ODE Solver and Optimization Essay Example | Topics and Well Written Essays - 1000 words

ODE Solver and Optimization - Essay Example Lately engineers have developed new algorithm design capable of reducing these damages due to earthquake in tall buildings. The new structures control techniques such as passive control system, active control system and semi active control system giving special importance on improvement of wind and seismic responses of buildings and bridges. The advantage of passive control systems is that it doesn’t require any power supply. Active control systems require external power supply and operate based on sensors which are attached within the structures (Attard, 2007). The new algorithm design is able to minimize potential damages out of control with tall story buildings. The algorithm is set through a gradient-based optimization approach that simultaneously controls all inter-story displacements in nonlinearly degrading buildings made of metal like steel. One key component of this algorithm lies on the use of optimal vicious dampers. The methodology and computation of the optimal damping ratios are done for each mode of vibration in a way that the sum of the errors between the inter-story displacements and the new calculated using the algorithm method is minimized. To find the size and location of the damper devices, a representative damping formulation is used where the members of the buildings are assumed to reduce exponentially according to a formulation of algorithm based model behavior of the strain property of hardened materials. The sensitive experiments of the algorithm design using different types of the story buildings show remarkable a bility of the model to reduce the errors in tall buildings. For example a ten story building and eight story were evaluated which showed that building were able to respond at significant higher modes of vibration. In the 8 story building, the vibrations are significantly reduced. However some modes remained over-damped with some remaining marginally damaged. For the 20-story, the algorithm is applied in

Difference between Romantic and Modern Painting Essay

Difference between Romantic and Modern Painting - Essay Example The essay "Difference between Romantic and Modern Painting" discovers the Romantic and Modern Painting. Picasso was one of the artist who developed the kind of painting called abstract. In this style of painting, only selected qualities or characteristics of the subjects are used in the finished picture. the still life of a pitcher, candle and handled box on a table top rendered in rust orange, brown, blue, yellow, off-white, gray and black. Ernst Ludwig Kirchner, a member of an artists group known as Die Brucke. They valued truthfulness more than clever techniques and in fact they often used deliberately rough ways of working, as if that were a proof of the strength of their Feelings. The group works on watercolors, drawings and woodcuts. Kirchner and the group can be measured by their extraordinary production. The rapid development of their personal styles was a result of their activity, including life, drawing and painting as well as the production of woodcuts, lithographs and dra wings. Luca Fa Presto (Luke work quickly) because of his prodigious speed of execution and huge output. His style became much more colorful under the influence of such great decorative painters .He absorbed a host of influences and was said to be able to imitate other artists styles with ease. (1812-1867) Rousseau is best known for turning themes of humanity's relations into nature. Some of this most famous works include: Springtime, Under the Birches, and Clearing in the Forest near Fontainebleau. ... He was nicknamed Luca Fa Presto (Luke work quickly) because of his prodigious speed of execution and huge output. His style became much more colorful under the influence of such great decorative painters .He absorbed a host of influences and was said to be able to imitate other artists styles with ease. . Romantic Painters Theodore Rousseau (1812-1867) Rousseau is best known for turning themes of humanity's relations into nature. Some of this most famous works include: Springtime, Under the Birches, and Clearing in the Forest near Fontainebleau. Rousseau's paintings as embodiments of a new way of seeing the world, a new sense of the deep interconnectedness between the human and natural worlds that coincided with the earliest formulations of modern ecological thought. These techniques were very prevalent in Rousseau's art. Rousseau paints the solitary oak dominating a flat patch of pastureland. He sees the peculiar ragged cha racteristics of the gnarled branches, the coarse density of the oak foliage, the tufts, and clouds of the turf with pools of standing water like glass reflecting the sky. The grand compositions of this landscape are replaced by others that express the spontaneous and informal aspects of nature. This nature lover painter, saw the landscape in its quiet moods with fresh nave eyes. Cropsey and Hudson River School Despite a tendency toward harshness of colors, did notable paintings. Sunset, Hudson River is a rather odd marriage of a formulaic Hudson River School composition and this luminist style. In most luminist works the sunlight is evident only in the diffusing effects of its rays, but in this painting the setting sun is a palpable orb. One feels as if the strength of its light could not only diffuse

Difficult Campaign Speech or Presentation Example | Topics and Well Written Essays - 750 words

