpot. In Lotto, your numbers don't need to be listed in any particular order, as long as they match those drawn. If two or more persons correctly pick the six numbers, the winners split the prize money. If no one wins, the prize money rolls over and the jackpot becomes increasingly larger. Not surprisingly, when this occurs, more and more players take part, lured by the huge jackpot.

Now that you know how to play Lotto, you probably want to know how much you can win. The amount of the prize depends upon several factors. Lotto is a pari-mutuel game, meaning the amount of the prize is determined by the total sales for each drawing and the number of winners. Or, if there is no winner, the prize is rolled over, with an increased amount compared to the previous game. The more populous states, such as Texas, New York, and California, will usually have larger jackpots. Shortly after each drawing, your state lottery announces the estimated grand prize amount for the next drawing. Even if you don't match all six numbers, you can still win a prize by matching three, four, or five of the numbers. While the payoff for matching three out of six is small, the odds are better.
Little Lottos:
Little Lotto games have better odds and are played more often. The method of play is similar to that of Lotto, but the number of balls drawn and the playing fields are usually lower. For example, in Florida's Fantasy 5 (5/36), the player tries to correctly pick the five numbers drawn from a field of 36. In the Georgia Fantasy 5 (5/39), you must correctly pick the five numbers drawn from a field of 39.

To play a Little Lotto game, select five numbers from your state's field of numbers and mark your play slip. Take the play slip to a lottery agent, who will then give you your game ticket. The game is played the same way as Lotto, with the machine shooting out five selected balls instead of six. If all of your numbers exactly match the numbers drawn, you win a Little Lotto jackpot. As in regular Lotto, your numbers do not have to be in the same order as the winning numbers.

In most states, the drawings are held more often with Little Lotto than Lotto. Generally, they are held six or seven days a week. The amount of the prize money for Little Lotto games works the same as Lotto. But since there are fewer "picks" (five) than in Lotto (six), your odds of winning these games are much better. You can also win smaller prize amounts if only three or four of your numbers match.

The Dailies:
If you'd like to try your luck every day or are just looking for better odds, then the Pick 3 and Pick 4 might be the games for you. In most states, you can play them twice a day, six days a week, often once a day on Sundays. For Pick 3 (also called Cash 3), players choose any three-digit number from 000 to 999, and for Pick 4 (or Cash 4), any four-digit number from 0000 to 9999. These have their own special play slips, offering several types of plays. The basic plays in most states are: exact order (straight), any order (box), exact/any (straight/box), or combination. Typically, the cost is: exact order -- 50 cents; any order -- 50 cents; exact/any -- $1; and combination -- $3 (since you are actually buying six exact plays).

If you mark any order, you win if your three numbers are drawn -- no matter in what order. If you choose exact/any and your three digits are in the exact order drawn, you win the prize for exact plus the prize for any. Or if you choose the correct numbers, but not in the correct order, you still win the smaller payoff. If you mark combination, you are covering all bets. A combination play gives you all possible exact (straight) combinations of your three numbers on one ticket. Let's say for a Pick 3 game you chose the numbers 4-0-7, and the drawing results are 7-4-0. If you marked exact order, you win nothing.

If you marked any order or exact/any, you win the smaller payoff. If you marked combination, you win the same amount as if you'd bought an exact (straight) ticket. Or you may have chosen the numbers 5-1-6, and the numbers drawn are 5-1-6. If you had marked any order, you would win, but not as much as if you had marked exact order or combination. And if you had purchased an exact/any ticket, you'd win even more.

Unlike Lotto, the payout on most states' daily games is not determined by the pool of players. Pick 3 and Pick 4 usually have fixed prize amounts geared to the odds. In fact, these games are associated with a different set of mathematics than Lotto. The odds in the Dailies are much lower than in Lotto, and so is the payout in case of a win. The odds of picking three digits in exact order on one play are 1,000 to one; the odds of picking four digits in exact order on one play are 10,000 to one. In the Texas Pick 3 game, if you correctly picked the three digits in the right order, and had placed 50 cents on "exact order," you'd win $250. If you had placed a $1 bet, you'd win $500.

Multi-state Games:
Originally, states with relatively small populations joined together to create games that have bigger jackpots. Games now include states with a wide range of populations. One such game is Mega Millions, formerly called The Big Game, which is now played in California, Georgia, Illinois, Maryland, Massachusetts, Michigan, New Jersey, New York, Ohio, Texas, Virginia, and Washington.

Mega Millions has two separate drawings -- one of which is a "bonus" type ball, or the Megaball. Along with the "Mega" jackpots are, of course, mega odds. In 2000, while still called The Big Game, it made headlines when it offered the largest jackpot in North American history -- $363 million.

Another game with really big stakes is Powerball, offered by the Multi-State Lottery Association (MUSL). It's played in 29 states, the District of Columbia, and the U.S. Virgin Islands. To win, the player must correctly pick five numbers drawn from a field of 55 (5/55) and also correctly pick the Powerball number, which is one number drawn from a field of 42 (1/42). Two separate ball-drawing machines are used.

Powerball has formidable odds against winning. But the payoff is comparable to Mega Millions and has made it one of the most popular lotteries in America. As in Lotto, you can still win a smaller amount if you correctly pick some of the numbers. These drawings are held every Wednesday and Saturday night.

Instant Games:
The Instant Games, also called "scratch-off" games, don't involve picking numbers and may be purchased at any time. The popularity of "scratch-offs" is due to several reasons. First, the games are colorful and fun to play. Second, a player doesn't need to pick numbers or fill out a play slip. And finally, there's no waiting -- just scratch off the spots.

Many states introduce new Instant Games every few weeks. (Michigan offers nearly one new game a week.) Some are more popular than others and are kept going for a longer period of time. Other games are soon discontinued, only to reappear months or years later. Still others are seasonally or holiday oriented, such as the various versions of Stocking Stuffer, Holiday Cash, Heat Wave, and Mother's Day. Different versions of the same game often crop up in several states, such as Arizona's Hold'Em Poker, Minnesota's Minnesota Hold'Em, and Texas's Hold'Em. Then there are the perennials, such as Monopoly, Bingo, and Win for Life.

With a few exceptions, the top prizes on instant tickets are much lower than Lotto jackpots. In addition to the top prizes in each game, the player has a chance to win smaller dollar amounts ranging from $1 to $50.

Here's how one of them is played: In Michigan's Ducks in a Row, players scratch off the spots, and if they find three duck symbols down, across, or diagonally, they'll win the amount shown in the prize box.

