A study on the role of child labor in developing countries in the 21st century Essay

What role does child labor play in developing countries in the 21st century? Child labor is currently one of the most destructive obstacles to stand in the way of social development from taking place. In developing countries in the twenty-first century, child labor is considered to be a serious issue. According to the World without work (Thompson) in some areas of the world society has a heavy reliance on machines and automated labor. While in other areas, primarily developing countries there is a heavy reliance on child labor. In the Myth of Sisyphus (Camus) the main character works continuously with no purpose, however, in reality, individuals in developing countries have to contend with the idea of working towards the idea of survival. Recently the International Labour Organization (ILO,2013) estimated there are around 215 million children between the ages five to fourteen who works worldwide. They are often mistreated and work for prolonged hours, in very bad conditions. This can affect their health physically, mentally and emotionally. These children do not have the basic rights like access to school or health care. This can have adverse effects on future generations, making the country’s situation even worse. According to a multitude of diverse scholars, the term child labor has several definitions. According to Suda(2011), the term child labor refers to when children are working in any type of work that is dangerous and harmful to children’s health or the work hinders their education. For Moyi (2011) child labor refers to low wages, long hours, physical and sexual abuse. According to Edmonds and Pavcnik (2005), child labor is viewed as a form of child labor abuse when children work in bad conditions and hazardous occupations. In developing countries, child labor is primarily caused by poverty, inequality, a slow transition of demographics, and a dependence on farm labor. Regarding the reason as to why families end up deciding to send their children into the workforce it usually has to do with spacing and birth order of children, and the number. When a child enters the labor force at such a young age it perpetuates familial poverty throughout several generations. This, in turn, wil l result in the lack of social growth and development and economic growth. It is this institution of child labor that prevents young children both boys and especially girls from obtaining the proper and fundamental education required for individuals to eventually obtain work opportunities that will result in a proper future for the rest of their familial generations. It is evident that â€Å" The incidence of child labor is most prevalent in sub-Saharan Africa followed by Asia and the Pacific. The prevalence of child labor is very high in sub-Saharan Africa, especially in Nigeria.About 48 million child laborers across sub-Saharan Africa, including 15 million in Nigeria engaged in child labor â€Å"(Ajakaye,2013). According to LUP (2002), it is apparent that some government agencies are attempting to alleviate this child labor situation while others are either in support or remain idle because they desire the quick and easy economic benefits. What they fail to bring into considerat ion is the future of the people and the country. It is not an economically nor is it a socially viable solution to continue down the path that involves child labor.    In the twentieth century employing children created no serious social issues. It was only when the idea of factory systems was implemented that social issues began to develop and change. It was after factories were implemented children ended up working for little amounts of money. Their money made a bit of an impact on the incomes that families made. Thus children spent more time in these so-called sweatshops and less time in the classroom. This resulted in children becoming uneducated. Uneducated themselves, and their children uneducated as well a cycle began to continue. Thus people and families wound up in a vicious cycle with no way to get out. â€Å"The first federal child labor law was passed in the U.S. Congress in 1916. This law â€Å"set standards for the hiring of children by industries involved in interstate or foreign commerce†( Unicef). In developing countries, there are minute protections for children primarily because of how difficult it is to get people out of the vicious cycle. According to a study done in (2007) on child labor in Luanda, Angola conducted by ICF International Inc partnered with an organization in Angola, Austral COWI, discovered that â€Å"There is a large gap between the educational attainment of children who are working in their teen years (ages 14 to 17) when a child should be attending secondary school. Only 30.0 percent of children who have completed some secondary school were working. At each progressively lower attainment group, this figure becomes higher (42.4 percent for primary complete, 58.8 percent for primary incomplete, and 72 percent for those with no formal education)†. This study ended up revealing to the local government in Angola the conditions of work, educational status, and the services that are incorporated into a society that are designed to help the children. Currently, the elimination of child labor is becoming more of an issue that more and more international organizations are becoming interested and involved in. In order to properly combat the current child labour issue the countries that are affected need to set up programs that provide families with support and awareness, they need to create and implement policies and legislation that will improve the overall well being of the people, and they also need to think about helping the people have more of a say in the companies and having more ownership of the companies within the country. When all of these solutions are implemented in each of the countries there should be a drastic increase in overall social and economic well being. It may not be witnessed instantly, however, it will be observed if not within the generation then within the next generation. The vicious cycle of poverty will then see some substantial changes.    References Camus, A. (1942). The Myth of Sysiphus. Child labor – The British Library. (2009). Retrieved from https://www.bl.uk/romantics-and-victorians/articles/child-labour Child labor | Law | The Guardian. (2015). Retrieved from https://www.theguardian.com/law/child-labour Edmonds, & Pavnick. (2005). Child Labor | Human Rights Watch. Retrieved from https://www.hrw.org/topic/childrens-rights/child-labor ICF. (2007). Child labor – The British Library. Retrieved from https://www.bl.uk/romantics-and-victorians/articles/child-labour IL0. (2013). International Labour Office- Questions and Answers on child labor. Retrieved from http://www.ilo.org/wcmsp5/groups/public/—ed_norm/—declaration/documents/publi cation/wcms_decl_fs_52_en.pdf LUP. (2002). Global – Child Labour – WE. Retrieved from https://www.we.org/gb/we-at-school/we-schools/issues-backgrounders/global-child-la labor/ Moyi, & Child Labor Public Education Project. (2011). Child Labor in U.S. History – The Child Labor Education Project. Retrieved from https://www.continuetolearn.uiowa.edu/laborctr/child_labor/about/us_history.html Suda. (2011). Child Labor – Facts & Summary – HISTORY.com. Retrieved from http://www.history.com/topics/child-labor Thompson. (2015). A World Without Work – The Atlantic. Retrieved from https://www.theatlantic.com/magazine/archive/2015/07/world-without-work/395294/ Unicef. (2015). Background Information on Child Labour – World Day Against Child Labour, 12 June. Retrieved from http://www.un.org/en/events/childlabourday/background.shtml Unicef. (2016). Child labor | Child protection from violence, exploitation, and abuse | UNICEF. Retrieved from https://www.unicef.org/protection/57929_child_labour.html