Difficult Campaign - Speech or Presentation Example I am the one who grew up and spent all of my life in this neighborhood. I went to the school not as famous and considered as one of the best institutions around town, like the one my opponent running for the mayor has attended. Instead, I attended local public school and then joined a state college to further my studies. It was a place where I learned my values from my two loving parents i.e. mother and father. This is a place where I learned that it’s not your name what matters but what you get done. This is the place that taught me that one usually gets more done if he is working with the people than fighting with them. Last but not the least, it also taught me that one should always be prepared to bring a real difference in people’s lives by taking on tough fights and challenges and that is what matters the most. I would like to announce that if I am elected as a mayor, I will seize this opportunity to address the challenges of this hometown. I will try my best to re vamp the education system. Having worked with children, I personally feel that education system is the most important area to focus upon and to work hard for its improvement. I have also noticed that many of our school teachers are leaving and I believe it is because the high cost of living that is driving them away as they are not able to cope up with high living standards as compared to others. Moreover, there are other challenges too, for instance, increased traffic in our hometown is one of the most distressing problems as it makes difficult to get around. Therefore, if I am elected as a mayor, I will fix this problem and green technology can then lead the way. I will also try to install trolley rails around town going to and from popular places in our town. I will further try to make transport easier for the tourists and commuters by providing them with â€Å"rent-a-bike† stations for using bikes which will be located throughout the town. Not only this, but ferry service would also be provided to ease transportation. My Dad accomplished many things in his career and throughout his life and accomplishments, I learned something fundamental from him i.e. public service matters and people matters therefore value people! I am always very proud of my family name and my father’s legacy. However, this does not mean that I will stand for a Mayor on my father’s abilities but, I stand for Mayor based on the record of services that I provided to the people of Eugene Oregon. When it comes to my personal record, I have been arrested once for possession of a pot but was released later without trial for lack of evidence. However, this is all part of a life’s journey and is laced with ups and downs. At present, I have become well to do through part ownership of a used car lot and a chain of hair dressing. Furthermore, I have five times been selected by the people of this town for two of the most important offices in this town i.e. Town Attorney and Chief Fiscal Officer. Both jobs have prepared me in a unique way for the job I seek today. I believe I have the perfect experience where it counts the most. I am proud of my record but I still think that I am not done yet. There are still many goals and challenges to be tackled and worked upon, and as a Mayor I will keep on offering new ideas. However, we can work together on the issues we are currently facing in Eugene Oregon. We CAN improve our education systems and we CAN reduce traffic to make this town a better place to live. I

Difference between Romantic and Modern Painting Essay

Difference between Romantic and Modern Painting - Essay Example The essay "Difference between Romantic and Modern Painting" discovers the Romantic and Modern Painting. Picasso was one of the artist who developed the kind of painting called abstract. In this style of painting, only selected qualities or characteristics of the subjects are used in the finished picture. the still life of a pitcher, candle and handled box on a table top rendered in rust orange, brown, blue, yellow, off-white, gray and black. Ernst Ludwig Kirchner, a member of an artists group known as Die Brucke. They valued truthfulness more than clever techniques and in fact they often used deliberately rough ways of working, as if that were a proof of the strength of their Feelings. The group works on watercolors, drawings and woodcuts. Kirchner and the group can be measured by their extraordinary production. The rapid development of their personal styles was a result of their activity, including life, drawing and painting as well as the production of woodcuts, lithographs and dra wings. Luca Fa Presto (Luke work quickly) because of his prodigious speed of execution and huge output. His style became much more colorful under the influence of such great decorative painters .He absorbed a host of influences and was said to be able to imitate other artists styles with ease. (1812-1867) Rousseau is best known for turning themes of humanity's relations into nature. Some of this most famous works include: Springtime, Under the Birches, and Clearing in the Forest near Fontainebleau. ... He was nicknamed Luca Fa Presto (Luke work quickly) because of his prodigious speed of execution and huge output. His style became much more colorful under the influence of such great decorative painters .He absorbed a host of influences and was said to be able to imitate other artists styles with ease. . Romantic Painters Theodore Rousseau (1812-1867) Rousseau is best known for turning themes of humanity's relations into nature. Some of this most famous works include: Springtime, Under the Birches, and Clearing in the Forest near Fontainebleau. Rousseau's paintings as embodiments of a new way of seeing the world, a new sense of the deep interconnectedness between the human and natural worlds that coincided with the earliest formulations of modern ecological thought. These techniques were very prevalent in Rousseau's art. Rousseau paints the solitary oak dominating a flat patch of pastureland. He sees the peculiar ragged cha racteristics of the gnarled branches, the coarse density of the oak foliage, the tufts, and clouds of the turf with pools of standing water like glass reflecting the sky. The grand compositions of this landscape are replaced by others that express the spontaneous and informal aspects of nature. This nature lover painter, saw the landscape in its quiet moods with fresh nave eyes. Cropsey and Hudson River School Despite a tendency toward harshness of colors, did notable paintings. Sunset, Hudson River is a rather odd marriage of a formulaic Hudson River School composition and this luminist style. In most luminist works the sunlight is evident only in the diffusing effects of its rays, but in this painting the setting sun is a palpable orb. One feels as if the strength of its light could not only diffuse