A scratch-off system? Technically speaking, there are no systems for beating these instant games. There are no numbers to pick, and the prizes are predetermined before you even buy your ticket. But "scratch" the surface of a lottery player and you'll find a system.

Some people keep tabs on the prizes already awarded in each game, and they buy only those games that have several of the larger prizes remaining. Most state lotteries have lists available that include the prize amounts of each game, how many of each there are, and how many remain.
Quick Picks
For the person who doesn't wish to take time to select his own numbers, Quick Picks (computer-generated random numbers) are an easy option. Instead of filling out a play slip, you simply tell the clerk you want a Quick Pick. The machine will then issue you a ticket with randomly generated numbers. Considering the convenience of Quick Picks, why do players bother to pick their own numbers? Many players believe their "system" -- whatever it may be -- gives them an edge. And who knows? Maybe they're right. Besides, picking your own numbers is part of the fun of lottery games. Read the next page to find out more about number-picking strategies.

Insider Lottery Tips

You've read about the different lottery games and how to play them. You've also found several methods of picking lucky numbers. Now it's time to fine-tune your game using this section full of insider tips and techniques. Know what to do and what to avoid. Learn how to set up a lottery-playing budget. Discover different ways to get in touch with your state's lottery. Finally (may the odds be with you), know what to do if you win!
Prudent Precautions
If possible, always buy your own lottery tickets. Don't ask neighbors or friends to pick them up for you. Similarly, don't pick up tickets for others. Don't loan or borrow money for tickets, and don't go halfsies, either. Why? Isn't this a trifling matter -- the same as picking up a loaf of bread for someone at the store? Not quite. If the ticket doesn't win or if the prize is small, then there's usually no problem. But if the ticket turns out to be a jackpot winner, you could have a sticky situation on your hands. At the very least, it could be embarrassing. This little favor for a neighbor now involves millions of dollars.

For instance, maybe your neighbor said she'd pay you the dollar for the ticket later. Fine, you think. What's a dollar? You give her the ticket, and she's now a millionaire. Be honest. Would you perhaps feel you're entitled to part of the windfall? After all, you did buy the ticket with your own money. OK, it wasn't technically your money. It was money you loaned your neighbor. Still, you did go and purchase the ticket, so you might feel you're entitled to some of the winnings.

What if the situation were reversed, and your neighbor had purchased the ticket for you? Maybe you jokingly promised to split the money with her if you won. Are you aware that she might be able take you to court, claiming the two of you made a verbal agreement? No matter what people's good intentions are before the ticket is purchased, not everyone is as honorable as winner Raul Zavaleta. Once the winning numbers are announced, not everyone will, without hesitation, keep his or her promise to split $40 million.
Are you beginning to see the possible repercussions in this? Why not avoid broken friendships, hurt feelings, and even lawsuits? Buy your own tickets, period. It's an entirely different situation when you give a ticket to someone as a gift, or vice versa -- a gift is a gift.

Most people discard their losing scratch-off, Pick 3, and Lotto tickets. After all, what possible use could you have for those scraps of paper? Think again. If you regularly spend a significant amount of money on the lottery, those old tickets might be worth cash to you.

The IRS says you cannot offset losses against winnings and report the difference. For example, if Mary spends $1,600 a year on tickets and wins only $600, she must report the $600 even though her losses amounted to $1,000. According to the tax rules, if you have gambling losses, you can claim them as an itemized deduction, but you cannot deduct more than the winnings reported. So if Mary itemizes her deductions, she can take only $600 as an itemized loss on schedule A.

On the other hand, if Jim spends $600 and wins $1,600, he too must report the $1,600. But if he itemizes, he can claim the entire $600 as a loss on schedule A since he is allowed to report any losses up to $1,600. Ironically, this law helps winners more than it helps losers. So think positively. Think like a winner, and save those old tickets.

In case you live in one of the states that doesn't have a lottery, you may be tempted to enter lotteries in other states. That's fine, provided you go to the area and purchase the ticket in person. There are several federal and state laws concerning the lotteries. One is the U.S. Postal Service regulation that forbids the mailing of unplayed lottery tickets across state lines.

Some states' laws prohibit the sale of tickets by phone, mail, fax, and over the Internet. If your state has a lottery, it makes little sense to enter either out-of-state or foreign lotteries. Chances are you'll find better odds right in your own backyard, without the extra fee or the risk. Can you imagine winning several million dollars only to discover that you haven't actually won it after all? It seems that any time big money is involved, there are those who try to get a piece of the action -- illegally.

You'll frequently see ads online and in magazines and newspapers for books, software, and other media to help you in your goal to win the Lotto. Some of these are reputable businesses and can offer you professionally designed wheeling systems and other strategies that may help better your chances. But if one of these companies claims their product is guaranteed to make you the next Lotto millionaire, ask yourself one very obvious question: If they've managed to solve the riddle of how to win a jackpot, why are they running an ad?
Playing Smart
If you've been playing for any length of time, by now you've surely heard the advice: "Don't play popular numbers." Why? Certain groups or combinations of numbers are played by hundreds or even thousands of people on any one Lotto night. So why would you care about that? Because if you played 1, 2, 3, 4, 5, and 6 and those numbers were drawn, there may be thousands of people to split the prize with. In a $5 million jackpot, you could end up with less than a Pick 3 payoff. What are the popular combinations? There are the sequences such as the one just given as well as sequences of multiples of a certain number. One popular sequence, which consists of multiples of the number 5, is 5, 10, 15, 20, 25, and 30. And because the number is considered lucky, people often play the multiples of 7: 14, 21, 28, 35, 42, and 49.

Another less common practice is to use all numbers of the same value. Sometimes people will play all numbers with the value of the number 3: 3, 12, 21, 30, 39, and 48. Suppose your primary number is 3, because your birthday is March 21. As you previously learned, 21 -- or any number with the value of 3 -- is lucky for you. However, don't use them all on the same play slip. Spread them out over several different plays. Other selections aren't so apparent. What, you might ask, is so common about this combination: 8, 11, 18, 21, 28, and 31? If you fill in these squares on some states' Little Lotto or Lotto play slips, you'll see that these make a zigzag pattern depending on the layout of your play slip.

Many people select numbers that, when marked in the squares, create a design on the play slip. Common patterns are horizontal, vertical, and diagonal lines; letters of the alphabet such as X or M; the four corners and center of the play slip; zigzags; and crosses. Even if you do win, playing popular ticket patterns will reduce your share of the jackpot -- sometimes significantly.