Internship Report on Ztbl

Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report CHAPTER 1 â€Å"INTRODUCTION TO REPORT† 1. 1 BACKGROUND OF STUDY The Zarai Taraqiati Bank Limited is the premier financial institution geared towards the development of agriculture sector by providing financial products and services to their customers. It is a common practice at universities during the completion of the masters and bachelors program to attain practical experience in different fields.Students are required to undergo an internship program of two months to fulfill the requirement for their degree completion. The selection of the firm is based on the choice of the student. The institute requires an internship report based on the theoretical and practical learning of the student. The Internship is the bridge between academic qualification and professional career of fresh graduates†. This internship report is mainly focused on the working of the Finance and Accounts Division of the ZTBL.Moreover, the i nternship is a unique aspect of education that integrates study with planned and supervised career-related work experience. The students are involved as non-paid â€Å"authentic employees† receiving academic credit for work experiences. The purpose of the internship program is to develop and strengthen the student’s educational and career preparation. By doing internship in any organization that obviously exposes the interpersonal relationships not only with employees but also with supervisor that are essential in obtaining a successful and satisfying career.This background of the study is mainly focus on the performance, functions and objectives of the Finance and Accounts Division of the ZTBL and its internal working and operations of this division. While, the internship is any experience where students learn by taking on responsible roles as workers in organizations and observing and reflecting on what happens while they are in the workplace. It provides 1 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report any advantages to student that helps him throughout his life. Some advantages of internship program are given as under; ? ? ? ? ? To gain professional experience and receive academic credit To enhance independence, responsibility and self-confidence To Interact and collaborate confidently with employees To share ideas with one another. To translate classroom knowledge into the professional work environment and to make plan, how to carry the activities. ? To work towards the process improvement. 1. 2 PURPOSE OF THE STUDY The purpose of conducting this study is to develop some insight into the orking of the Finance and Accounts Division of the ZTBL and to gain the experience regarding the overall operations and procedures of the bank, in order to complete the BBA (Hons) degree as well. The purpose of the internship program is to develop and strengthen the studen t’s educational and career preparation, which they gain from university. Another important aspect of the internship program is that internee is placed to various departments of the organization through job rotation. It provides a glance of each department, as the period is too short for learning in detail. Other objectives of the study are as follows: ?To gather relevant information then interpret and analyze it in a useful manner. ? ? ? ? To highlight the facilities and products offered by the ZTBL to its customers. Internship can develop good work habits and to reduce student dropouts. To develop, enhance and strengthen the communication skills. To observe and participate in a professional work situation which represents an area of career interest. 2 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report ? To develop an understanding of the organization, its mission, objectives and management phi losophy.To acquire good work habits and gain an awareness of the community’s vast resources. To be responsible and work toward specific achievable goals. To analyze the bank through different analysis such as Ratio & SWOT analysis. ? ? ? 1. 3 SCOPE OF THE STUDY The scope of the conducting this study is given as under; It is a compulsory requirement for the award of Bachelor’s Degree in ? Business Administration from the Kohat University of Science & Technology. ? This report is concerned with the performance, functions and objectives of the â€Å"Finance & Accounts Division of the ZTBL† Head Office Islamabad. ZTBL. ? It can provide help to the management of the ZTBL in identifying their Strengths, Weaknesses, Opportunities and Threats. ? It can also provide assistance for the students in seeking annual reports for the purpose to calculate and interpret financial ratios, in order to check the liquidity, leverage and profitability of the ZTBL. ? Further more, stud ents are able to analyze the human resources & analyze the marketing of products and services schemes that the ZTBL provide his customers. It will help the students in making assignments and writing reports on the 1. 4.IMPORTANCE OF STUDY Banks play a central and very important role in the economic life of a country, that’s why they are considered as the lifeblood of modern economy. Today no one can deny the importance of banking in the economy. They facilitate and expedite 3 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report trade and commerce and provide a variety of services that one can’t imagine without banks. I have chosen the ZTBL for my internship because it has a large network of zonal offices and branches.But besides this, the ZTBL plays an important role in the economic development and growth of Pakistan. 1. 5. RESEARCH METHODOLOGY During the internship at the ZTBL Head Office Islamabad, the most important task was to collect as much as information on the bank in order to have a full productive report. For the collection of information and data, I used two methods for collecting data for the preparation of internship report such as primary and secondary collection methods, which is given as under; 1. 5. 1. Primary Data Collections: In primary data collection method, I interviewed different officers for this purpose.The interviews were not of formal nature but it went along with time and the questions arose with identification of problems. I prepared many questions and discuses with Bank officers asked all the detailed function and procedures of there departments. All officers fully cooperated with me and provided all the necessary information which was required to me. The interviews have been taken from the bank officers and also the discussion was conducted with the heads of different departments. For collecting primary data, I use my own observation an d discuss my problems with previous internees. 1. 5. 2.Secondary Data Collection: The data that are previously collected and assembled for the some projects other than the one at hand. It is also called as historical data. This method can almost always be gathered faster ant at a lower cost than primary data. The secondary data is collected from following sources; ? ? ? ? Annual Reports & Accounts manual. ZTBL web site & Internet. Brochures. Pamphlets. 4 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report ? ? ? Newspapers. Business journals. Books. 1. 6. LIMITATIONS OF THE STUDYThere are some limitations which, I had to face as an internee during the Internship program in the ZTBL Head Office Islamabad, which are described as under; ? ? Time was too short to visit all division and departments of the organization. The problem of loud shedding makes delay in preparing this internship report of the ZTBL. ? All staff members avoided to give every information. However, they kept most of the data secrets. So, it was very difficult to collect the relevant information. ? The vice presidents, executives, managers and other staff members have their own matters of bank nd it was a great problem for me. ? Lack of co-operation by some employees because they were non-research oriented and also lack of accuracy of the relevant data. ? Instead of all these difficulties, I have completed this internship report on the Finance and Accounts Division of the ZTBL Head Office with full cooperation of few managers. 1. 7 SCHEME OF THE REPORT The internship report on the Finance & Accounts Division of the ZTBL is arranged in four sections and ten chapters. The report is arranged in the following sequence. SECTION-I This section has one chapter. Chapter 1: Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report This is an introdu ctory chapter which describes the introduction, background, purpose, scope, importance, research methodology, limitations and scheme of the report. SECTION-II This is lengthiest section of the report; it includes the review of the ZTBL. This section is comprised of eight chapters. Chapter 2: This chapter is about bank and banking, evaluation of banking, overview of banking in Pakistan and role of banks in the economic development of the Pakistan.Chapter 3: This chapter encompasses the introduction, history, mission, vision, objectives, restructuring plans, BOD, zonal offices & branches, ranking of staff members and subsidiary of the ZTBL. Chapter 4: This chapter briefly describes the products & services such as loans & schemes and the recovery procedure of the loan of the ZTBL. Chapter 5: This chapter is concerns with the introduction, objectives, functions, classification and hierarchy of the Finance and Accounts Division of the ZTBL. Chapter 6: This chapter describes the introduct ion, objectives, unctions and units of the Central Accounts Department of the ZTBL. Chapter 7: This chapter describes the introduction and units of the Head Office Accounts Department of the ZTBL. Chapter 8: This chapter is concerns with the introduction, objectives, functions and units of the Regulatory Reporting Department of the ZTBL. 6 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report Chapter 9: This chapter describes the introduction, objectives, functions and units of the Budget & Fund Reconciliation Department of the ZTBL.SECTION-III This section also has one chapters and it is about the various analyses of the ZTBL. Chapter 10: This chapter explains the SWOT analysis, ratio analysis, human resource analysis & marketing analysis of the ZTBL. SECTION-IV This section contains only one chapter. Chapter 11: This chapter explains findings, recommendations, personal experience, conclusions & annexur es of the ZTBL. 7 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report CHAPTER 2 INTRODUCTION TO BANKING† 2. 1 MEANING & ORIGIN OF BANK Some authors are of opinion that the word bank is derived from the word â€Å"Banquet† which means a â€Å"Bench†. This is attributed to the fact that the Jewish transacted the business of money exchange on bench in market place. â€Å"A bank includes a body of person, who carry on the business of banking† or â€Å"a bank may be as an institution dealing mainly in money and credit. It accepts deposits from one class of people at a lower rate of interest and industry for meeting the requirements.This provides finance for successfully carrying on various stages of production as well as distribution. † Moreover, a bank can stimulate the habit of savings amount for the people and provide the security and interest they offer with these savin gs which are deposited by people are in a position to utilize the deposited amount more productively. In short, a bank can increase the transaction capacity of the customers by advancing loans when they require for additional funds to finance their expanded program of business transaction. 2. 2 EVOLUTION OF BANKING Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report According to the banking companies ordinance 1962 â€Å"banking is business that receive investment or lending of deposits of money from public and repayable on demand or otherwise and which draw able by cheque, draw orders or otherwise†. As regards the growth of modern commercial bank, it can be traced to as early as 600BC. The â€Å"An Outline of Money†, written by G. Crowther, has traced the history of modern English Commercial banking.According to him, the present day banker has three ancestors such as merchants, goldsmith s & money lenders; which are briefly explain as under; 2. 2. 1 The Merchants: The earliest stage in the growth of banking can be traced to the working of merchants. These merchants were traders in commodities. The trading activities were carried on by them from one place to another. It was risky for the traders to carry metallic money with themselves for payment. The traders with high reputation began to issue receipts which were accepted as titles of money.These receipts or letters of transfer also called hundi in Indo Sub Continent were the first mode of payments. The merchant banking thus forms the earliest stage in the evolution of modern banking. 2. 2. 2 The Goldsmiths: The second stage in the growth of banking is normally traced to earlier goldsmiths. These goldsmiths also called Seths in India used to receive gold and silver for safe custody. The goldsmiths began to issue receipts for the metallic money (gold & silver) kept with them. These receipts with the passage of time b ecame payable to the bearer on demand.In this way the ‘goldsmiths’ note, become a medium of exchange and a mean of payment. The goldsmiths, thus, can rightly be termed as the fore-runners of the modern bank note. 2. 2. 3 The Money Lenders: The third stage in the development of banking arose when the goldsmiths became the money lenders. By experience the goldsmiths (who were called money lenders) came to know that they could keep a small proportion of the total deposits for meeting the demands of customers for cash and the rest they could easily lend. They allowed the depositors to draw over and above the money Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report actually standing to their credit. In Economic terminology, we can say that they allowed the overdraft facilities to their depositors. When every money lender and goldsmith issued receipts and most of them allowed the overdraft faci lities, there was too much confusion in the banking system. The money lenders and goldsmiths, in order to earn profits, could not keep adequate reserves for meeting the demands of the customers for cash.The failure on the part of the money lenders and goldsmiths to return money caused widespread distress among the people. In order to create confidence among the people, steps were taken to regulate the banking organization. A conference was held in Nuremburg in 1548. It was decided that a bank should be set up by the state which should streamline the banking organization and technique. The first central bank was formed in Geneva in 1578. Bank of England was established in 1694. The modern commercial banking system actually developed in the 19th century. 2. 