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Sambhunath  Tiadi


My intention is to eradicate poverty & unemployment from all the nations by adopting different methods and strategies, subject to approval and support from the world leaders.

मेरी प्रार्थना

Oh my almighty god,unseen power, Submitting the petition before UN and others, For the sake of human society, For the sake of have not and poor people of the world, To eradicate poverty |और

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sambhu Aug 08, 2010 1 टिप्पणी

Oh my almighty god,unseen power, Submitting the petition before UN and others, For the sake of human society, For the sake of have not and poor people of the world, To eradicate poverty and corruptions from the society, Please pour and shower your holy blessings on all the authorities, Who are competent to do it. To Honorable Governors of all the Central Banks/Reserve Banks, Head of all the International Organizations/Head of the nation, Economists of different Statistical and related Organizations, Sub: Value equalization of all the currencies into a single monetary unit for the best interest of human society: Regarding. Introduction: In the earlier days human beings were living like just animals. As the brain power and talents of human beings is more than other living things of the world, human beings became social animal. History speaks that human society were moving from place to place in a nomadic group and basically prefer to settle in the bank of the river, which was suitable for them in respect of searching food and for their shelter. Civilization developed and people seek protection from wild animals and others through a leader, who became the king of that area subsequently. Most of the leaders followed wrong path while some believed truth. The brainy and greedy leaders made division among the people for their vested interest. Necessity is the mother of all the inventions. The brainy and talented people dedicated their time in researches and invented many things for the day today use of the human society. Agriculture was the main occupation in the ancient period. Simultaneously barter system introduced and the people produce different materials for their day to day use and exchanges were made through commodities. Because of various problems like absence of standard value, indivisibility of commodities, absence of store of value and many others reasons, the human society utilized their brain power to introduce new exchange system and accordingly money was introduced as a medium, a measure, a standard and Store. To make easier of exchange, currency system was introduced. Barter System is that system in which goods are exchanged for goods. In ancient times when money was not invented trade as a whole was on barter system. This was possible only in a simple economy but after the development of economy, direct exchange of goods without the use of money, was not without defects. There were various defects in this system. Due to various defects in newly introduced economy system, different wars took place in the world in different periods. Value equalization of all the types of currencies of all the countries into a single monetary unit, it means value will be same, but the name of money will continue as usual as per the existing names. Accordingly the international business guide lines or the terms and conditions governing valuation differences among currencies, should be reformed, simplified and modified. The developed countries should support it. After value equalization all the under developed countries will be able to develop with the help of developed countries. The guide line and policies of economy indicator as prescribed by some economists’ earlier need to be reformed, modified and simplified on international basis. Economies Indicators: Like Reserve Bank of India (central bank of India) which is a bank of the bankers and government of India, all the central banks of different countries control the entire monetary circulation system of their nation. Different economists have prescribed different guide line to measure the economy condition known as economic indicators. Economic indicators reports are released by the either government or a private organization, which give a picture about country's economic performance and economic health. But a great deal of factors and policies affect a nation's economic performance. These reports are released at scheduled times, providing the market with an indication of whether a nation's economy has improved or declined. The indicators are (1) Gross Domestic Product (GDP), (2) Retail Sales (RS), (3) Industrial Production (IP) and (4) Consumer Price Index (CPI). We may keep in our mind that the economy indicators discussed above and below are not the only things, which affect the value & price of the currencies, but there are third-party reports, technical factors, and many other things that also can drastically affect a currency's valuation. There are many economic indicators, and even more private reports that can be used to evaluate the fundamentals of forex. It's important to take the time to not only look at the numbers, but also understand what they mean and how they affect a nation's economy. Gross Domestic Product (GDP): The economy of a country mostly depends upon the total market value of all goods and services produced in a country during a given year. The GDP figurers are always not correct. It depends upon the records submitted either by government or private organizations. But where is the guarantee that all the reports/records furnished by the Statistical Organizations are correct or false one. We may recognize some of these economic reports, such as the unemployment numbers, which are well publicized. Others, like housing status, receive little coverage. Some time wrong information’s are furnished without collecting proper data. This is also happening in most of the countries.Charterted accountants are there to prepare false balance sheets showing wrong information of the private companies also. Satyam is one of the examples in IT sector. There are many registered private companies and industries in the world, whose owners do not hesitate to provide false information about their products and its out put. They utilize the services of the chartered accountants and furnish fabricated data for their self gain. They do not hesitate to cheat the Income Tax Department also to get tax relaxation. It is a brain game, not true business. Retail Sales (RS): It measures the total receipts of all retail stores in a given country. The diverse sample of retail stores throughout a nation are supposed to be collected correctly. These reports are very useful because it is a timely indicator of broad consumer spending patterns. But while collecting data from different