A few years ago, the typical five-out-of-five pot for a Florida Fantasy 5 drawing was approximately $20,000. But one night, the payoff for winners who picked five out of five correctly was just a little over $1,500. Why? The winning numbers -- 3, 11, 13, 15, and 23 -- formed a perfect cross. People tend to think alike when it comes to playing numbers, so try to avoid the most logical patterns of play. As for the most popular single numbers (those not part of a popular series), they are 1 through 31 -- the birthday numbers. This is not to say you should avoid playing your birth date.

Just don't make a habit of playing all low numbers on one ticket. Keep in mind that the digits 1 through 9 are even more popular. Keep those to a minimum. It seems there are few hard and fast rules in Lotto, though. There have been multimillion-dollar jackpots in which the winning numbers were all low ones (but since they weren't popular combinations of low numbers, the winners didn't have to split the jackpot with many other winners). Although the results aren't as dramatically disappointing as with popular numbers, another way you may lose out -- even if you win -- is when the jackpot is large. When there is no winner for a while, the prize money rolls over and, in a sort of snowball effect, grows ever larger. The more people buy tickets, the bigger the jackpot grows. And the bigger it grows, the more people buy tickets. Lured by pots of $30 million, $50 million, and higher, players come out of the woodwork. Even those who don't usually play the lottery will play the lottery!

So if you correctly pick five out of six, there may be many more five-out-of-six winners than usual, which may mean less money for you. If the name of the game is to win, and the way to win is to lessen the odds, why join the crowd? Go ahead and buy a ticket for the big-money drawing. But smart players quietly prefer the "small" jackpots, those of only $2 million, $4.5 million, or $6 million. This is called maximizing the value of your prize. If you think about it, those "small" jackpots would be pretty nice prizes to win, too.
Make a Budget
There seems to be nearly as many budgets for lottery play as there are playing strategies. Some believe "when you're hot, you're hot," and when you're on a winning streak, you should continue to bet. You'll be inclined to agree with that, with its theory that some time periods in our lives are more lucky than others. But too many people go about it the wrong way. For example, you may buy $8 worth of scratch-off tickets one morning and win $20 and $5. Not bad, you think. So you then put $5 on the Pick 3 game, purchasing $5 worth. You end up winning $40. Then you decide to place the $25 you got from the instant tickets on the Powerball.
You don't win anything on the Powerball. So, how did you do? You originally spent $8 on the scratch-off tickets. So before you entered the Pick 3, you were $17 ahead. You spent $5 on the Pick 3, so before you entered Powerball, you were $52 ahead. So far, so good. After playing Powerball, you are exactly $27 ahead. After all that excitement, it seems like a letdown, right? Of course, you can always say, "Well, I did come out ahead." Here's what you should have done. You were right in assuming you were on a roll, and you were right to take advantage of it. But instead of placing $25 on Powerball, you should have put only $5 on the game. Then you would still be $47 on the plus side. The mistake you made was a common one: placing the "$25 you won on the scratch-off tickets" on Powerball. The truth is, you didn't win $25 on the instant tickets. Since you had to spend $8 to buy them, you won only $17.

Sometimes we have a knack for conveniently forgetting our original investments. Next time, reinvest only the amount you began with or less. In this case, that would have been $8 or less. The best thing to do is to draw up a plan in which you spend a certain amount per month. Be consistent. Never, for any reason, go over this amount. When you're on a roll, reinvest only the amount you started with. Set aside your regular amount for next month's playing, and put the rest of your profits in the bank, in a drawer, or in a shoe. This idea is used by players in the stock markets and other money markets and is a simple one: Let your profits ride, and cut your losses. Remember that rule whenever you play the lottery, and you'll enjoy the games much more.
Getting in Touch With the Lotteries
There are several ways of finding out about the lottery. Sometimes, however, you'll need to contact the lottery itself, either directly or indirectly, for answers to your questions. The different states vary as to which medium gives what information. Here's what you can expect to find -- and where:

Newsletters. Again, each state differs as to information given. But generally, the publications (you'll find them free at lottery retailers) contain at least some of the following: new games (on-line and instant), prizes remaining on instant games, special promotions, brief winner stories, winning numbers for the past weeks or months, and hot/cold numbers. At the very least, you'll find leaflets explaining how to play the games and information on new games.
Phone lines. While some of these may still be referred to as "hotlines," most phone numbers to your state lottery are "customer service lines." Rarely do they give the drawing results, but instead they provide information on claiming a prize, such as the location of the nearest claim center or, in the case of a jackpot, information about the lottery headquarters. You'll find these numbers on the back of your ticket.
Web sites. These are now the preferred method to learn about your state's lottery. They generally offer a gold mine of information. Variously, you may discover the legal age to play, games (existing and upcoming), instant games (usually with graphics), odds, playing instructions, times and dates of drawings, and drawing results (some extending several months into the past). You may also read about new winners and learn how to collect your prize money. Some sites offer a Frequently Asked Questions section. If your state offers Mega Millions or Powerball, you'll find either a link or information on it. It's easy to find the Web site. Just look on your ticket.
E-mail. Have questions? E-mail them to your state lottery. You'll find the address on the Web site.

If You Win
Before you can win, you must first find out if you hold a winning ticket. Always double-check the date and the numbers on your lottery tickets with the winning numbers for that day's drawing. And if you missed the drawing on television, it's also a good idea to check more than one source. The Michigan Lotto hotline once gave the wrong winning numbers for the Daily 4. The mistake was corrected in a few minutes, but can you imagine the dismay of anyone who destroyed his ticket and later found out he'd won?