3EVALUTION OF BANKING IN PAKISTAN At the time of independence the areas, which now constitute the Pakistan were producing only food grains and agricultural raw material. For Indo-Pak sub continent, there were practically no industr ies and whatever raw material was produced was being exported from the Pakistan. How ever commercial banking facilities were provided fairly well here. There were 487 offices of scheduled banks in the territories now constituting the Pakistan. As a new country without resources it was very difficult for the Pakistan to run its own banking system immediately.Therefore in accordance with the provision of Indian independence Act 1974, an expert committee was appointed to study the issue. On the recommendation of committee Reserve Bank of India continued to function in the Pakistan, till 30th September 1984, so that problem of time and demand, liability, coinage, currencies exchange etc be settled between India and Pakistan. It was decided that Pakistan will take over the management of public debt 10 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report nd exchange control from reserve Bank of India on 1st A pril 1948, and that India notice would continue to be legal tender to the Pakistan till 30th September 1948. Following the announcement of independence plan in June 1947, the Hindus residing in the territories now comprising Pakistan started transferring their assets to India. Moreover the banks including those having the registered offices in Pakistan transferred to India in order to bring a collapse of new state. By 30th June 1948, the number of offices of scheduled banks declined from 487 to only 195 in the Pakistan.There were 19 non-Indian foreign banks with the status of small branch offices, which were engaged solely in export of crops from the Pakistani institutions i. e. , Habib Bank and Australia Bank. The government promulgated the Banking Companies Ordinance 1947, to safeguard the interests of both banks and the customers. The Imperial Bank closed down most of its offices in Pakistan, which created serious problems. The Indian government withheld Pakistan’s share o f Rs. 75 corer in cash balance held by them at the time of partition.The urgency of assuming control of banking and currency was very badly felt now. The government of Pakistan decided to establish a full-fledge central Bank. Father of the Nation, Quaid-i-Azam Muhammad Ali Jinnah, inaugurated the State Bank of Pakistan on July 1948, after the State Bank of Pakistan order was promulgated on 12th May 1948. The SBP provided every help and encouragement to Habib Bank to expend its network of branches and formulated and developed NBP in 1949 as an agent bank, which took over the agency functions in 1952 from Imperial Bank of India.In order to develop sound banking and weeding out week institutes, the Banking Companies Act was promulgated in 1949, empowering the SBP to control the operations of banking companies in Pakistan. In a very short period of time number of scheduled banks and other specialized credit institutions rose to thirty six. By June 1965, the numbers of branches of schedu led banks were 1591. Pakistani commercial banks were nationalized in 1974, but the process was reversed as nationalization proved to be defective. The ZTBL, MCB, 11 Institute of Management Sciences, Kohat University of Science & TechnologyZarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report ABL and UBL have been privatized and HBL is expected to be privatized within near future. The nationalization of Banks in Pakistan since 1st January 1947 has heralded a new era of development and progress. It has taken a complete banking system with effect form January 1981. The privatization process of state owned banks and enterprises started in 1991. 2. 3 CLASSIFICATION OF BANKS IN THE PAKISTAN The banks are classified according to their spheres of activities. The main types of banks are as under: 1.Central Bank: Every civilized country now has its own central bank. The primary function of the central bank is to regulate the flow of money and credit in order to promote efficiency, stabil ity and growth in the country. In Pakistan, the SBP is the country’s central bank. 2. Commercial Banks: These banks are engaged in performing the routine duties of banking business. They collect surplus money from the people. They make loans and advances in the form of overdrafts, cash credits, discounting bills of exchange. The commercial banks also manufacture credit money.They also provide agency services and general utility services. These banks are considered the lifeblood of the economic society. Some commercial banks are owned and controlled by the government which is called as public sector banks. For e. g. , NBP, HBL, UBL†¦etc while other commercial banks that are owned by corporations is called as private sectors banks. For e. g. , MCB, ABL, City Bank†¦etc. 3. Exchange Banks: As name signifies, these banks mainly deal with international trade. These banks take the responsibility of settlement of foreign exchange and arrange the foreign business.In Pakistan , all the nationalized commercial banks have been allowed to do the business of exchange banks. 4. Saving Banks: Saving banks are those banks which collect and keep the small savings of the public. They are called also thrift promoting institutions. The saving 12 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report banks invest the funds in the safest government securities. The Post offices and saving centers perform the business of saving banks in Pakistan. 5.Agriculture Banks: The agricultural banks (specialized banks) are set up to provide financial assistance to the agriculturists. The agriculture banks provide short term credit to the farmers for the purchase of seeds, fertilizers, pesticides, fuel†¦. etc. They also make medium term advances for buying tractors and introducing modern techniques in farming. In Pakistan, the Agricultural Development Bank of Pakistan was set up in 1981 for meetin g the financial requirement of agriculture, the ADBP is incorporated as public limited company, according to the â€Å"Company Ordinance 1984† & is name was changed to the ZTBL in 2002.An agriculture bank is also called as domestic banks because these banks are registered and incorporated within the country. 6. Industrial Banks: The industrial banks mainly provide medium and long term credit to the industries. Since the industrial banks have long term deposits, they are in a position to permit long term investment in industries. In Pakistan, the Industrial Development Bank was set up in 1961. The other institutions engaged in providing financial assistance to industries are PICIC, NDFC†¦. etc. 2. 4 ROLE OF ZTBL IN THE ECONOMIC DEVELOPMENT OF THE PAKISTANBanks play an important and active role in the economic development of a country. If the banking system in a country is effective, efficient and disciplined, it brings about a rapid growth in the various sectors of the ec onomy such as agriculture, industrial, and the SME sectors. If the banking system is unorganized and inefficient, it creates maladjustments and impediments in the process of development. In Pakistan, the banking system is very well organized. The SBP established on July 1st, 1948 stands at the apex and is responsible for the operation of the banking system in Pakistan.The other banks such as commercial, specialized or unspecialized banks which form the banking structure in the Pakistan are playing an active role in the 13 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report economic development of the country. The role of the ZTBL in order to achieve economic growth and development of the Pakistan is briefly explained as under: 1. Development of Agriculture & Industrial Sector. The ZTBL particularly in rural areas of Pakistan are now providing credit for the development of agriculture & industrial secto r.The provision of credit to agriculture & industrial sector has greatly helped in raising agricultural productivity and income of the farmers. This has led to increased demand for industrial goods and expansion of trade & industry. The use of bank drafts, cheque, bills of exchange, credit cards†¦. etc, has revolutionized both national and international trade. 2. Banks Promote Capital Formation. The ZTBL plays an important role in rising of the financial resources. They encourage savings by giving various types of incentives to the savers.They expand branches of the banks in the rural and urban areas and mobilize savings even at far of places. These savings are then made available to the businesses which make use of for productive purposes in the country. 3. Investment in new Enterprises. Businessmen normally hesitate to invest their money in risky enterprises. The ZTBL generally provide short, medium & long term loans to farmers to invest in new enterprises and adopt new metho ds of production. The provision of timely credit increases the productive capacity of the country. The organized banking system helps in directing physical resources into productive channels.It also keeps a balance between the availability and requirements of the capital in the country. 4. Balanced Development of different regions. The ZTBL plays an important role in achieving balanced development in different regions of the country. They help in transferring surplus capital from developed regions to the less developing regions. The trade industries etc of less developed regions are able 14 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report to get adequate capital for meeting their business needs.This in turn, increases investment, trade and production in the country. 5. Monetization of the Economy. The commercial banks by opening branches in the rural and backward areas are reducing the exchange of g oods through barter. The use of money has now greatly increased the volume of production of goods. The non monetized sector (barter economy) is now being converted into monetized sector with the help of commercial banks. 6. Implementation of Monetary Policy. The central bank of the country controls and regulates volume of credit through the active cooperation of the banking system in the country.It helps in bringing price stability and promotes economic growth within shortest possible period of time. The ZTBL under the supervision and guidance of the SBP help in implementing and achieving the objectives of the monetary policy which vary from time to time. 7. Financing Development Projects. The ZTBL provide short, medium & long term loans for financing of development projects both in private and public sectors. The ZTBL starts projects with the Ministry of Food, Agriculture & Livestock (MINFAL) launched an integrated development program entitled â€Å"Crop Maximization Project† in 15 districts.The MINFAL will provide funds to the tune of Rs. 299. 833 millions to the ZTBL and thus help in accelerating the rate of economic development in the country. 8. Booting the Exports: In order to boosts the exports of the agriculture and industrial goods of the Pakistan, the banks have established export promotion cell for the information and guidance of the exporters. 9. Less Reliance on Foreign Capital: A planed banking system by launching a vigorous campaign of mobilizing idle saving in the country can meet the capital development requirements from within the country.The country will thus have to rely less on foreign capital for financing in the development projects. 15 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report CHAPTER 3 â€Å"INTRODUCTION TO ZTBL† 3. 0 INTRODUTION The Zarai Taraqiati Bank Limited is the leading, premier and specialized financial institution geared t owards the development of agriculture, industrial and SME sector, by providing financial products, services and loans for their customers.The restructuring plan is being carried out with the aim to uplift the agriculture and rural sector by raising the productivity, streamlining the institutional credit and increasing income generating capacity of the farming community. The ZTBL was incorporated as the public limited company on 14th December, 2002 through repeal of the ADB Ordinance of 1961. The ZTBL provides financial and technological services to the agriculturalist at their doorstep for modernization of agriculture sector in Pakistan.The main purpose of the ZTBL is to provide sustainable rural finance and services particularly to small farmers and low-income households to strengthen the rural and agricultural 16 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report sector, mitigate poverty, capital ma rket and investment activities. The core values of the ZTBL is the professional integrety, teamwork, customer satisfaction and loyalty. The ZTBL has a one subsidiary which is known as the Kissan Support Services Limited. The bank can charge 9% interest.The auhorized capital of the ZTBL is Rs. 25,000,000,000. This amount is dividend into Rs. 2,500,000,000 ordinary shares & the price of each shares is ten rupees. The total number of shares of the ZTBL is Rs. 1,186,961,000 and paid up capital is Rs. 11,869,612,000 of the ZTBL. The ZTBL has one chairman, one president and ten directors. The tatal number of employees is 5,326, while 982 employees is provided by the KSSL. The ZTBL make investment in some listed companies such as Nestle Milkpak Limited, Uqab Breeding Farm Limited, Mubarik Dairies Limited & Dadabohy Agriculture Leasing Limited in order to generate profit. . 1 HISTORY OF ZTBL It was considered after independence of Pakistan that the existing institutional sources of credit, such as, taccavi and cooperatives, were insufficiently meeting the credit needs of farmers. Therefore the need for establishment of a third source of agricultural credit was essentially percolated so as to fulfil the credit requirements of farmers not only for production but even for the development purposes. Consequently, the ADFC was brought into existence in 1952 for the purpose of expanding financial facilities and promoting the development and modernization of agriculture in the Pakistan.Subsequently in 1957, the ABP was established that can provide both short term loan for production and long term loan for development. The ADFC & ABP were merged together as the ADPB in 18th February 1961. The ADPB is the main credit supplier to the agriculture sector in the country. According to the â€Å"Companies Ordinance 1984†, the ZTBL was incorporated as a the public limited company on 23th October, 2002. The ZTBL is governed by Memorandum and Article of Association and registered with the SECP under â€Å"Companies Ordinance 1984†.Consequently, on 18th November, 2002, all the assets, contracts, 17 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report liabilities, proceedings and undertakings of the ADBP were transferred and vested in the ZTBL on 14th December, 2002 by the Federal Government. 3. 2 CORPORATEAVISION To develop and operate the ZTBL as a commercially viable bank with focus on rural and agriculture finance and to serve the needs of community, by delivering financial products and services. farming 3. 