English Literature Essay Example | Topics and Well Written Essays - 750 words - 1

English Literature - Essay Example According to Homer, Agamemnon takes Chrysies, daughter of chryses, who was the priest of Apollo. The Achaean commander Agamemnon threatens chryses for pleading with him to return his daughter exchange for a reward. Chryses returns to Apollo and begs him to be vengeful to Agamemnon. Apollo strikes back with a plague that killed men and animals on the land as a way of revenge Achilles relationship is also seen where he convinces Agamemnon to return Chryses daughter. Achilles is rewarded for returning chrysies daughter but Agamemnon decides to take away Achilles prize Briseis which makes Achilles angered and want to kill the king (Lawall and Mack). Athena a god stops Achilles before he kills the king. Achilles argument with Agamemnon provokes him not to fight for the Achaeans and sits back to watch his fellow warriors being attacked by Hector the Trojan warrior. The relationship of Achilles and his fellow warriors is reflective when he sits back while his fellow warriors were killed at the battle field and his friend Patroclus is killed. Question 2 Odyssey is a Greek warrior who was mighty, brave, intelligent, cautious, and courageous. According to homer, Odyssey reveals his courageous trait when he escapes from Polyphemus by stabbing him with a pole. Odyssey being a courageous man was a good influence to his fellow warriors. According to the Greek culture leaders who possessed Odysseys traits where highly honored for their good leader ship skills. Odyssey is also a cautious warrior in that he hesitates before taking any action that would endanger the lives of his fellow warriors. According to Homer, Odyssey in countless encounters he has saved the lives of his fellow warriors and also the his family. When he disguises himself to look like a beggar was cautious action for him to save his wife from the suitors and waited for right time to reveal him to the suitors. Odyssey was also cautious when he realized the intentions of the suitors to kill his son Telemachus ( Lawall and Mack 77). Odyssey has also overcome many temptations in the situation where he overcomes the temptation of the lotus plant. Odyssey and his fellow men after arriving at the Cyclop Island were tempted to eat the leaves of the lotus plant. The plant affects their minds and makes the warriors to forget their family and return journey home. Odyssey realizes the effect of the plant on the men he reverses the effect with apportion hence saving the life of his men. Odyssey also evades temptation of Calypso when she tries to hold him captive his will to return home to his family is heard by the gods who come to his rescue. Odyssey’s shows affinity to the Greek people, family, and his fellow warriors. His will to return home from Calypso Island to his wife and son shows he was loving and affection for his family. Odyssey also shows affinity to his fellow warriors by joining them in the war against the enemies. His courageous, bravery and war tactics can be related to presen t day films such as Rambo where Sylvester Stallone is the hero. Question 3 The ancient Greeks had a religious background where they believed in beliefs, rituals and practices. According to Homer, the Greeks would make offerings to the gods to help them during the wars. In the epic story of Achilles, the Greeks offered sacrifices to the gods during the war with Trojan warriors. The Greece had had a ruling class Basileis where the rulers of Ancient Greece. These rulers had a variety of roles with the main one serving the people as kings and judges. In the epic

The Foreign Exchange Market

The Foreign Exchange Market The foreign exchange market is the market where one currency is traded for another. This market is somewhat similar to the over the counter market in securities. The trading in currencies is usually accomplished over the telephone or through the telex. With direct dialing telephone service anywhere in the word, foreign exchange markets have become truly global in the sense that currency transactions now require only a single telephone call and take place twenty four hours per day. The different monetary centers are connected by a telephone network and video screens and are in constant contact with one another, thus forming a single international foreign exchange market. However, the currencies and the extent of the participation of each currency in this market depend on local regulations, which vary form country to country. Chapter 1 deals with the introduction and conceptual framework of foreign exchange market in India. It also deals with the structure of Indian Forex Market. Chapter 2 deals with the literature review of organization and regulation of forex market as well as management of exchange risk, exchange rate mechanism. Chapter 3 deals with the methodology adopted in the research process outlining the objectives of the study, methods of data collection and limitations faced while conducting the study. Chapter 4 deals with the data analysis of the foreign exchange market in India. It covers the long term and short term factors which account to the problems. Chapter 5 deals with the conclusion, recommendations and future prospects of forex market in India. Chapter1 Conceptual Framework of forex Market Theory of Foreign exchange The term foreign exchange is normally used to denote foreign currency surrendered or asked for in any of its current forms, i.e. a currency note or a negotiable instrument or transfer of funds through cable or mail transfer or a letter of credit transaction requiring sale and purchase of foreign exchange or conversion of one currency into another, either at the local center or an overseas center. The banks, dealing in for exchange and providing facilities for conversion of one currency into another or vice versa are known as Authorized Dealers or Dealers in Foreign Exchange. A bank is said to buy or sell foreign exchange when it handles the claims drawn in foreign currency or the actual legal tender money, i.e., foreign currency notes and coins of other countries. The theory of Foreign exchange covers different means and methods by which the claims expressed in terms of one currency are converted