And it wouldn't hurt to give that scratch-off ticket another glance before you throw it away just to make sure you haven't beaten the dealer, opened the cash vault, spun 'n' won, bingoed, won for life, or otherwise come into some cash. Incredible as it may seem, literally millions of dollars go unclaimed each year. For whatever reasons, people may get rid of a ticket, lose it, or throw it away by mistake. But their loss can become someone else's gain. Here is some important information for lucky winners:

First and foremost: Whether you've won a little or a lot -- even before you're sure you have won -- sign the ticket. Unsigned, the ticket is a bearer instrument. This means it belongs to the bearer just like cash.
Don't let time run out. Many states' deadlines for on-line games are 180 days from the date of the drawing. But time limits vary from state to state and from game to game, so check the previously mentioned sources, the back of the play slip, or the back of the instant ticket to make sure.
Some states have different rules, but generally you can take your winning ticket that's less than $600 to the lottery retailer, who will pay you the money. Other states (just to complicate matters) set the limit at up to, and including, $600.
Again, generally speaking, winning tickets that are $600 or over (but usually not jackpot tickets) may be cashed by taking the ticket to a state claim center. There you'll fill out a claim form and collect your prize. You can find claim center phone numbers or addresses at the retailers, on your state's Web site, or by calling the customer service number, which is usually on the back of your ticket.
While some lotteries say you may take care of this by mail, it is not advisable. In the same way, it would be foolish to put a thousand dollars in cash into an envelope and mail it.
In the case of jackpots, some states pay in one lump sum, now called cash value option. Others pay by annuity (installments over a period of years). Still others give you a choice. Sometimes this choice must be made when you buy the ticket.
The IRS requires lotteries to withhold 25 percent federal tax from prizes more than $5,000. There also may be a smaller state tax withheld.
Important: See a tax attorney before collecting the prize. If a jackpot winner dies, heirs will get the money just as any other holding, such as real estate. But unless the deceased has set up legal trusts, inheritance taxes could wipe out nearly the entire fortune.
If you win "the big one," as stated earlier, sign the ticket. Keep it in a safe place. Verify that you are indeed the winner. See an attorney. Then contact your state lottery headquarters, who will arrange for a day for you to come in, have your ticket validated, and collect your prize money.
Keep a low profile. Aside from the lawyer and close family members, tell no one. Until you've had your ticket validated, you're in a somewhat precarious situation. For your own safety -- not to mention that of the ticket -- the fewer who know, the better.

A couple more pieces of advice: Wear a pair of sunglasses to keep the limelight out of your eyes. Wear a smile for the cameras. You're a winner. Congratulations!

Next: Where to Play In India?

post curtosy:Howstuffworks.com (Jo Mason)

This is How Credit Card Numbers Are Generated

2010-05-09T10:15:00.003+05:30

I was reading an article today in one of my favorite publications about how to get free trials without actually using your credit card by generating valid credit card numbers using a simple algorithm called the Luhn check. So I wrote a little script that generates credit card numbers that will be deemed valid by most software checks. This will work because the service won’t know that the credit card is invalid until they actually try to charge it. Well, the card may be valid since my script uses random numbers. Obviously this if for informational purposes only and should never actually be used.
Most credit card numbers are validated using an algorithm called the “Luhn check”. This is a very simple algorithm that doubles the odd digits and does a sum to see if the number is divisible by 10. The credit card companies use a slightly different version that involves a check digit as the last digit. To generate a credit card number that will pass most validation software (as long as they don’t actually try to process the credit card) one only needs to follow these steps to make sure that the generated credit card is valid.
Choose 16 random numbers starting with a 3,4,5 or 6.
Starting with the first digit, double every other number.
If doubling a number results in a two digit number, add those digits together to produce a single digit number
Replace the odd digits with the new ones just created. You should now have 16 numbers consisting of all the new numbers and the original even numbers
Add up all sixteen numbers.
Manipulate the check digit so that the sum is divisible by 10.
Replace the last digit of the original random string with the new manipulated check digit.
Thats really all there is to it. Check out the source of my javascript credit card generator if you want to see how to generate and validate the credit card numbers.
The reason for starting with a 3,4,5, or 6 is that different card types start with different digit. The 3 is American Express, 4 is Visa, 5 is Master Card, 6 is a Discover Card.
Some companies use more digits to show that the card is from them. For example 5254 is a Master Card from the Bank of America and 4013 shows that it is a Visa card from Citibank. Also note that the expiry date has nothing at all to do with the card number.

Credit card numbers that conform to the Luhn formula (MOD 10 check). Usefull for testing e-commerce sites (because they should get past any pre-validation you do, and be declined at the card processor or bank stage).
In testing situations any expiry date within the next 3 years should work
Feedback forces me to clarify this: These are NOT valid credit card numbers. You can't buy anything with these. They are random numbers that happen to conform to the MOD 10 algorithm. They are a technical resource for programmers - that's all.
Information about CVV2 / CVC / etc numbers can be found here: CVV numbers. As you can see these would be very hard to calculate without the bank's keys.
A very good article about the credit card number format can be found here: Anatomy of Credit CarNumbers

Mastercard

5415852674154127
5436754209874457
5331409814327310
540043041895 3414
5528071344488989
5231083878210893
5583828366155065
5266554475555938
53 29848215370433
5361506361910258

VISA 13 digit

4929369830886
4532810747970
4577176574344
4556642716416
4024007153691

American Express

377103687034097
377081129425570
376853957645680
378795776906421
349 900585981641

Discover

6011114182877657
6011550072962028
6011619884405912

Di ners Club

30190966311428
30240161880667
30160073174035

enRoute

201445197069564
20 1428908673734
201471789293248

JCB 15 digit

180036506077250
180043080327507
180025859703356

JCB 16 digit

3096627885238211
3337436684181229
3337932785177363

Voyager

8699735161 85608
869982649303236
869902119946215

Any of the major online credit card payment processing services have extensive security in place so that these numbers will be declined, though testing your system is still advisable.
curtosy: www.darkcoding.net

Why A Social Security Number is Required to Get a Prepaid Credit Card

2010-04-19T12:09:00.000+05:30

One of the questions we get a lot is whether you can get a prepaid credit card without a social security number. The answer depends on the type of prepaid card you want. For a prepaid gift card, for example, a social security number is not required. For a re-loadable prepaid Visa or MasterCard, your name, address, date of birth and social security number are required. Now the big question is why. Let’s take a closer look. Following 9/11, the federal government passed the USA Patriot Act. As authorized by the Act, The Department of the Treasury, the Financial Crimes Enforcement Network, and the seven federal financial regulators issued final rules that require certain financial institutions to establish procedures to verify the identity of new account holders (see the press release). The purpose of these rules was to prevent money laundering, terrorist financing, identity theft, and other forms of fraud.
The new regulations require that financial institutions implement reasonable procedures to

verify the identity of any person opening an account;
maintain records of the information used to verify the person’s identity; and
determine whether the person appears on any list of known or suspected terrorists or terrorist organizations.

More specifically, the regulations require that financial institutions implement procedures for collecting standard information such as a customer’s name, address, date of birth and a taxpayer identification number (for U.S. persons, typically a social security number and for non-U.S. persons, a similar number from a government-issued document). These requirements required financial institutions to comply by October 1, 2003.
These rules apply to the following types of financial institutions:

Banks and trust companies
Savings associations
Credit unions
Securities brokers and dealers
Mutual funds
Futures commission merchants and futures introducing brokers

Because re-loadable prepaid credit cards are issued by banks, they must comply with these regulations. As such, they require your social security number to activate a card.