3 CORPORATE MISSIONTo play an effective role in the promotion of economic growth, by enhancing the availability of credit to the agriculture sector, through reliable access to sustainable financing, special lending programs, technical assistance, products & services, and to promote career development opportunities for increasing professionalism, technical proficienc ies & trainings of employees. 3. 4 ? CORPORATE OBJECTIVES To assist rural community, particularly the small farmers, in raising their productivity and income levels through timely delivery of credit, advisory and ancillary services.To build the image of the ZTBL as a proactive, client friendly, financially & operationally sustainable with indigenous product deployment. ? ? To establish and provide backward and forward linkages to strengthen the agriculture and industrial sector. ? The ZTBL can engage in public and private, wholesale and retail partnership to deepen outreach and reduce operating cost. The ZTBL act as rural commercial bank to mobilize rural capital formation and to commercialize the agriculture sector by delivering the true value of credit to the client. ? 18 Institute of Management Sciences, Kohat University of Science & TechnologyZarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report 3. 5 RESTRCTURING PLAN OF ZTBL The restructuring means activity involving expan sion or contraction of a organization’s operations or changes in its assets and financial structure. The restructuring plan of the ZTBL covering the following factors; 1. 2. 3. Governance: The ZTBL establish an environment that facilitates good governance and accountability. Systems: The ZTBL modernize operations through use of technology, networking and communication tools. Business Processes: The streamline products and delivery systems of the ZTBL are to educe transaction costs, simplify operations, and increase outreach. 4. 5. 6. Products and Services: The ZTBL introduce products and services that are financially and economically viable. Human Resource Development: The ZTBL can improve standards and skills of staff & management and strengthen training capacity. Information Technology: The ZTBL establish new hardware and software platform to support the MIS, accounting system including forensic accounting, and risk management functions. 3. 6 BOARD OF DIRECTORS The ZTBL has one chairman, one president and ten directors. The seven eetings of the board are held during each year. The main resposibility of the BOD is to establish and maintain a system of internal control, prepare and present the financial statements with aproved accounting standard and requirement of the ‘’Banking Companies Ordinance, 1962’’ and the â€Å"Companies Ordinance 1984†. The new corporate structure redefines the bank's status as the Public Limited Company registered under â€Å"Companies Ordinance 1984†, with an independent BOD which 19 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd.Chapter 1 Introduction to Report aims at ensuring good governance, autonomy, delivering high quality. The list of the BOD is given as under; â€Å"List of Board of Director† 3. 7 COMMIITTEES & ORGANIZATION STRUCTURE OF ZTBL The overall management, functions, meetings of the ZTBL is control by two com mittees known as â€Å"Board & Management Committees†. The sub-committees of these two committees is explain as under; 3. 7. 1 Board Committees 1. Audit Committee: This committee has one chairman, four members that are the directors of the ZTBL and one secretary from the Audit Department.The designation of secretary is the â€Å"Chief Internal Auditor† of Audit Department. 2. Human Resource Management (HRM) Committee: This committee has one chairman & president of the ZTBL, four members that are the directors of the ZTBL and one secretary from the HRM Department. The designation of secretary is the â€Å"Head† of the HRM Department. 3. Risk Management Committee: This committee has one chairman & three members that are the directors of the ZTBL. But one member designation is 20 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd.Chapter 1 Introduction to Report the risk manager. But in risk management committee, the company secretary act as member and secretary as well. 4. Information Technology(IT) Committee: This committee has one convener & two members that are the directors of the ZTBL. One member is from IT Department & his designation is the Chief information officer. While one secretary (Head) of IT Department. 3. 7. 2 Management Committees 1. Assets Liabilities Management Committees: This committee has one convener (CEO) & three members. The designation of the first member is the SEVP of Operation Department.The designation of the second member is the risk manger. But the third member (Chief Financial Officer) act as member and secretary as well. 2. Executive Coordination Committee: This committee has one convener (CEO), one secretary (Compliance Officer) & three members. The designation of the first member is the SEVP. The designation of the second member is the EVP. The designation of third member is the risk manger. 3. 7. 3 Organization Structure of ZTBL: The organizational structur e of the ZTBL is shown in below diagram; 21 Institute of Management Sciences, Kohat University of Science & TechnologyZarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report 3. 8 ZONAL OFFICE AND BRANCHES In public sector, the ZTBL is largest financial development institution with a wide network of 25 zonal offices and 342 branches in the Pakistan. The network of the ZTBL Head Office is given as under; 3. 9 RANKING OF STAFF MEMBERS 22 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report The ranking of staff members in order of seniority in the ZTBL is given as under; 23 Institute of Management Sciences, Kohat University of Science & TechnologyZarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report 3. 10 SUBSIDRAY The ZTBL has one subsidiary which is known as the â€Å"Kissan Support Services Limited†. It was incorporated as owned subsidiary of the ZTBL that function independently effective from 1st January 2006. The KSSL is a separate and distinct legal entity that is controlled by the ZTBL. The KSSL has an authorized capital of Rs. 100 million. Its aim is to provide a support to the management of the ZTBL such as to focus on core banking business and assign non-core activities.The KSSL operates under the Memorandum and Article of Association. The KSSL also provide support staff and services to the ZTBL in the following areas; I. The KSSL has recruited and developed support staff of following table categories in ZTBL, Head Office as will as in field offices; No. of Employees S. No. Category of Employees Provided By KSSL 01 02 03 04 05 06 07 08 09 Darbans and Armed Guards Drivers Naib Qasids Mali / Beldars Typists, Assistants & Senior Assistants Security Supervisor Sweepers Players Others Total 526 291 54 25 41 03 07 20 15 982 ll.Besides manpower support a service, the KSSL has also provided following support services to the ZTBL; ? Provide mail management, repairing, maintenance & photographing services to ZTBL ? Recruitment and provision of staff ? Provides farms and the ZTBL Staff College. 24 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report ? Provide security services not only to the ZTBL Head Office but also to branches and zonal offices. CHAPTER 4 â€Å"PRODUCTS & SERVICES OF ZTBL† 4. 0 INTRODUCTIONThe ZTBL has provided many products and services for their customers. The product and services of the ZTBL can raise the living standard of rural areas and develop the agriculture sectors of a country as well. The Pakistan is an agriculture country and the products and services of the ZTBL plays very important role in increasing the GDP and accelerates economic growth. For this purpose, the ZTBL provides many facilities for their customers, such as provides schemes and loans, obviously help the customers to invest money in their businesses, to get maximum p rofit from it and to pay low interest rates. . 1 SCHEMES OF ZTBL The ZTBL provides various schemes for customers, in order to strengthen the rural and agricultural sector of econnomy, mitigate poverty and accelarte groth. The Schemes of the ZTBL is which is briefly explains as under ; 4. 1. 1 Sairab Pakistan Scheme: The ZTBL can raise the irrigated area for the purpose to accelerate rate economic growth and to facilitate the farmers. The ZTBL has assigned the collaboration agreement with the KSB Pumps Company Limited under the Sairab Pakistani Scheme.The ZTBL will provide loans to the farmers for installation of tube wells and turbines whereas KSB Pumps Company Limited will provide quality pumps, turbines, equipments to borrowers for efficient pumping of waters. The water can plays vital role to improve per acre yield. Out of total 31 million hectors area of the Pakistan, 22 million hectors is cultivated while 9 million 25 Institute of Management Sciences, Kohat University of Scienc e & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report hectors is not cultivated & waste mainly due to non-availability of water.More over increase in water supply being a key input is required to raise cropping intensity and hence the income of the farmer. Since inception the ZTBL financed over 143000 tube wells amounting to Rs. 15 billion. The KSB Pumps Company will provide quality machinery and equipment for efficient pumping of water. The company shall also provide after sale service including replacement of parts and availability of spares through its network of dealers despite technological advancements and rapid growth of industrial sector, agriculture is still the back bone of the Pakistan's economy.It contributes 22% towards the GDP and employs nearly 45% of country's labor force. It provides raw material for preparation of industrial products. So it has both pulled & pushes effect on the economy. 4. 1. 2 Supervised Agriculture Credit Scheme: Under this s cheme agriculture loans are given for short, medium and long term loans up to Rs. 1 million per borrower. The loans are sanctioned for fats, livestock, orchard, tractor, agricultural machinery, tube well and irrigation facilities.Under the scheme besides provision of credit, information is to the farmers for planning the farm, production, guidance for implementation of the scheme, marketing and repayment of loans. 4. 1. 3 White Revolution Scheme: In order to modernize the dairy farming for increasing milk supply, mitigate poverty in Pakistan, and improving the living standards of the rural areas in Pakistan for the purpose to achieve growth and development in agriculture sector of Pakistan, the ZTBL may start the â€Å"Strategic Partnership† agreement with the Pakistan Development Diary Company (PDDC) and the Nestle Pakistan Limited (NPL) under the white revolution scheme.Under this participatory approach, the diary sector would be modernized with a view to increase milk supp ly, mitigate poverty and improve the living standard of the rural population. The ZTBL has earmarked funds to the tune of Rs. 5000 millions for financing of 50,000 animals (buffaloes and imported cows) during the five years period 2007 to 2011. The 26 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report PDDC will also help the ZTBL in the selection of clients and processing of loan cases.Initially the schemes will be for modernization of 5000 farmers during 5 years period involving Rs. 700 million. Under the scheme 1000 farms would be covered on yearly basis. The modernization of dairy farm will be carried out through financing milk cooling tank, generator, voltage stabilizer, hot water geezer, water pump, cooling pad and other dairy equipment. There would be maximum limit of loan of Rs. 1 million per borrower party. The PDDC would bear the entire amount of mark-up charged in the loan cases & provided t he 50% of principal part of loan is repaid in time by the borrower.The remaining 50% amount of principal along with the amount of mark-up would be paid by the PDDC. The Nestle Pakistan Limited would help to select and identify good clients for the ZTBL to improve quality breed of foreign and local dairy animals. The NPL can provide technical guidance to the farmers through nestle veterinary doctors. The NPL would purchase milk through its network and make weekly payments of milk sale to the ZTBL for the adjustment of loan. 4. 1. 4 Micro Credit Scheme: This Scheme has been launched since 15th July, 2000 for the uplift of rural poor.The landless poor such as; tillers, harries and small land owners having land not exceeding 2 acres may avail loan under Micro Credit Scheme. It is operational in all branches of the ZTBL through all the Mobile Credit Officers. Both, men and women may obtain loans under the scheme as an individual or as a member of group of 5-10 members. The minimum credit limit is Rs. 5,000 while maximum credit limit is Rs. 25,000. One hundred and thirty six income generating activities or cottage industry items have been identified for lending under the scheme.The loan may be advanced against one surety with 50% solvency of the assessed value of property owned by the guarantor or security of tangible property. Being small loans involving high cost 18% per annum mark-up is charged, whereas 2% rebate is given on timely repayment. All loans under these Schemes are recoverable within 18 months after disbursement of loan. 27 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report 4. 1. 5 Zarkhaiz Scheme (One Window Operation): For timely and conveniently rovision of credit to purchase inputs, loans is provided to the borrowers under this scheme being conducted twice a week during Rabi & Kharif seasons. All the related departments such as revenue, agriculture, post office†¦. etc. attend the focal points which are established at convenient places. The farmers get their pass books prepared and loan applications processed on the same day whereas sanction payments are made within three days at branch. For Rabi crops, one window operation from October to January and for Kharif crops from April to September each year which is extendable as per requirement of particular area. 4. . 6 Sada Bahar Scheme: For providing timely input loans for crops and working capital for poultry and fishery etc, the ZTBL has launched a Sada Bahar Scheme. This scheme is also known as â€Å"Revolving Finance Scheme†. The assessment for inputs requirements for the whole year is made at the time of first application. The amount so assessed is treated as revolving limit provided it is within the security limit. The managers are authorized to sanction such loan limits up to Rs. 5 Lake. The salient features of the scheme are given as under: 1. 2. 3. 4. Revolving Credit Limit is fixed to cater production credit and ancillary equirements of the farmers during one year period. The borrowers can draw the credit in lump sum or in installments according to his requirement. The borrowers can repay in lump sum or in installments during the year when his cash position allows him. The Pass Book containing transactions in his account is supplied to every borrower free of cost. 4. 