into another currency and specifically deal with the rates at which such conversion takes place. With partial or complete exchange control, as exercised by countries since World War II exchange markets are no longer free. Exchange rates today are not entirely determined by market forces but are officially fixed and maintained by Central Monetary Authorities. Fluctuations in exchange rates are permitted by authorities only within narrow limits,. And official rates often very different to what they would be if natural forces were allowed to operate. Forex Markets The foreign exchange market, like the market for any other commodity, comprises of buyers and sellers of foreign currencies. The operations in the foreign exchange market originate in the requirements of customers for making remittances to and receiving them from other countries. But the bulk of transactions take place among banks dealing in foreign exchange for their own requirements as they do cover operations. Banks undertake large and frequent deals with other banks through the agency of Exchange Brokers, and it is these deals which give the market its significance. In addition, there are other transactions which take place in the foreign exchange market. All transactions of the exchange market may be divided into five categories: Transactions between banks and their customers. Transactions between different banks in the same centre. Dealings between banks in a country and their correspondents, and overseas branches. The purchase and sale of currencies between the central bank of a country and the commercial banks. The transactions of the central banks of one country, with central banks of other countries. There is not much difference between one market and another as far as the international transaction between markets at different centres is concerned. But local dealings, among members of the same market are organized in two different forms. One of them is the pattern adopted in Great Britain, U.S. A. and some other countries, where foreign exchange dealers never meet each other but transact business through a network of telephone lines linking the banks, with exchange brokers who act as intermediaries. In India also the foreign exchange market is organized on these lines. The other type is the markets in countries of Western Europe, where the dealers in Foreign exchange meet on every working day at a meeting place for business proposals-They fix the exchange rates for certain kind of business particularly with-customers. The foreign exchange markets in these countries are like commodity exchange or stock exchange. However, the global important of these markets, is comparatively smal l. Indian Foreign Exchange Market The Indian foreign exchange market, broadly concentrated in big cities, is a three-tier market. The first tier covers the transactions between the Reserve Bank and Authorized Dealers (Ads). As per the Foreign Regulation Act, the responsibility and authority of foreign exchange administration is vested with the RBI. It is the apex body in this area and for its own convenience, has delegated its responsibility of foreign exchange transaction functions to Ads, primarily the scheduled commercial banks. They have formed the Foreign Exchange Dealers Association of India which framers rules regarding the conduct of business, coordinates with the RBI in the proper administration of foreign exchange control and acts as a clearing house for information among Ads. Besides the commercial banks, there are money- changers operating on the periphery. They are well-established firms and hotels doing this business under license from the RBI. In the first tier of the market, the RBI buys and sells for eign currency from and to Ads according to the exchange control regulations in force from time to time. Prior to the introduction of the Liberalized Exchange Management System, Ads had to sell foreign currency acquired by them from the primary market at rates administered by the RBI. The latter too sold pounds sterling or US dollars, spot as well as forward, to Ads to cover the latters primary market requirements. But with the unified exchange rate system, the RBI now intervenes in the market to stabilize the value of the rupee. The second of the market is the inter-bank market where Ads transaction business among themselves. They normally do their business within the country, but they can transact business also with overseas bank in order to cover their own position. Through they can do it independently, they do it normally through a recognized broker. The brokers are not allowed to execute any deals on their own account or for the purpose of jobbing. Within the country, the inter-bank transactions can be both sport and forwards. These may be swap transactions. Any permitted currency can be sued. But while dealing with the overseas Ads, because the Indian market lacks depth in other currencies; the Indian banks can deal mainly in two currencies, viz, the US branches must cover only genuine transactions relating to a customer in India or for the purpose of adjusting or squaring the banks own position. Forward trading with overseas banks is also allowed if it is done for the above two purpose, that is for cov ering genuine transactions or for squaring the currency position, and does not exceed a period of six months. In case the import is made on deferred payment terms and the period exceeds six months, permission has to be obtained from the RBI. Cancellation of forward contracts is allowed in India, although it has to be referred to the RBI. Previously, the banks used to get the forward transactions covered with the RBI, but since 1994-95 the RBI has stopped giving this cover and has permitted the banks to trade freely in the forward market. Cancellation of a forward contract involves entering into a reverse transaction at the going rate. Suppose US $1,000 was bough forward on 1 February for three months at Rs. 40/US $. On 1 March, it is cancelled involving selling the US dollar at the rate prevalent on this day. If the exchange rate on 1 March is Rs. 39.50/US $ there will be a loss of Rs. 500 (the dollar sold for Rs. 39.5 minus dollar bought at Rs. 40.00). The loss is borne by the customer. If