Can You Use a Fake Social Security Number?

Believe it or not, a lot of people ask whether they can get away with a fake social security number. Years ago the answer was probably yes. Today, the regulations cited above require financial institutions not only to obtain an applicant’s social security number, but also to take reasonable steps to ensure that the applicant is who he or she says they are. In short, fake identification won’t work.

SWIFT/Telegraphic/Wire Transfer - Bank to Bank Money Transfer

2010-04-16T14:17:00.001+05:30

Wire Transfer or Telegraphic Transfer is most economical way to make payments for amounts lower than US$5000

How telegraphic or wire transfer works

In Europe, banks ask for IBAN code in addition to SWIFT code. The IBAN code is the international bank account number. It differs from the SWIFT code which is the same as BIC - Bank Identifier Code. Money transfer in Euros in Europe. Unlike ECH (Electronic Clearing House) transactions which are automatic, SWIFT transfers require manual intervention, hence the charges are very high, especially for small amounts.

Due to change in the ownership pattern or mergers, the names of the correspondent banks change often and it is advisable to reconfirm the SWIFT code of the bank and other details, before sending or receiving a Telegraphic Transfer. The sender should fax or send a scanned copy of the Transfer receipt to the recipient, since banks often delay crediting the amount to the recipients account, if the details are not clear .

Though most banks in India work for at least half-day on Saturday, their foreign currency department remains closed. The charges for receiving the amount can vary depending on the bank and account type. For US$ remittances, both ICICI bank and HDFC bank have Chase Manhattan bank, New York as one of their correspondent banks in USA.

HDFC bank does not charge the recipient for receiving money through wire transfer, though their correspondent bank may deduct their additional charges, from the amount received. Since their correspondent banks are usually foreign banks like Standard Chartered the amount deducted can be substantial, typically Rs 500 per transaction. In such cases, the draft is directly sent from the foreign bank branch to an HDFC bank branch as a draft and credited to the recipients amount. Since HDFC bank does not directly receive the wire transfer, it will not be able to confirm the exchange rate. However, on request they will send a copy of the credit advice from the foreign bank (Standard Chartered), which indicate that Rs 500 is deducted as bank fees.

ICICI bank charges the recipient Rs 250 (+ service tax) for receiving money through wire transfer for current accounts. The procedure for receiving money is very time consuming and their employees harass their account holders. A customer sent us a telegraphic transfer for a small amount - less than US$20, unfortunately to our ICICI bank current account. Someone from ICICI bank called us and told us that they required a declaration on the purpose for which we had received the remittance. Apparently it was required as per RBI regulations. We were required to visit the ICICI bank branch personally, a faxed copy or email was not sufficient. The nearest ICICI bank branch is more than 5 km away. If they did not receive the declaration, they would return the money to the foreign sender.

So we visited the branch , the concerned officer first refused to take the handwritten declaration from the authorised person. Only a typewritten statement would be accepted , we were told to come again, in the evening with a printout. Apparently their auditors have a problem with handwritten declarations. Anyway, after arguing for sometime, they accepted the handwritten statement for that particular remittance.

So ICICI bank charges its customers Rs 276 for the privilege of being harassed by ICICI Bank officers. This was in November 2005, now they seem to be trying to improve their service. I have got 2 phone calls in the last 2 weeks asking if I wanted any assistance in forex transactions. Charges for getting a foreign currency inward remittance certificate are additional.

Most bank staff are usually ignorant about charges for foreign currency transactions, so if you ask them for any information, you could have to wait at least a week to get a reply

All banks will issue a foreign currency inward remittance certificate on payment of an additional fee.

If you have any query , feedback or suggestion, or wish to share your experience with us, please send an email

Disadvantages of Electronic Payment Systems

2010-04-01T19:50:00.001+05:30

Electronic payment systems include credit and debit cards, online banking and electronic cash. Most of us commonly make use of electronic payment facilities. Do we know the disadvantages of electronic payment systems? To know them, read on…
______________________________________________________________________________________

The transfer of funds from one party to another over electronic media is known as electronic payment system. The different approaches to electronic payments include, card payment, mail order and online payment. Online transactions are a daily activity for almost everyone today. With the introduction of the Internet, online transactions became easy. Most of the big product and service companies made their network presence prominent and started interacting with their customers over the web. Online shopping soon became popular. With financial institutions, walking on similar lines, people around the world began performing their financial transactions through the Internet. Credit and debit cards became a commonplace feature and gave impetus to the electronic payment systems.

While most of us prefer the convenience in payments that the electronic payment systems have brought about, some dislike the idea of electronic money. They feel uncomfortable in performing online transactions. Though only the positive change brought about by the e-payment systems is highlighted, we cannot ignore the disadvantages of electronic payment systems. One must be aware of the privacy and security concerns raised by electronic payment systems.

Disadvantages of Electronic Payment Systems

Most of the online banking sites as also the online financial transaction sites require you to open an online account with them. You need to register to the institution in order to be authorized to perform money transactions with them. This involves a username and a password, which implies the need of password protection. You also need to maintain an account per organization, which can make it bothersome for some of you.

For secure online transactions, the site that hosts your account should follow strict security policies. If the passwords are susceptible to being hacked, it can mean a serious financial loss for you. Banks or financial institutes, which maintain your personal information, cannot afford to expose it to hackers. There is a potential risk of your personal and account details being stolen.

One of the most severe disadvantages of electronic payment systems is that of identity theft. The available security measures can prevent the sensitive information from being exposed. But it is important to use virus protection or firewalls for your computer. It is important to carry out money transactions over a secure server.

There is a great risk involves in the theft or the losing of the smart cards. In case the cards fall in unsafe hands, there is a danger of the expenditure of your entire bank balance. There are measures to inform the concerned authorities about the loss of the card. But, the time between losing the card and informing the authorities is critical. Unauthorized users may carry out transactions in your name during this period of time.

Mostly, electronic cash is based on cryptographic systems. The transactions are encoded by means of numeric keys while the transaction details travel across the net. Though electronic payments are resistant to forgery, the keys are vulnerable to attack.

This was not to discourage you from taking to electronic payments. It was rather to make you aware of the disadvantages of electronic payment systems. While we are moving towards a paperless environment, we are inviting issues related to electronic security.