1. 7 Tea Financing Scheme: In order to increase the tea cultivation in Mansehra, Swat, Mutta and Dir in Malakand Division, the tea financing scheme has been introduced which would not only save the hard earned foreign exchange but would 8 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report also help to improve the socio-economic condition and living standard of the inhabitants of the area. The salient features of the scheme are given as under: 1. 2. The maximum credit ceiling of Rs. 60,000 per acre has been fi xed. All the farmers owing land up to five acres are eligible to avail loans. 3. The amount of credit will be given in three installments; the first year installment is Rs. 30,000, second year installment is Rs. 5,000 and installment is year Rs. 15,000. 4. The credit would be repayable within 11 years with 6 years grace period with prescribed markup of 9% per annum. third 4. 2 LOANS OF ZTBL The ZTBL provides loans for the development and growth of rural areas and uplift of farm activities. The loans of ZTBL are briefly explained as under; 4. 2. 1 Production Loans: These loans are given to farmers for seed, fertilizer, pesticides, labor charges†¦etc. to grow crops and vegetables including working capital for poultry, dairy, orchard and fishery and are recoverable within one and half year.The amount of disbursement of production loan, at the end of December 31, is 50,222 million for overall four provinces. The example of production loans items are given as under; 1. 2. 3. 4. 5. 6 . 7. Seeds, fertilizers and fuel Pesticides, insecticides and herbicides manual sprayers Poultry feed, chicks and medicines Hire charges of farm power Water charges and electric charges for tube well Production loan for growth of mushroom Hired labor, water rates & fuel wood for tobacco curing 29 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report . 2. 2 Development Loans: The loans for purchase of items like farm machinery, tractors, irrigation, land development, orchard, green houses, dairy, poultry, fishery, livestock, farming†¦.. etc are recoverable up to one to eight years. The amount of disbursement of development loan is 5,690 million at the end of 2007, for overall four provinces. However, the provinces wise disbursement of loans & its percentages at end of 31st December, 2007 is given as under; S. No. 1. 2. 3. 4. Provinces Panjab Sindh NWFP Balochistan Disbursement of Loans ( Rupees) 44,3 27,000,000 7,384,000,000 3,802,000,000 99,000,000 age 79. 50% 13. 20 6. 80 0. 20 Moreover, the term wise disbursement of loans of bank is on short, medium and long term basis. I. The short term loans are also called production loans having maturity period is one year. These loans are given to farmers for seed, fertilizer, pesticides, labor charges†¦etc. to grow crops and vegetables. These loans are recoverable in lump sum commencing after the harvest or marketing of respective crops. II. Medium term loans are for development and advance purposes the examples of these loans are dairy farming and livestock.The installments of these loans are made on monthly, biannually and annually basis and the recovery or maturity period is 5 years. III. The long term loans are for tractor, agricultural machinery, poultry farming, and orchard. The installments of these loans are made on monthly, biannually and yearly basis and the maturity period is 8 years and above. â€Å"Summary of Term Wis e Disbursement of Loans† S. No. 1. 2. 3. Term wise Disbursement of Loans Short Term Loan (Production Loans) Medium Term Loan (Development Loans) Long Term Loan (Development Loans ) Maturity 2months 5 years 8 years %age 89. 80% 3. 40 6. 80 30 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report 4. 3 RECOVERY PROCEDURE OF LOAN The recovery procedure of the ZTBL loan is to carried and taken by three steps such as recovery schedule, issuance of notice and legal action which is briefly explain as under; 4. 3. 1 Recovery Schedule: The recovery schedule in each loan case as per terms of sanction of loan is fixed and communicated to the borrowers after disbursement of loan.In case of default or failure in repayment of any installment on due date the mark-up shall continue to be charged and last installment due to this may differ from the amount of installments fixed at the time of disbursement. 4. 3. 2 Is suance of Notice: The ZTBL can issue notice for recovery of loan which is known as â€Å"Demand Notice†. It is issued before the due date of every installment. A legal notice is issued one month after the due date informing the borrower that if the amount is not repaid within next one month, further legal action will be taken to recover the dues. 4. 3. Legal Action: The legal action can be initiated against the defaulter if loan is not repaid even after expiry of legal notice period. Where the court in bank's favor has decreed a case, account is to be settled by recovery of amount from the auction of the mortgaged property. The bank may purchase the mortgaged property if considered feasible to dispose it off later on through auction or in any manner deemed fit for getting the best price. The bank may dispose off the mortgaged properties of defaulters for satisfaction of its dues with out intervention of courts under â€Å"Financial Institutions Ordinance 2001†. 1 Insti tute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report CHAPTER 5 â€Å"FINANCE & ACCOUNTS DIVISION† 5. 0 INTRODUCTION OF THE FINANCE & ACCOUNTS DIVISION The Finance and Accounts Division of the ZTBL is responsible for handling the financial affairs and keeping the records of all the transactions, preparation of accounts, financial statements and budgets and to manage, distribute and reconcile funds of all zonal offices and branches of the ZTBL.Moreover this division acts as the backbone for the bank, in order to strengthen the rural and agricultural sector of Paksitan, to manage funds, mitigate poverty, capital market and investment activities. The main aim and responsibility of this division is to make policies, planning, mobilization and administration of the bank's financial resources such as products and services. This division provides schemes and loans for small and large farmers. By 32 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report etting loans and register with schemes, the farmers can invest money in their businesses and to get maximum profit from it and to pay low interest rates. This division manages the bank’s financial relations with the objectives of providing loans to borrowers. The ZTBL lends money to the individuals or corporations for consumption or investment and charge interest on the loans. But besides this, finance is the science that deals with the funds management such as saving and lending money while account is a record of financial transactions for an asset or individual.In other words, an account is an arrangement between a buyer and a seller in which payments are to be made in future. In short, this division can a gain a tremendous importance over the other division in the ZTBL, through its functions and truly be called as the backbone for the bank, in order t o manage funds, mitigate poverty and increase the living standard of people of rural ares. 5. 1 FUNNCTIONS OF FINANCE & ACCOUNTS DIVISION This division mainly deals with concept of time, money and risk and how they are interrelated. It also deals with how money is budgeted.However, finance works most basically through individuals and business organizations depositing money in a bank. The main functions of the FAD is given as under; ? To providing proactive financial policy, timely strategic financial planning and risk management. ? ? To managing the bank’s assets and liability portfolio. To prepare, prompt and accurate financial reporting and preparing audited financial statements for the bank's annual report. ? To overseeing internal controls in the processing of financial transactions accounts, budgets, and credit of the bank. To reconcile funds of all zonal offices and branches of the ZTBL. 33 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report ? To administer, monitor and control the bank’s loan and portfolios, including management and disbursement of loans. To manage the cash inflows and out flows. To maintain a books of accounts. To coordinate and facilitate a business planning, budgeting and to formulate the budgeting estimates of revenue and capital expenditure. To manage and rectify the accounts of zonal offices and braches.To consolidate all the financial statements of zonal offices and braches, in order to make financial decisions. To prepare quarterly, semiannually and annual financial statements and its agenda for presentation to the Audit Committee and the BOD & also to prepare annual capital adequacy ratio for certification by external auditors This division ensuring that all financial obligations are met and collections are made. ? ? ? ? ? ? ? 5. 2 CLASSIFICATION OF FINANCE & ACCOUNTS DIVISION In order to classify the finance and accounts division of ZTBL, there are four epartments, which plays very important role in financial affairs and keeping the records of all the transaction, preparation of accounts, financial statements, budgets and to manage, distribute and to reconcile funds of all zonal offices and branches of the ZTBL Heads Office. The four departments & their sub unit of the FAD are given as under; 1. Central Accounts Department (CAD) ? Policy Unit ? Accounts Unit ? Tax Unit 34 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report ? Fixed Asset Unit (FAU) ?Pre-payment Verification Unit (PVU) 2. Head Office Accounts Department (HOAD) ? Payroll Unit ? Fund Unit ? Payment unit ? Intra Branch Transaction (Reconcilitation) Unit (IBTU) 3. Regulatory Reporting Department (RRD) ? Regulatory & Internal Reporting Unit (RIRU) ? Financial management Information Unit (FMISU) 4. Budget & Fund Reconciliation Department (BFRD) ? Budget Planning Unit ? B udget Analysis Unit ? Treasury Unit ? Fund Reconciliation Unit (FRU) 5. 3 HIERARCHY OF FINANCE & ACCOUNTS DIVISION 35 Institute of Management Sciences, Kohat University of Science & TechnologyZarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report CHAPTER 6 â€Å"CENTARL ACCOUNTS DEPARTMENT† 6. 0 INTRODUCTION OF CAD The CAD is abbreviated to Central Accounts Department. There are many accounting policies & procedures used in the CAD, In order to present the true financial position of he bank in financial statements, the accountants formulate the 36 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report accounting policies & procedures. This department maintains the actual or real accounts of the ZTBL.In this department, I was attached actually to maintain the real accounts which are assets and liabilities. They are responsible for both kinds of assets fixed and liquid assets and to maintain the depreciation accounts for all those assets acquired by the bank. In this department the balance sheet and profit and loss account is also prepared for financial year, to get the image in sense of profitability or loss and to make financial decisions. 6. 1 ? OBJECTIVES OF CAD Formulation & maintenance of the accounting policies & procedures with applicable accounting standards which ensure dissemination & implementation across the bank. Preparation of financial statements as per requirement of statue and to ensure the proper accounting of assets, liabilities, owner’s equity, income, revenues and expenses. 6. 2 ? FUNCTIONS OF CAD To issue the instructions relating to accounting policies & procedures and allocation of specimen signature numbers to the authorized signatories of the branches & maintenance of signature booklet. To notify the schedule of bank charges. To maintaining & updating of chart of accounts for recording of financial transactions. To prepare the periodic fina ncial statements of the bank & to deal with all related matters.To Issue the guidelines and instructions regarding periodicals closing of accounts and deductions of tax at source. ? ? ? ? 37 Institute of Management Sciences, Kohat University of Science & Technology Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report ? To deal with all corporate tax matter & liaison with tax department, tax advisors, consultants†¦. etc The compilation of fixed assets schedule of the Head Office departments & branches. Follow up and collection of fixed assets schedule along with supporting documents from the ZTBL Head Office departments, zonal offices & branches.To coordinate with internal & external auditors and the SBP inspection team and to arrange credit rating of the bank. To conduct prepayment verification of sanctions pertaining to the HOAD. To perform administrative functions for the department such as, sanction of leaves & approvals for tour programs & travel allowance ? ? ? ? ? 6 . 1. 3 6. 1. 3. 1 ? UNITS OF CENTRAL ACCOUNTS DEPARTMENT Policy Unit: To device accounting procedure regarding accounting in the Head Office and branches & to circulate revision of mark-up or return rate for compliance by the branches.To deal with management latter & executive summary. To coordinate with external auditors & to arrange payments to external auditor’s bills. To arrange compliance of internal & external audit observation relating to the accounting matters of the ZTBL Head Office, zonal offices and branches. To coordinate with other departments in the Head Office on policy matters. To maintains personal files of the employees, deals with their leaves & other administrative matters, such as policy matters relating to the operation of accounts. ? ? ? ? ? 38 Institute of Management Sciences, Kohat University of Science & TechnologyZarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report ? To update the specimen signatures booklet for use of authorized signatories i n the ZTBL Head Office, zonal offices & branches. To prepare bank charges schedule & there circulation among branches and submission to the SBP on half yearly basis. To allocate new GLH for accounting purpose and issue instructions those are relevant to the books of accounts. To provide guidelines to the zonal offices and branches regarding rectification, settlement of accounting errors, audit observation and adjustment of suspense account.To arrange & coordinate with credit rating of the bank & provide information regarding credit rating of the bank. ? ? ? ? 6. 1. 3. 2 ? Accounts Units: To coordinate with concerned departments of is division for timely production of statement of affairs. To arrange compilation and merger of statement of affairs and it is also provide to auditors for auditing purposes. TO compile balances under relevant group of heads from trial balances for preparation of financial statements. To prepare list of abnormal entries & balances for rectification.To deal with all matters rel