the value of the US dollar is greater on the cancellation day, the customer shall reap the profit. The third tier of the foreign exchange market is represented by the primary market where Ads transact in foreign currency with the customers. The very existence of this tier is the outcome of the legal provision that all foreign exchange transactions of the Indian residents must take place through Ads. The tourists exchange currency, exporters and importers exchange currency, and all these transactions come under the primary market Chapter 2 LITERATURE REVIEW Organization And Regulation of Forex Market The Foreign Exchange department, which is also being called as the International Banking Division, is one of the important departments of the banks operating in international market. In India also all scheduled commercial banks, both in the nationalized or non-nationalized sectors, do have Foreign Exchange departments, both at their principal offices as well as offices, in metropolitan centers. This department functions independently under the overall change of some senior executive or a senior officer well-versed in foreign exchange operations as well as in the rules and regulations in force from time to time pertaining to foreign exchange transactions advised by various government agencies. The principal function of a Foreign exchange department is to handle foreign inward remittances as well as outward remittances; buying and selling of foreign currencies, handling and forwarding of import and export documents and giving the consultancy services to the exporters and importers. Besides this, the department also gives the financial assistance in relation to the foreign trade, i.e., it gives assistance to the exporters by way of financing the exports and imports by giving them the financial assistance to clear the consignments or open a letter of credit. The department issues letters of credit for their importer clients and handles letters of credit received from overseas correspondents in favour of exporters from India. Issuance of Performance and the Bid Bond guarantees and tender document is also one of the important functions of the banks that are dealing I foreign exchange. In India, the banks doing foreign exchange business are issued a license to this effect by the Reserve Bank of India under Foreign Exchange Regulation Act, 1973. No bank, not having such license to deal in foreign exchange, can handle foreign exchange operations. Besides Authorized Dealers, licenses are also issued to the Dealers with limited powers to change foreign currency notes, coins and travellers cheques. Such licensees are known as Authorized Money Changers. 2.1 Organisation of A Foreign Exchange Department The foreign exchange department of a medium or large sized-bank can be divided into various department and sections such department are locked after by a senior person not lower than the category of a branch manager having both administrative and operational know-how as well as discretionary powers for advances required from time to time by the clients. The in charge of the department functions independently within the overall framework laid down by the Management of the bank. The in charge is assisted in hid day-to-day work by a team of officers, and workmen. One of the important functions of the Foreign exchange department, beside banking operations, is to maintain liaison and correspondence relations with overseas banks who may be their correspondents. SECTION OF THE FOREIGN EXCHANGE DEPARTMENT The Foreign exchange department is divided into number of sections, each one equally important and looked after by one officer or a department head. A particular section can be sub-divided into sub-section with specific duties allotted. The sections in Foreign exchange department can be broadly stated as under: 1. Dealers Section This section is the nerve of the foreign exchange department as the exchange rates are computed and advised by this section. The exchange rates are the on a foreign exchange and so any incorrect fixation of rates (price) will turn the profits of the bank into losses and instead of earning from the foreign exchange transactions, the bank may keep on losing. This section is headed by an officer who is called a Dealer. In the morning, before the banking hours begin, the exchange rates of various currencies are computed. The rates are computed on the basis of certain fixed principles which may by either market quotations or any such approved channel. In India, the Dealer works out the exchange rates on cross rate method based on the sterling rate schedule fixed and advised by FEDAI vis-à  -vis the previous days closing rates in London market. This department calculates and advised both the ready rates as well as forward rates as and when requested. Besides rate computation, it also look s after the foreign currency accounts of the bank and supervises the balancing position in foreign currency accounts maintained abroad. It also controls the exchange position of the department and reconciles the various entries put forth by other sections both for buying as well as selling of foreign exchange. In addition, the section also calculates and tabulates the statistical data required by the principal office of the bank concerned, as well as the Exchange Control Department of the Reserve Bank of India. Such statistics prepared by the bank are to be reported to the authorities on the prescribed forms at the prescribed intervals. This data is very essential and of prime important as the Balance of Trade and Balance of Payments position is arrived at only from the statistics provided by the banks. From the data available from the banks even the import policy is formed and other fiscal measure adopted by the monetary authorities from time to time depend. This section can be further sub-divided into following subsections: Rate calculation and advising Forward Exchange contracts Foreign currency Accounts Exchange position and control, and Reconciliation of Foreign Currency Accounts. 