End of era of investment banks

2010-03-29T08:27:00.001+05:30

A powerful wave of the global financial crisis, as it became clear yesterday, washed down in history not just some of the largest U.S. investment banks, and in fact this very specific financial institution.

The crisis in the stock markets

2010-03-28T08:14:00.001+05:30

That stock markets, which began to fall, were the first messengers of the global crisis. And just at the moment, many experts argued that it is an ideal time to buy shares, but is it really?
Once started the stock market drop, the first notes of the negative impact is on the collective investment. Funds, which for the Russians were the first source of "innumerable" wealth, became a real quagmire and a leader in the rate of fall. Chairman of the State Duma Committee on Financial Markets - the majority of mutual funds, which exist in Russia, it is mixed mutual funds, stock mutual funds, as well as bond mutual funds, which is why as soon as the stock market began its decline began to fall and the value of shares.
But not all so hopeless, to date, there are funds that have been able to keep positive returns. This situation only on the positive side characterizes the management companies that have chosen the right investment strategy. Once the global crisis will be stopped and the whole situation will come on a flat "road" (someday it will happen, because nothing lasts forever and crisis), these mutual funds are the first among others who will go up quickly and start bringing the highest income . And despite this, many investors in this situation do not want to wait until they withdraw their money. According to investors now earn more on what is left, because instead of the promised profits they receive nothing but losses, than to look at the melting of their own investments. As a result, for the month of October, private investors have pulled out of mutual funds around 2 billion rubles. Such actions lead to the bankruptcy of many small businesses.. The actions of investors is partly due to the fact that the situation is a crisis of very colorful "inflated" by many journalists, which leads to panic in the stock market.
. According to many analysts, if you have already invested their money in mutual funds should not be desperate to take them away, because taking them now, you'll be in the minuses, you should wait a bit of a positive resolution of the situation.. It's not the first situation, when there is a drop in the stock market, and sooner or later, but everything will be business as usual, and mutual funds start rising again. Now the most urgent to invest their money, if it is a few months, banks have on deposit In this situation, where private investors withdraw their money, the banks in order to support themselves, offer very high interest rates on deposits.

HOW TO FIND A KILLER NICHE...

2010-03-22T06:32:00.000+05:30

Pogo sticks were loads of fun when we were kids, but they took a lot of energy and effort, not to mention constant motion, just to stay upright. If you stopped even for a second, you’d topple over, right?

I see too many businesses doing the same thing. They focus on just one aspect of their business, and sooner or later, usually sooner, they topple right over…discouraged, frustrated, and confused.

Are you building your business on a pogo stick?

Successful businesses are just like houses, they need to be built on strong, stable foundations. Houses are bolted to their foundations. They are solid and throughout all of the changes of design and renovation over the lifetime of that house, the foundation remains solid.
Your business needs a foundation just as solid as the foundation under your house.

I’ve been thinking about this a lot recently as I watch a tug of war going on between heart centered business people and the bottom line, data driven folks. Each is operating from a very particularly viewpoint and very rarely do they meet.
What’s interesting is the businesses attached to either end of the rope appear to be struggling.
The businesses that really and truly prosper are those who live somewhere in the middle, incorporating the best of the extremes and weaving them into a coherent whole. They build their businesses on solid foundations with four strong corners,
1. The pursuit of meaning and the higher good. Some call this heart. Some call it spiritual. Some call it passion or doing what you love. Others call it being of service.
Whatever you call it, it’s that something bigger than yourself that imbues your daily activities and your business activities with meaning.
2. Providing high value and quality content in every aspect of your business..the articles you write, the products and services you provide, and even the ease with which your customers and prospects can communicate with you and buy what you have to offer (ie your systems).
3. Paying attention to the data. Doing research, testing markets, tracking key indicators, taking action (even changing direction) in response to those indicators, setting goals and measuring achievement all belong here.
4. Making a profit…bringing in more than you spend. If you’re not making a profit, you don’t have a business. You may be doing something else worthwhile but it’s not a business.
Focusing on just one, two or even three of these are not enough. In order to truly thrive you need to be consciously integrating all four. Together they create a synergy that’s far greater than anything they can produce individually.
Thanks for reading,

ePassporte, How well You know about this...ePassporte

2010-03-05T08:39:00.012+05:30

From what I know it's mostly used for gambling online, I saw that many people use it and they're happy with this service.

"ePassporte Visa Virtual Account Holders can send and receive money among each other, make online purchases wherever Visa is accepted and transfer funds into a US Bank Account via the online checking system or by a bank wire transfer. A minimum load of US$25.00 is required to obtain a Visa Virtual Account. Loading the ePassporte Account with a credit or debit card will cost US$5.00 per US$100.00 loads, or portion thereof.

ePassporte Visa Virtual Account Holders that purchase an ePassporte Visa Card for an additional US$35.00 receive the added benefit and convenience of having a physical Visa Card directly linked to their Visa Virtual Account. The ePassporte Visa Card can be used to make purchases at retail locations where Visa is accepted electronically and to withdraw funds at over 1 million Visa and/or PLUS ATM locations worldwide.

Both the Visa Virtual Account and Visa Card can be purchased instantly online. The Visa Virtual Account can be used immediately and the Visa Card will be delivered by mail. "
from: https://www.epassporte.com/secure/js...alAccounts.jsp

NOTE: UNFORTUNATELY, THIS PAYMENT SYSTEM WAS CLOSED DOWN IN OCTOBER 2010.

How to Start a Scrapbook Business

2010-02-28T06:28:00.000+05:30

So, You Want to Start a Scrap-booking Business?

Congratulations, and welcome to the booming business of creative memory preservation! I’ve been tracking and reporting on the scrapbook industry since 1998, and each year I grow more excited about the opportunities it has to offer. Of course, starting and growing a scrapbook business or service isn’t going to be some easy, get-rich-quick scheme. Most areas of the industry require hard work and an investment of time. But these opportunities can offer you personal and emotional satisfaction, as well as a profitable living (in some areas, not all – but we’ll get to that later).

Here’s a question: Are you happy with your current job? Are you being challenged and fulfilled creatively? Would you be doing your same job even if you weren't getting paid? Are you satisfied with your income? If the answer to any of these questions is "no," then you have a lot in common with many entrepreneurs. Many "self-made" millionaires started out with just a dream, an idea for a life that would be better for them than the regular nine-to-five rut. But rather than chalking it up to wishful daydreaming, they took a risk and went for it.