retail shops by any organization whether government or private, the retail shop owners do not furnish the correct sales information because of Income Tax Department. They also want to cheat Income Tax Department and suppress the material facts. So how we except for correct reports and information. Industrial Production (IP): In this system reports are gathered from various factories, industries whether privately owned or government one and it shows the change in the production of factories, mines and their utilities within the nation. It also examines about the capacity utilization of the factories and reports their 'capacity utilizations', controllable and uncontrollable factors etc. It will be an ideal for a nation to see an increase of production as per their capacity utilization. But practically it is seen that all the factories and industries are not able to produce at par with its capacity utilization for various reasons of controllable and uncontrollable factors. Consumer Price Index (CPI): More than 200 categories of consumer goods have taken into consideration to measure the Consumer Price Index (CPI). It is compared with the nation’s exports, and also used to see if a country is making or losing money on its products and services. Some of the other major indicators include the purchasing managers index (PMI), producer price index (PPI), durable goods report, employment cost index (ECI), and housing starts. So we may say all the governments of all the countries are like business man. Discrimination in currency valuation: Here, it is mentioned that the world is full of natural and other human resources, which are still under utilizations. It was not desirable to make difference in valuation of the currencies of different countries, which create difference among the people of the world. We all are under one roof. Difference of valuation of currencies means making division of people or making discriminations/anomaly by adopting. We have set up different international organizations for the entire globe. If the political leaders of different countries want peace among all, they should be united and equalize all types of currencies of all countries into a single monetary unit and the respective terms and conditions existing at present for fixing valuation should be amended, reformed and simplified immediately. Due to such type of unfair economic competition, we are facing wars and financial crisis and if we could get a freer flow of trade, free in the sense of fewer discriminations and obstruction, so that one country would not be deadly jealous of another and the living standards of all countries might rise, thereby eliminating the economic dissatisfaction that breeds war, we might have a reasonable chance of lasting peace. Since economic indicators gauge a country's economic state, changes in the conditions directly affect the price and volume of a country's currency, and hence the economy indicators should also be simplified and modified. Central Banks or Reserve Bank: Central bank, reserve bank, or monetary authorities are the banking institutions having privileges like to lend a government its currency bank, charges interest on the loans made to borrowers, However, a central bank is quite different from general commercial banks, because it has a monopoly on creating the currency of that nation, loan to the government, lend money to other banks in times of need. Its main & primary function is to provide the nation's supply. Today most of the rich countries are having their own central bank. The earlier times all the banks were private one and subsequently nationalized by their government, whether it is democracy one or other wise. Central banks have emerged over the past four centuries when mankind moved from a system of gold or silver backed currencies to un-backed fiat money. In most cases, each private central bank has monopoly control over the supply and production of its own currency. Reserve bank of India is also called the central banking system of India and controls the monetary policy. Reserve Bank of India: The Bank was established in the year 1935 during the British-period in accordance with the provisions of the Reserve Bank of India Act, 1934 framed by them or the than economists of India and plays an important part in the development strategy of the government. Hence, central banks of each and every nation control the entire monetary affairs of their country. The main activities and responsibilities of central banks are to implementing monetary policy, determining interest rates, controlling the nation's entire money supply, managing the country's foreign exchange and gold reserves and the government's stock register, regulating and supervising the banking industry, setting the official interest rate, used to manage both price-inflation and the country's exchange rate and ensuring that this rate takes effect via a variety of policy mechanism. Those policy mechanism need to be reformed so that the value of all the currencies will be equal at all the times. In cases where a country does have control of its own currency, that control is exercised either by a central bank or by a Ministry of Finance. So independence of central bank/reserve bank can be reduced by the legislative or executive authority of the concerned government of the nation. It depends upon the decision of government and the central bank/reserve bank. As per the existing national and international polices a currency will usually become more valuable whenever demand for it is higher than other currencies of foreign countries. It depends upon country’s level of business activities. Factors affecting the valuation differences are such as political Conditions in the Country, amount of corruption, bribery and the degree of law and order. It also includes a country's relationships with other developed countries, economic situation like, unemployment, exploitation of a country's natural resources, work ethics, education, infrastructure, inflation, war and conflicts, natural calamities attitudes of other countries toward a country etc.Value equalization of all the currencies into a single monetary unit will solve many of the problems of different under developed countries. Therefore, it is prayed that the competent authorities of all central banks of different countries, United Nations and other International Organizations/Bodies to take up the matter with appropriate forum for modification of the existing conditions affecting valuation discrimination, and frame a new set of rules for value equalization of all the currencies into a single monetary unit for the sake of human society. Yours truly, Sambhunath Tiadi Advocate/Lawyer President Lord Jesus & Mother Mary Foundation HIG-221(K5), Kalinga Vihar BDA Colony, Bhubaneswar-751019 (Orissa) India Mobile-91 9777816178