2. Foreign Remittances Section This section deals with the inward and outward remittances received in the country and sent outside, both on behalf of the transactions taken up by residents and non-residents. Foreign remittances are carried out in the form of cable transfers, mail transfers, demand drafts, travelers cheques and payment instructions by letters. All these forms are widely used both for inward remittances as well as outward remittances. The officer of this particular department has to be quite well-versed with various regulations in force from time to time and the amendments thereto as strict exchange control regulations are prevailing specially in case of outward remittances in developing and underdeveloped countries, due to the adverse balance of payments position, depleting foreign exchange reserves, and available resources required to meet with development programmes and national exigencies. This department also keeps Test Key arrangements used for transmitting the instructions by cable, as in cab le transfers no signature of the remitting bank is possible. So messages are computed with a particular number known as code or cipher. This code or cipher is recomputed at the other centre on the basis of the test arrangements exchanged between the two banks. In foreign exchange, whatever the reason may be irrespective of the amount, the entire gamut is focused around the inward and outward remittances and so this section is of prime importance. The remittances are converted into local currency in case of inward remittances and in foreign currency in case of outward remittances at the prevailing rate of exchange on the date of each transaction or a forward exchange rate if exchange rate if exchange is already booked earlier. So, the remittance department has to keep a close contact with Dealers section, both for getting the rates and also advising them the funds position which changes from time to time due to the remittances flowing in either direction. 3. Import Section Import section can be sub-divided into import letters of credit both opening and payment thereof, issue of Bid guarantees, performance guarantees and guarantees to Government agencies for release of import consignment, import documents received on collection basis and imports on consignment basis. Import section has to keep in touch with latest developments in international markets as well as the rules and regulations in force in various centres to take up the import business at right earnest without violating the rules and regulations. Both in developing and developed countries, there are Import and Export Trade Control Regulations and such regulations are enforced through a licensing procedure. Hence the Import section has to take care of the Import Trade Control Regulations as well as Exchange Control Regulations before allowing import transactions to be put through. 4. Export Section The section deals with various exchange operations arising out of export trade. The principal functions of this sub-section are: Advising and confirming letters of credit received from abroad: Extending financial assistance to exporters as and when required. Acting as an agent for collection on behalf of the clients; Negotiation of export bills drawn under letters of Credit whereby the dealer acts as an agent of overseas bank and facilitates smooth function/operation of international trade; and Acting as an authorized channel appointed by Central Banking Authority to receive the export proceeds. 5. Statistics Section This section collects the sales and purchase figures from various departments along with necessary exchange control forms, tabulates then and submits a periodical report by way of statements and returns to the Exchange Control Department of the Reserve Bank of India under whose authority it operates. This reports is also being submitted from time to time in one form or the other to the head office of the concerned bank to enable it to compile the overall position of the foreign exchange preferably of the bank as a whole. 2.2 Exchange Regulation in India Exchange Control Regulations were first introduced in our country on 3rd September, 1939 at the outbreak of World War II. The control was introduced under the guidelines of Bank of England and also as a measure under the Defence of India rules to conserve and augment the foreign exchange resources of India to meet the defence requirements for Britishers. It primary objective was to conserve the foreign exchange resources, which needed to be diversified due to changed circumstances. It was initially introduced as a temporary device to meet the emergency situation arisen due to Second World War. In May, 1944 the Defence of India Rules were lifted and all emergency provisions promulgated during the Defence of India Rules were ineffective. But the Government of India was not in a position to lift the Exchange Control Regulations due to the strain on the sterling balances; The Exchange Control Regulations were kept alive under a new law named as Emergency Provisions Continuance Act of 1994. The Exchange Control was put on a permanent Statute and the First Foreign Exchange Regulations Act came into existence on 25th March, 1947 as a full fledged foreign Exchange Regulations Act. The system of control adopted in 1947 was structurally identical to provisions laid down in 1939 at the inception of the control, but important changes in detail were introduced in FERA 1947 to meet the specific requirements of the situation and to protect the interests of independent India. The Foreign Exchange Regulations Act (FERA) of 1947 has now been replaced by the FERA, 1973. Basic structure of the Exchange Control Regulations is till not very much divergent that the earlier ones, but keeping in view the economic conditions and balance of payments positions, certain new provisions have been included and the control has been made more comprehensive. Under the Act of 1973, the Authorized Dealers have been given wider powers for releasing foreign exchange to the residents in India and a strict view has been taken of the non-resident interests. I) BROAD FEATURES OF EXCHANGE CONTROL There is an elaborate machinery to enforce Exchange Control Regulations in our country. The machinery comprises of the controller of the Exchange Control department of the Reserve Bank of India at the helm of affairs, which in turn has empowered the Banks dealing