But is it really a risk? Layoffs, off-shoring, and downsizing have made many believe that it’s actually riskier to work for someone else than to work for yourself. (At least you’ll never give yourself an unexpected pink slip!)

Let me ask you: when you are not working, what do you really love to do? What do you do during your spare time that you really enjoy? If your answer is scrapbooking, you have something in common with the thousands of women and men across the world who took their passion for scrapbooking and turned it into a business. Here’s how you can do it too…

Joining the Growing Scrapbooking Industry

It’s hard to believe, but did you know that scrap-booking as we now know it, got its official start in 1980 by the Christensen family in Utah? (These pioneers went on to launch the hugely successful company Keeping Memories Alive.) It's been almost 25 years, but the scrapbook industry continues to grow at an exponential rate. (And these past four years have really seen a growth spurt!)

that scrap-booking is the fastest growing craft in the U.S. In fact, the latest figures reveal that it’s now a $2.55 billion per year business - and that's only in the U.S.! If true figures were to be told, the amount would certainly be well over $5 billion.

Where is all this money going? Into supplies, workshops, classes, retreats, conventions, cruises, you name it. And innovative entrepreneurs are capitalizing on this obsession by designing new products, opening stores, writing books, organizing events, making scrapbooks for others, teaching classes, and becoming direct sales consultants. Is there room for more? You bet there is! Most industry insiders say the trend isn't even near its peak yet, and there are still many areas that aren't educated or aware of the hobby yet. What does this mean for you? Opportunity – in all kinds of ways.

Many people think the only way to build a business in the scrap booking world is by opening a retail store - not true! There are more than a dozen other ways you can make a living in this industry (and some of them are much more profitable than retail)! Here’s an overview:

Direct Sales Consultant - This is the way most people break into the industry. In fact, ask a successful retailer or product designer how she/he got started, and it was probably through direct sales! There are currently more than a dozen of these "home party" companies in the scrapbook/rubber stamp world, and they're a great way to get your foot in the door. Many consultants only join to get a product discount, but if you're serious about building this as a business (as well as getting discounted scrapping supplies), there is the possibility of bringing in a good income, many times in the six figures.

Scrap booking Instructor - Got a knack for teaching? Sharing scrap booking in classes and workshops at your local scrapbook store or on your own can be a good way to bring in some extra money (although this alone probably won't replace your income).

Event Organizer - There are retreats, crops, getaways, cruises, conventions, and more being held every single weekend now! Scrapbookers love to connect, and you can help provide the connection. If you're well-organized and can put together the kind of event that will generate excellent word-of-mouth, an event planning company could be a profitable venture for you.

Product Designer/Manufacturer – Many scrapbooking products were designed by scrapbook enthusiasts, who saw the need for a product and filled it. Product designers can either license their idea to a larger manufacturer or take the plunge and start their own company! Success stories abound in this industry about people who went from an idea to a multi-product corporation. And if you’re the next success story, prepare for profits! (Of course, going it alone also means an investment of time and money, so be sure you have both before starting your company.)

Scrapbooking “Expert” – Scrapbook enthusiasts who get published in the major magazines and idea books sometimes develop a “fan club” of other scrapbookers. That fame can sometimes be translated into connections with manufacturers (to teach nationally or design products), retailers (as “celebrity” guests), and other industry opportunities. So go ahead, submit your pages!

Professional Scrapbook Artist - There is a growing market for those who make scrapbooks for others. The appeal for scrapbook enthusiasts is great – minimal start-up costs (you really can start with almost nothing!), work from home, choose your hours, and make money. Lots of money, for many professional scrapbook artists. See, a lot of people like the look of scrapbooks, but don’t have the time, knowledge, or creativity to do it themselves. And, as with other service businesses such as professional organizing and interior design, it’s easier for some people to hire out than to do it themselves. This career has really started to grow in the ‘00s, bringing in hundreds and thousands of dollars per album for hard-working professional scrapbook artists who believe in their service and promote it to the target markets who understand what it’s worth. (In our experience, we’ve found that this service has the potential for the most income – but again, that success is ultimately up to you.)

Scrapbook Retailer - Between four to six years ago, opening a retail scrapbook store was a viable option for most people who wanted to get involved in the industry. Although it can still be a successful venture for many, certain circumstances need to be examined carefully before jumping in. A large initial investment and time commitment are needed, as well as detailed research into your local area of present and potential competition. Profits differ, depending on the area demographics and competition, and though many stores report not taking home a paycheck for at least the first year, other stores are quite profitable and open multiple locations.

Online Retailer - Opening an online scrapbook store gives you the opportunity to open up shop in your house or garage, but the business should be treated just as professionally as a “brick and mortar” store. You’ll have the chance to choose your own hours and work in your pajamas if you want, but competition from the hundreds of other online scrapbook stores makes it necessary for things like in-stock inventory and professional design to be a priority. Online retailers who research and develop a niche have a good chance of making this a profitable venture.

Even More Ways to Make Money Scrapbooking

* Writing magazine articles, books, and e-books

* Joining manufacturers’ and web site design teams

* Submitting layouts to magazines and idea books

* Becoming a manufacturers' sales rep

* Building online communities and portals (get paid through advertising)

* Selling on eBay – scrapbook products, pre-designed layouts and paper piercing

* Designing custom digital layouts

* Joining affiliate programs

No matter what area you choose, however, marketing skills are a must. That's why we've devoted many of our books, and a good portion of our web site, to marketing information, ideas, and principles specifically developed for scrapbook businesses. After all, you can have the greatest business/service/product there is – but if no one knows about it, it won’t matter.

Each of our 10 books, Platinum membership, and all of the additional free information on FunFactsPublishing.com, have been designed specifically to help you start, and then grow, a business in each area of the industry described above. We invite you to set aside a few hours and begin exploring our web site to get started right away!

We wish you the best of success in whatever venture you choose, and please remember we'll be here to help you as much as we can along the way!

ABOUT THE AUTHOR

Sue DiFranco is the founder of Fun Facts Publishing and the author of more than a dozen books on building and marketing scrapbooking businesses and services. This article was based on her books, "Secrets of Scrapbooking Success: Making Money, Making Memories," a detailed overview of the business opportunities in scrapbooking, and "Make Money Scrapbooking For Others: The Complete Guide to Creating the Career of Your Dreams," a 200-page Super-Success manual. Visit http://www.funfactspublishing.com to read a library of FREE information and get started today!

curtosy: www.frugalmom.net

The E-currency Exchange Home Business

2010-02-15T17:06:00.005+05:30

So many people today are sick and tired of scam after scam online. I have wasted thousands of dollars testing home based business programs and I will admit that the majority of them do not work. It has taken thousands of dollars, many hours and a lot of due diligence to sift through the enormous amounts of scams online to find something that was real.