Why People Commit a Crime?

It was often asked and researched throughout the years of why people commit a crime. As the opposed question came about, theorist came out with their theories of why people commit a crime. I believe people commit crime because they are learning it from the influences in their life and because the person or persons is a very important aspect in their lives it leads to the process of why people commit a crime. This connects to Sutherland's theory of Differential Association, but while it does connect to Sutherland's theory this paper will focus on the social learning theory that Aker mentions and has further research of the subject of crime. Micro-Level Learning theory has been advanced by many theorist over the years such as the theorist Sutherland. If I were to test the theory of social learning, specifically micro-level learning theory I would examine the relationships with peers preferably intimate relationships with friends and family. Only then when viewing the intimate relationships, I would see the person learn the techniques of committing crime and what's considered in the text â€Å"definitions†. When mentioning â€Å"definitions† it's what is favorable and unfavorable toward violation of the law. Now, for the theory to be accurate I have to find things that support or amongst the search if it undermines the theory at hand. The theory had one major concern that undermines the accuracy of the theory. The theory does not give a good description of the favorable and unfavorable to crime. It was because that the description of the theory was first described by Sutherland than a few others, until it lead to Akers. There has been many theorists who tried to define the definitions more precisely. It was treated as different theories, but the main one I want to focus on is the social learning theory. Since there has been many theorist who focused for example, control theory it became difficult to find the theory that is more acceptable. Another concern that was mentioned was that the theory failed to describe the process of how crime is learned. Akers did however, did draw from psychology to get a better aspect of the behavior and the social learning process. The process comes in three steps as said by Akers. First, an individual learn beliefs that define crime as desirable or justifiable. He goes more in depth saying these beliefs lead to crime. The second process is that people engage in crime because are reinforced into that situation, meaning it could be peer pressure (a negative reinforcement) or the individual could receive a reward for participating in the crime. The last process is that people imitate the criminal behavior of others, which is the intimate relationship the individual has with them. The process of learning crime as shown through most studies which shows that associating with family and/or friends that exhibit criminal behavior, comes out more often throughout most of the studies. This was taken as a strong evidence to support the social learning theory, however, even though it had the correlation numerous researchers argued against it. The researchers argued that the correlation doesn't mean that the association with criminal family or friends cause criminal behavior in the individual. Even saying that as well there has been strong support to back up the social learning theory. It is said that the origin of the support stems from research solely based off of experiments being conducted such as surveys or field work studies. From all the information that has been researched and conducted has shown the support of the theory and also the facts that undermine the theory. If I were to make the theory more accurate I would say that an individual associating themselves with a delinquent family member influences the individual to commit or take part in criminal activities. This combined theory now becomes more accurate to the research that has been conducted by the theorists. The theory itself needs a lot more research that needs to be conducted, but with the improved version of the theory will lead to a more stronger support of the social learning theory.