in foreign exchange to deal with general public for their foreign exchange requirements. This authority enforces the provisions of the Foreign Exchange Regulations Act and has the powers to deal with any infringement or violation of the provisions of the Act. II) THE FERA AND THE EXCHANGE CONTROL MANUAL All the provisions of the FERA have been transcribed in the banking terminology by the Reserve Bank of India to facilitate the day to day transactions between Reserve Bank, between the various dealers and the general public. Exchange control in India is administered by the Reserve Bank of India in accordance with the general policy laid down by the Union Government in consultation with the Reserve Bank. The Bank has an Exchange Control Department which is entrusted with this functions. Under the system, the Reserve Bank is authorized to license export of gold, silver, currency notes, securities, and a variety of other transactions involving the sue of foreign exchange. For foreign exchange transactions, which the general public conducts with the authorized dealers in foreign exchange, the Reserve Bank of India has laid down general instructions for the guidance of the latter. The directions cover all transactions relating to imports and exports, foreign travel payments, family maintenance remittances by foreign nationals, transfers of investment income, capital transfers by foreign and Indian Nationals and other invisible items. Some of these transactions particularly those pertaining to capital transfers, have to be referred by the authorized dealers to the Reserve Bank for its prior approval. Some remittances may, however, be made by the authorized dealers without prior approval of the Reserve Bank, such as those for foreign Nationals seeking to remit a part of their, earnings for the maintenance of their families abroad, provided the amounts are within limits specified by the Reserve Bank. The institutional framework of the exchange control system also compromised of a special machinery for enforcement and for dealing with any infringements of the provisions of the Act. The function is entrusted to the Directorate of Enforcement attached to the Union Ministry of Finance. The directorate deals with offenders who violate the control provisions and is authorized to take punitive action. It is also empowered to adjudicate in certain cases of infringement. III) Purchases and Sales by Authorized Dealers Authorized dealers purchase and sell foreign currencies in accordance with the regulations. Purchase: They purchase T.Ts., M.Ts., drafts, bill etc., freely from banks and the general public. The receipt of remittances from any country is free and banks are, therefore allowed to purchase freely. Purchase of foreign currencies is also done from their overseas branches and correspondents for the purpose of making rupee payments into non-resident accounts in India and also for making payments to residents. The authorized dealers and authorized moneychangers purchase foreign currency notes, coins, and travellers, cheques from travellers coming from abroad. The amounts purchased are endorsed on the reverse of the customs stamped currency declaration forms of the travellers. Foreign currency notes and coins are also purchased from other authorized dealers and money changers. Sales; Sales of foreign currency are made by authorized dealers subject to control regulations. No remittances may be made to countries advised from time to time and no transactions may be carried out with persons, firms or banks residents in those countries. For the purpose of sales persons, firms, and banks residents in Nepal are treated as non- residents. 2.3 Exchange Rate Mechanism in India India is a founder member of the IMF. It followed the fixed parity system till the early 1970s as a result which the value of the rupee in terms of gold was originally fixed as the equivalent of 0.268601 gram of fine gold. In view of Indias long economic and political relations with England and membership of the sterling area from September 1939 to June 1972, the rupee was pegged to the pound sterling. The exchange rate was thus remained unchanged but the gold content of the rupee fell to 0.186621 gram. Again, with the devaluation of the Indian rupee in June 1996 the gold content fell further to 0.118489 gram. The following year, the pound was also devalued. This devaluation did have an impact on the rupee pound link, but the rupee was kept stable in terms of the pound. The latter continued as an intervention currency. In August 1971 when the system of fixed parity was under a cloud, the rupee was briefly pegged to the US dollar at Rs. 7.50/US $ and this continued till December 1971. The peg to the dollar was not very effective as the pound sterling remained to continue as the intervention currency. In December 1971, the rupee returned to the sterling peg at a parity of Rs. 18.9677/ £ with of course , a margin of  ±2.2 S percent. After the Smithsonian arrangement had failed and the pound had began to float, the rupee tended to depreciate. The reserve Bank then had to delink it from the pound sterling in September 1975 and link it with a basket of five currencies; but the pound sterling was retained as the intervention currency for fixing the external value of the rupee. The weight of different currencies forming the basket remained confidential and the exchange rate continued to be administered. The administered rate did not keep pace with the growing rate of inflation and this resulted in a widening gap between the real and the nominal exchange rates that was more evident during the late 1980s and early 1990s. Thus, when economic reforms were initiated in the country, the rupee was depreciated by around 20 percent in two successive instalments in the first weeks of July 1991. In absolute terms, depreciation occurred from Rs. 21.201/US $ to Rs. 25.80 /US $ From March 1992 a dual exchange rate system was introduced, in terms of which 40 percent of export earnings were to be converted at the official exchange rate prescribed by the Reserve Bank and the remaining 60 percent were to be converted at market determined rates. The US dollar was he intervention currency. From March 1993 the receipts on merchandise trade account and some of the items of invisible trade account came to be convertible entirely at the market determined rates on all items of current account. The adoption of the unified exchange rate system form March 1993 means adoption of a floating-rate regime, but it is a managed floating and the reserve Bank of India intervenes in the foreign exchange market in order to influence the value of the rupee. In the first two years, the value of the rupee remained stable but the onward, it has been depreciating despite RBIs intervention. 