E-currency trading has been a long kept secret by many internet gurus for years and has just recently been made available to the general public. E-currency trading is still remains a fairly unknown, yet extremely lucrative business.

In reality, there are global currency exchanges available that will pay you a great return on your working capital in a short period of time. You are simply making funds available to a global financial network through a number of recognized, reputable electronic currencies. Yes, I'm speaking from personal experience.

The e-currency exchange program works in such a way that you act as a middle man merchant in order to process outxchanges and inexchanges from one e-currency to another. For processing these exchanges, you will collect a 6% fee. For example, if you process a $1,000 outxchange, you will profit 6% of $1,000. That is $60 for processing one exchange. It’s not uncommon to receive about 3 to 4 exchanges per day and the amounts can be much higher than $1,000.

There are two ways to make money in the e-currency exchange program. The first way is through an investment where the user is buying shares in e-currencies across the world. The e-currencies return compounding profits of .1% to .3% per day. If you do some quick math on this, a $100 investment can easily turn into a $500-$700 in a month’s time. The second way to make money in the e-currency exchange program is through a console. Owning a console allows you to act as a merchant processing the outxchanges and inexchanges.

When first getting involved in the e-currency exchange program it can be very confusing to some. I found the terminology and navigation to be a bit difficult at first but once I learned how to effectively use the e-currency network I began to see my initial investment grow. I would recommend starting with a small amount at first until you become familiar with the e-currency system.

There are courses available online that will help anyone wishing to get started in e-currency trading. These courses range in price and a lot of them contain valuable resources.

curtosy
By Tim Rohrer

A Wonderful Payment Gateway.. Liqpay!!

2010-01-15T21:29:00.008+05:30

Epilogue:How to transfer funds worldwide with Just a debit card? Yes, do not knot your eye brows.

and do not mourn at me. I have wonderful convenience with payment gateway ever since I found Liqpay.com

Yes., with an ordinary ATM/prepaid Debit card, one can send or receive money worldwide. Just you need a verified visa, or secured master card. Done.

Epilogue to Epilogue: Liqpay an Ukrainian's , "Privat bank" company, and equip people world wide to transfer money via Visa, even though your country is not facilitated with international Visa money transfer, liqpay enables you to do so. Even though, its completely legal.

What do I need: Yes we are right up to the point You only need a mobile phone which is your Password, user name, and all in one KEY.

you need to register with your mobile phone. liqpay sends every-time a sms with a pass code to log in, or when you send or receive money.

the joke: If anybody wants to steel your money, need to steel your mobile ;)

Not that so simple... They call one or two times, , every-time you send money/or you need to contact the live help to process your payment.. means, they ask your registered info.

It has a good security.. no doubt. And you become familiar by doing a frequent transaction.. its simple to do work with liqpay.

As the name shows, liqpay.. is easy liquid pay, in my terms.

Ok, what about Fees?: Do not worry about fees, they only charge for withdrawal money, that to on the debit/credit card. sending /receiving is absolutely free. and account to account is also free. they charge 1.95$ +1% for withdraw. of course, visa impose a small fee to them..that is why the fee too..

Any other services?: yes sure, they have merchant tools API integration, etc. take a look....its worth.

I love soooo much LP... :)

Transfer Money World Wide...From Your Country...

2010-01-10T16:37:00.000+05:30

Actually, there is a facility to receive money via Western Union, Money Gram, or with other currency transfer systems..for many countries.Only a few are restricted to receive also, like Afghanistan, Iran, Nigeria, etc.

Due to the political imbalances, and Religious Extremism. To Avoid Money Laundering(wiki: to facilitate money to Terrorists, Mafia groups to supply money for their Anti social Activities.) After september 11, 2001 attacks in USA, a strict policy was implemented on the currency/money transfers. Most of the funds transfer from US to other countries... its due to various nationals settled in US and send their savings to home land. An another thing is most funds are provided as grants, in respect of Social/faith based activities for the developing countries on the basis of humanitarian grounds.

But for who are occasional want to send money from these countries, its merely possible. The only chance is PayPal...and the other one is Wire Transfer. The second one is needed a proof of cause that the money sending for,, and not a cost effective method.

In order to restrict, the Amount of money is stick to 3000$ and a withdrawals are also limited for a small amount.

so, any individual or a small business entity can use a system to send or receive money without hassle if they provide a personal identity. A digital currency provider can serve the best part to fulfill out needs. For example if you are in Pakistan, you can not send money or receive money to other parts of the world. So One can obtain an ATM/Prepaid card, and then receive their digital money from the local teller machines. As well, they also can send money to other friends/relatives if they have the card too. Here we can get saved the time and fees too. For a bank transfer, it may by 25-40$ for the fee. and takes 7-10 days. We can get rid of this time and money consumed. All the digital currency transfers are instant or subject to 24hrs of availability of funds.

Its a great thing for me to serve through this system. Please share your ideas and advises.. and try to utilize the service.

"An ATM Prepaid Card To Obtain Easily...."

2010-01-01T07:36:00.016+05:30

Have you ever tried to get a Prepaid Card to receive the E-Currency money from near by ATM?

So, here is the best card that picked from 10s of out there. After taking into concern of the fees, balance, monthly maintenance, and initial cost of the card, I liked this Aurum ATM Card. I tried to contact the other sites on their customer support, But the only Aurum Card, promptly responded my queries, and clarified. So I am pleased to their services.

If you are looking to receive money From: Click Here To GET CARD

1.You can receive Your Liberty Reserve money in to cash with this ATM card.

2.You can use not only LR but Cgold, Global Digital Pay, HD money, ECUmoney..for loading this card.

3.All Loads are Instant, Do not need to wait, or spend for costly wire transfers,..

4.If your country is not listed by PayPal.. no Problem, still you can use, and get hard earned money.

5.Wherever You are in the world, You can send or received money
6.A great system to transfer money from the countries where it is not possible.

IMPORTANT!: They are currently NOT ACCEPTING orders from the following countries and territories:

Nigeria
Guadeloupe
Iran
Afghanistan

If you live in any of these countries, please DO NOT place an order since your card will not be shipped, and your money will not be refunded. Thank you.

Check This: Click Here To GET the CARD

Click here To Get The CARD