Voc wk 7 Essay Example | Topics and Well Written Essays - 1000 words

Voc wk 7 - Essay Example In these cases, the consultant is looked at as an expert. The career coach seems to expand the role of the career counselor by combining several types of consulting processes. Career coaches put themselves in mentoring roles with their clients and they seem to be more business oriented. Some of the things that career coaches do is guide a client towards making better career goals, help them create strategies to make more money and make them more valuable to their boss (Simpson, 2006). In using these models with clients, I would concentrate on helping my clients identify their strengths and weaknesses using career coaching. This would help the client take more control of their own career needs. As a consultant, I would work with groups rather than individuals because it seems that groups and organizations are more conducive to consulting. When comparing the roles of a career counselor in consulting, coaching, and supervision, there are many distinctive similarities and differences. The focus of these three is similar in that they all work with people. With consulting and coaching, the client is more important. In supervision, the focus is on the counselor and their performance. In consulting, the focus is on developing a plan that will help the clients personal functioning. Coaching is more action oriented than the other two and is focused on specific interventions for specific clients. The goals of the three roles are to provide feedback in some way. As a consultant, the role is to "advise and educate" (Simpson, 2006, p. 247) the consultee. In coaching, the coach engages actively with the client to identify their skills, goals, and talents to show them how to maximize their potential. In supervision, the supervisor provides feedback to the counselor to help them improve their skills to better serve their clients (Simpson, 2006). When looking at the examples, both consulting and coaching worked directly with professional clients who wanted to

Cash Flow Case Study Example | Topics and Well Written Essays - 750 words

Cash Flow - Case Study Example Yum Brands Inc. operates six in different segments including YUM Restaurant International, Pizza Hut (US), Taco Bell (US), KFC (US), A&W All American Food Restaurant (US), YUM Restaurant China and LJS Long John Silver’s (US). This paper comments on the difference between net cash provided by operating activities and net income by speculating on which is likely to be superior sign of profitability for the firms in the long term. The paper also comments on the data reviewed by each firm and analyze cash flow position of each firm. After analyzing the cash flows of the companies as per the information given in the case, the paper finally ends with a conclusion that comments on whether these companies has any cash flow problems or not. Net Cash Position of the Firms According to the given case study, the financial statements of the three restaurant firms for the financial year 2009 and 2010 was extracted from their respective form 10-K annual reports and the following results were found: It is important to mention that the net income of all three companies include non-controlling interest (that is, non-equity shareholders). From the above analyses it is clear that there is difference between net cash provided operating activities and net income including non-controlling interest. ... On the other hand, net income including non-controlling interest is the income of the company from all its operations and also includes external finances such as non-controlling interest (which is basically earnings from preferential equity or other fixed financial instruments). The value is not adjusted for non-cash incomes or expenditures such as working capital and depreciation (Porter and Norton, 2010, pp.666-676). Also, it does not classify exact cash amount realised from operations. This is main reason as to why there was difference between net income including non-controlling interest and net cash provided operating activities. Regarding the speculation of which number is likely to be better indicator of long term profitability, it is generally believed that net cash provided by operating activities is better indicator. This is because it is useful to determine whether the firms will be able to make necessary future investment and pay its dues in the long term. The companies m ay look great from their balance sheet and income statements, but if there isn’t sufficient cash, then it might run risk of liquidation (Plewa, 1995, pp.1-18). Data Review of the Firms The summarized data review of the three firms reveals the following results: Operating cash flow/total debt – It represents the amount of total debt that could be covered from the cash flows generated by the firms from operating activities. Higher values indicate that there is sufficient cash to repay total debt. Among the three firms under observation, this ratio was highest for Panera Bread and there was a general increasing trend in the values. Operating cash flow per share – It indicates exactly how much of

Critcal analysis of synergetic mergers and aquisition (case Porsche Essay

Critcal analysis of synergetic mergers and aquisition (case Porsche Volkswagen) - Essay Example The objective of the present study is to critically evaluate the synergism that ‘M & As’ in the automobile industry achieved primarily through the Review of Literature method and supplement its findings through expert interviews. The questionnaire for the interviews was evolved based on a study of the extant management literature on the subject. This researcher observed that prima facie, a large number of references in the management literature deal with the motivations, mechanics and guidelines for achieving the objectives of ‘M & As’ per se. References to the automobile industry were few and far between. A possible reason for this was apparent from a research study published by scholars in the Groningen University, which brings out the relevance of organisations’ R & D intensity to the use of ‘M & As’ as a growth strategy. It is the fond hope of this researcher that the present study ever so humbly extends the available literature on th e subject and also inspires further studies. Management literature recognises ‘M & As’ as an important corporate growth strategy when organisations reach the limits of organic growth or in the context of globalisation and opportunities available worldwide. However when management literature refers to ‘M & As’, it also includes alliances, acquisitions, mergers and takeovers with its variations like hostile takeovers. The objective of all these processes is to create a larger and financially more powerful company. Even at the global level M &As have increased in number and scale phenomenally since the 1990s. Businesses use them to consolidate in their search for scale economies, to increase their global reach and competitiveness, acquire competencies, or new technologies and convergence of services. There have been four phases of global M & As beginning with the later part of the nineteenth century and

Exploring The Paranormal Essay Example | Topics and Well Written Essays - 250 words

Exploring The Paranormal - Essay Example Such occurrences have long been an aspect of academic discourse. Milbourne, a scholarly author, notes that in the early 20th century a scientific experiment was established with three psychic mediums and a price of $2,500 if they could prove the existence of such powers (Brown 67). The study revealed that none of the participants were able to prove, under scientific circumstances, existence of paranormal spirits.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Another frequent area of exploration for Ghost Adventures is the proof of ghosts through discovery of ‘evidence’. For example, in one episode they claim to locate hard evidence of a ghost through infrared capture. They indicate that the heat on display is clear evidence of a ghost. Scientific research, however, has indicated that, â€Å"Once again there is no scientific evidence to suggest that ghosts will emit or interfere with electromagnetic fields† â€Å"Paranormal Investigation in New Zealand†. This evidence is in direct contrast to claims made in the television program that the images they have located on their device truly indicated that paranormal activity is occurring. Another prominent occurrence in the television program is the implementation of traces on an electromagnetic spectrum. In the television program they utilize this to indicate that a ghost truly exists. However, researchers have noted that, â€Å"A range of sources would need to be eliminated before you could then conclude that there was a field from an unknown origin – but then it would just be that – a field of an unknown origin. You could not then conclude it was a ghost† (Radin 67). The director of the movie speculated that there might have been a ghost in the areas they were checking therefore, they had no evidence to prove this. This is evidenced by the dark settings in the movie. The general cinematography of the Ghosts Adventures is breathtaking. The dark and dull background brings the black scary color that is usually

Answer case questions Assignment Example | Topics and Well Written Essays - 1000 words

Answer case questions - Assignment Example Company data shows that marketing expense increased from $108.9 million in 2009 to $246.5 in 2013. The increase in marketing expenditure is the result of the adoption of a robust marketing and promotion strategies. The company used a variety of promotion strategies. First, the company sought to promote is product visibility in the sports sector by signing outfitting contracts with schools and colleges. By so doing, people can see the products of the company. Second, the company increased its retail shops and also the product presentation at the shops to attract shoppers. Third, the company made extensive use of the media to advertise its products. The company uses three main distribution strategies. The company sells in wholesales terms to retailers who then resell the product to the final consumers. Under Armour also engages in direct sales to its consumers. In fact, direct sales accounted for 30.4% of the sales in 2013 (Thompson 244). Finally, the company sells licenses to enable distributors sell its products in areas where it has no presence. Product Licensing gives distributors exclusive rights to sell Under Armour products. Thus, they act on behalf of the company. The strategy has enabled Under Armour to have a presence in areas where it does not have operations. High-quality products are responsible for the growth of the company. The company has a product development team that works with third party suppliers to ensure that materials are of high quality. The team also ensures that the manufacturing process adds the required features such as comfort and design (Thompson 246). The marketing team also collects opinions and reviews from customers and potential customers to identify the customer’s perspective towards the product, and how the products can be improved to fit the needs of the target customers. To ensure quality of their products, Under Armour used raw materials from approved suppliers

The Virgin Suicides by Jeffery Eugenides Thesis Example | Topics and Well Written Essays - 250 words

The Virgin Suicides by Jeffery Eugenides - Thesis Example A handsome young teenager named Trip Fontaine manages to charm Lux and also impress Ronald (the girl’s father). He gets the parent’s permission to take Lux along with other three girls (Bonnie, Mary and Therese) to a homecoming dance. That day on a football ground Trip and Lux have sex. This makes Lux miss the curfew and hence starts a torturous time for all of the sisters. They are taken out of the school and restricted to their house and their liberty is curtailed. In one incident the mother even orders Lux to destroy all the music records she has. After some resistance Lux submits to the demands. From here the lives of the sisters takes a downturn. Smoking and sex on rooftop become common features. A strange smell comes from the house and permeates the neighborhood. All these spectacles create a big interest of the neighborhood in the lives of these girls. It is during this time that the neighborhood boys, who are infatuated by the Lisbon girls, communicate with them by using various methods. For example, they play music records over the phone. All these activities don’t continue for a long time as in the end all the girls kill themselves. When invited by the girls to the house, the boys enter it and find all of them dead. Bonnie is found hanging in the house, Theresa takes overdose of sleeping pills and Lux dies of Carbon Monoxide poisoning. Although Mary doesn’t die immediately she takes overdose of sleeping pills and dies one month after putting her head in the oven. The girl’s parents sell the house and leave the neighborhood. For the senior thesis I would like to explore the relationship between parents and their teenage girls. In the novel parents tried to make their daughters happy by being more lenient in terms of permitting interaction with the opposite sex. But probably what the girls needed was more displays of love and affection. The theme of difference between perception and expectation of parents and teenage