2.4 Management of Exchange Risk Risk Hedging tools in Forex Market In recent years financial markets have developed many new products whose popularity has become phenomenal. Measured in terms of trading volume, the growth of these products principally futures and options has confused traditional investors. Although active markets in futures and options contracts for physicals commodities have only recently attracted Internet. Multinational Companies normally use the spot and forward markets for international transactions. They also use currency futures, currency options, and currency futures options for various corporate functions. While speculators trade currencies in these three markets for profit, multilingual companies use them to cover open positions in foreign currencies. 2.4 (a) Forward contract Forward Exchange Forward exchange is a device to protect traders against risk arising out of fluctuations in exchange rates. A trader, who has to make or receive payment in foreign currency at the end of a given period, may find at the time of payment or receipt that the foreign currency has appreciated or depreciated. Ifthe currency moves down or gets depreciated the trader will be att a loss as he will get lesser units of home currency for a given amount of foreign currency, which he was holding. Similarly, an importer, who was contracted to make payment of a given amount in pound sterling at the end of a given period, may find that at the time of payment, the rupee sterling rate is higher. He would then have to pay more in rupees than what it would have been at the time when the contract was made. To protect traders against such risks of appreciation and getting lesser amount of home currency, there is a device in exchange market of booking forward exchange contracts. The emergence of forward exchange contracts has been due to the rate fluctuations and possible losses that the traders might have to suffer in their foreign exchange business. The forward exchange transaction is an umbrella which gives protection to the dealers against the adverse movement of exchange rates. The forward exchange market in fact came into existence when the exchange rates were highly unstable following the abandonment of the gold standard by most of the countries at the end of first and Second World Wars. There are other means of taking care of the risks of the adverse effects of the exchange rate fluctuations such as including the Escalation Clause in the sale and purchase contracts entered between the buyers and sellers or fixing a parity rate between the home currency and foreign currency and an y variation in the fixed parity entered into between the importers and exporters, the exchange risks will be passed on as per the terms of the contract. Escalation clause is more adaptable in contracts amounting to a very large volume,. especially in contracts entered into on deferred payment terms. Forward Exchange Contracts Under option forward exchange contracts, the customers has an option to receive or deliver the contract

Essay --

The start of any evolutionary story told about us lies within the origin of the eukaryote cell. This remarkable event consisted of a revolution of cell type matched in momentousness by the arrival on the biological scene of the prokaryote (O’Malley). Bacteria had a couple billion years head start on eukaryotes and have given rise to many biochemical processes that are essential to the ecosystem (Wernergreen). One organism living within another defines endosymbiosis. Nobody can say the exact origin of the eukaryote cell. The endosymbiosis theory dates back to the earliest 20th century and devotion to different models of its origins is strong and adamant (O’Malley). This theory was developed from the combined efforts of many different researchers. Together, Konstantin Mereschkowsky, Boris Mikhaylovich Kozo-Polyansky, Ivan Wallin, and Lynn Margulis are the main researchers whom coined the term â€Å"symbiogenesis† referring to the long term, or permanent physical association between â€Å"differently named partners† (taxa), or the genesis of new species through the merging of two or more existing species (Margulis). Endosymbiosis and symbiogenesis define hypothetical theories thought to justify the origin of species in addition to the processes of natural selection and random mutation. B.M. Kozo-Polyansky and Lynn Margulis, who very much admired Kozo-Polyansky’s work, both believed symbiogenesis was the major source of innovation for evolution (Margulis). The most well known of the first speculations about the origin of organelles, was Mereschkowsky. He primarily studied the chloroplast and was the first to suggest they were obtained initially from unicellular organisms that had been â€Å"enslaved† as endosymbionts. However, his theory was turned ... ...hemical energy from cyanobacteria (the only bacteria that can perform photosynthesis) 2.4 billion years ago (Wernergreen). The first chloroplast came into being about one billion years ago when a single-celled protist and a cyanobacterium came together through endosymbiosis, and this first photosynthesizing eukaryotic lineage was the ancestor of land plants, green algae, and red algae. Cyanobacteria and algae endosymbionts have spread photosynthetic capabilities in such a broad range (Wernergreen). In other words, heterotrophic prokaryote cells had taken in autotrophic photosynthetic bacteria cells. The ingested cell continued to provide glucose and oxygen by photosynthesis. The host cell protected as well as provided carbon dioxide and nitrogen for the engulfed cell and overtime both cells lost the aptitude to survive without each other (Weber and Osteryoung).