A Probe into Literary Symbolism Essay Example for Free

A Probe into Literary Symbolism Essay â€Å"â€Å"This here is my name, to begin with,† he said. ARNOLD FRIEND was written in tarlike black letters on the side†¦Ã¢â‚¬  (Oates, 33). This self-introduction of Arnold Friend in Joyce Carol Oates’ Where Are You Going, Where Have You Been? sums up the allegorical irony which is also to be found in Good Country People by Flannery O’Connor. Both the short stories are replete with a profusion of symbolisms acting as a set of literary devices. This essay is going to probe into literary symbolisms and their influence on the overall development of the two short stories. Especial emphasis will be given to two symbolic literary devices that have helped establish the thematic constructs. Three main themes are addressed in Good Country People: good versus evil; the likelihood of salvation after experience with violence and the exposing of intellectual falsifications. (enotes, 2009) The protagonist Joy, who later changes her name to Hulga, becomes aware of the evil through her bitter encounter with Manley Pointer, a Bible salesman. Even though she used to take pride in her being different from other country people courtesy of education, it occurs to her in the course of her life that ‘Nothing’ is the only substantial faith she can cling onto. So the knowledge of evil she gains can be attributed to her experience with nothingness. This hefty irony is masterfully explained through the symbolic usage of character names. The plot lacks in motion as far as external flow of action is concerned. Instead, the author concentrates on the internal world of her characters to study their psychological traits. Born as Joy, the protagonist changes her name to Hulga because she thinks she is too ugly to be called by a happy name such as Joy. She deliberately misleads her family in order to find peace in isolation. Her mother Mrs. Hopewell’s name bears another striking irony in the sense that their family, once struck with misery and economic struggle, is stripped off both hope and wellness. Mr. and Mrs. Freeman belong to the social status of tenant farmers and hence they are not free. But the most subtle irony is demonstrated in the naming of the Bible salesman Manley Pointer. There is a phallic allusion to the first name, suggestive of a male dominance. (Associated Content, 2007) In addition to this, his subsequent escapades with Hulga are hardly in sync with the profession he is in. Inspired by the infamous Tucson killing of several girls by a young man in the early 1960s, Joyce Carol Oats wrote the short story Where Are You Going, Where Have You Been? which was published in her short story collection The Wheel of Love in 1970. From thematic perspectives, the story fundamentally deals with teenage problems of sensible perspectives. Connie, a typical teenage uptown girl, is preoccupied with material thoughts and concerns. Her actions are grossly impulsive without much forethought into consequences. Connie’s flirtatious demeanor lands her in serious trouble once she comes in contact with Arnold Friend. So the story can be regarded as a contemporary documentation of the American society in the 1960s and 1970s, highlighting the adolescent perils. As far as literary device is concerned, the character of Arnold Friend is thematically antonymous to his name. His manipulative use of language exerts psychological pressures on Connie. Friend’s strange physical appearance makes for the unique interpretation that he is a manifestation of the devil: â€Å"One of his boots was at a strange angle, as if his foot wasnt in it. It pointed out to the left, bent at the ankle. † (Celestial Timepiece, 2007) Furthermore, the referral to the possibility of Friend’s wooden leg can be compared with Hulga’s wooden leg in Good Country People. Now as Hulga undergoes a transformation of sorts in the end of the story, Oats keeps her readers guessing about the fate of Connie. There is ample evidence to suggest that just like Hulga, Connie also heads for a bleak destiny after she confronts devil in the form of Friend. This subtle but expressive use of symbolism accounts for a potent literary device in both the short stories. A thorough character analysis of the two protagonists leads to the finding of more resemblances than differences. Both have been given their fair share of intellectual sophistication in the beginning before the thematic construct of isolation is built around them. Hulga’s didactic but hollow conversation with Manley only reveals her intense urge to be seen by others as socially superior. Similarly, Connie’s careless disposition in the way she wishes to draw the attention of older high school boys is just too pretentious to pass for honest and sensible behavior. Although Where Are You Going, Where Have You Been? has significantly lesser number of characters compared to Good Country People, it is evident from the reading that the fate of nearly all the characters in both stories hinges on the actions of the main protagonists. If this minimalist factor, particularly in case of the second story, is taken into consideration as a parameter for symbolic interpretation of the texts, both authors leave plenty of scope for the readers to assess the thematic progressions. Bibliography Associated Content. (2007, May 7). An Analysis of Flannery O’Connor’s Good Country People.Retrieved March 12, 2009, from http://www. associatedcontent. com/article/235649/an_analysis_of_flannery_oconnors_good_pg2. html? cat=4 Celestial Timepiece. (2007). Where Are You Going, Where Have You Been?. Retrieved March 12, 2009, from http://jco. usfca. edu/works/wgoing/text. html enotes. (2009). Good Country People Overview. Retrieved March 12, 2009, from http://www. enotes. com/good-country-people Oates, Joyce Carol. , and Showalter, Elaine. â€Å"Where are you going, where have you been? †. Piscataway: Rutgers University Press, 1994.

Political Communication Concepts

Political Communication Concepts The term political communication has proved to be continually difficult to define with any decisions since both components of the phrase are open to a variety definitions, more or less broad. Communication is and always been a central component in political processes whether it is leaders communicating with the public, candidates competing for votes, combatants struggling for international attention and sympathy, or citizens debating public issues  [1]  . Classic definition of political communication focus on the source and motivation, political communication flows out from the political sphere and must have a political aims. Nevertheless, such definition would not be completely suitable for many of modern sate, particularly given the role of media. Therefore modern texts focus on three on three actors, some of whom operate beyond the boundaries of any singe state, each of whom produce political communication  [2]  . These are: the political sphere itself (they communicate their actions to the society in order to gain legitimacy), secondly non-state actors where we would include a range of organizations with political motivations as well as corporate bodies and the voters  [3]  . Each of these actors communicate message into the political sphere, in hope of having an influence on public life. Finally media which communicate about politics, and influence both: the public as well as political scene. Within the free and pluralis tic societies each of these communicates independently in the same time cooperates with one another. Denton and Woodrow for example provide one definition of political communication as: Pure discussion about the allocations of public resources, official authority, and official sanctions  [4]  . Above definition covers verbal and written political rhetoric, but not symbolic communicates acts, that are extremely important for an understanding of the political process as a whole. The American writer Doris Graber develops a more wide-spread definition of what she terms political language, suggesting that it compromises not only rhetoric but paralinguistic signs such as: body language, and political acts such as boycotts and protests  [5]  . It is necessary to characterize the political communication also through the terms of intension of its senders to influence the political environment. According to Brian McNairn the intentionality of political communication should be simply defined as purposeful communication about politics  [6]  . The scope of such a definition includes: Forms of communication undertaken by political dissidents for the purpose of achieving specific objectives; Communication that is addressed to these actors by non-politicians ( citizens, journalists, and so on); Communication about these actors and their actions, which are contained in the various forms of media. In this case we cannot explore only verbal or written statements, but also visual means of signification (dress, haircut, make-up, outfit) that constitute a political image. The scope of political communication: The problem of political communications directs the attention towards the relationship between three main elements of it by which political communication is initiated and achieved : Political organizations (definition of it) they may seek to do this by attaining institutional, to influence the decision-making process The audience The media Non- elective organisations: Pressure groups, bussines sector, public organistains, terrorist groups Elective political officials : president, prime minister, national and local government, political parties Media (broadcast and print) Public citizens and voters Source: Key concepts in political communication. How communications is made may vary and how audible the message is can be upon the size of any group or level of support for a party, group or cause and the tactics used to get the messages across. In a pluralistic society all groups will communicate among themselves and between one another and will be both learning from and competing with one another. The greater the number of voices competing, the more intense the competition, the better communication groups must be in order to be heard. Thus, we hear about professionalization of political communication, that it has become better in some way in order to be heard by more groups and individuals. The process by which political communication is carried out has evolved, become more technically and technologically sophisticated. (6) and adopted techniques from the world of corporate advertising and marketing in order to compete in the modern information-rich society. Previously form of direct or non-mediated political communication involved public meetings in church halls, cinemas and other places, political campaigns. Such meetings are now few and mainly limited to countries where technology does not allow for the message to be directly to homes  [7]  . Largely, political communication has become an activity aimed at a mass audience using the mass media of television. Direct political communication has become less of a feature in recent elections. As communication technology allowed mass communication, this phenomenon increasingly changed. Mass media not only chose what to broadcast as news but also pick the way it portrays groups in society. Political communication has then moved from being a direct, personal, face to face activity to being conducted indirectly via the mass media of mass communication  [8]  . Changes in communication technology inevitably have a significant influence in all of these areas. The ability to predict the direction, forms, intensity of them is very limited. Consider the example of the proliferation of the internet, that is one of the most spectacular technological developments of the last decades, the internet first represented the revolution for democracy. Citizens and groups have greater access t o political information than ever before which in turn rises the ability to distribute information, views, images, and sounds around the worldà ¢Ã¢â€š ¬Ã‚ ¦ Everyone with a computer can become a mass medium  [9]  . The three ages in political communication Blumler and Kavanaugh 1999- the first age took place before the start of television when the primary communication channels were strong and stable political institutions such as political parties. In the second age focus shifted to passing on messages through the mass media and increased the demand for communication professionals who were adept at exploiting these channels. In the third still emerging, age of media, the professionalization of political communication becomes even more pronounced. Political actors find themselves attempting to send messages through the multitude of channels of each of which has its own set of demands and formats,