Business and Finance

Introduction - Taking clue from the developed nations Indian Government has also established a multi-disciplinary organization under Ministry of Corporate Affairs to investigate serious financial frauds committed in India. This office known as “SFIO” is working with the help of experts in the filed of accountancy, forensic science, auditing, law, information technology, investigation, company law, capital market and taxation. SFIO is extensively being used by the government for detecting and prosecuting white-collar crimes / frauds. The SFIO investigation is generally undertaken in the circumstances where public interest is involved or the fraud has multi-disciplinary ramifications.

Serious Fraud Offices Abroad
United Kingdom – The Serious Fraud Office is an arm of the Government of the United Kingdom, accountable to the Attorney General. Established by the Criminal Justice Act 1987, the Serious Fraud Office is responsible for the investigation and prosecution of suspected cases of serious or complex fraud where 1 million Pounds or more are involved or covers more than one national jurisdiction, though it is rare for cases involving less than 1 million to be taken. It has jurisdiction over England and Wales and Northern Ireland but not Scotland, the Isle of Man or the Channel Islands, though the Serious Fraud Office’s compulsory information powers contained in section 2 of the Criminal Justice Act 1987 do so under invitation from the relevant prosecuting body. The vast majority of fraud in the United Kingdom remains the responsibility of police forces. The SFO is not a police force and its members have no direct personal executive powers, such as the power of arrest. Each case is dealt with by a case team made up of various professionals such as lawyers, forensic accountants and police officers seconded from police forces. The police officers remain members of their relevant police force for the duration of their secondment and it is they who would arrest if the investigation .

New Zealand – The New Zealand Serious Fraud Office is based upon the British model. The SFO works closely with the New Zealand Police in trying to prevent serious and complex fraud. Established by the Serious Fraud Office Act 1990, the Serious Fraud Office is responsible for the investigation and prosecution of suspected cases of serious or complex fraud. Suspects questioned by the SFO have no right to silence and must answer questions and produce requested evidence, even if it incriminates them. Anyone who refuses to comply can be jailed.The New Zealand Government announced in September 2007 that the SFO would be replaced by a new Organised Crime Agency. However, the bill to disband the SFO was delayed by the inquiry into donations received by the political party New Zealand First.

Structure - The Government approved setting up of this organization on 9th January 2003 on the basis of the recommendations made by the Naresh Chandra Committee which was set up by the government to study corporate governance. The Charter of SFIO was issued by the Government on 21st August 2003. Serious Fraud Investigation Office started functioning from 1st October 2003. This organization was set up in the backdrop of stock market scams, failure of non financial banking companies, phenomena of vanishing companies and plantation companies etc. This is a new organization and does not have separate statute to govern it for the present and in the interim period the investigations are being carried out under the provisions of Companies Act 1956. SFIO takes up investigation of the cases of alleged frauds referred to it by the Central Government under section 235 / 237 of the Companies Act 1956.

Companies Act - The Central Government is empowered under the provisions of sub-section (1) of section 235 of the Companies Act, 1956 to appoint one or more competent persons as Inspectors to investigate the affairs of a company and to report thereon in such manner as the Central Government may direct where a report has been made by the Registrar under sub-section (6) of section 234.

Similarly, the Central Government under the provisions of section 237 of the Companies Act 1956 shall appoint one or more competent persons as Inspectors to investigate the affairs of the company if -

(a) The company, by special resolution or the Court, by order declares that the affairs of the company ought to be investigated.

(b) In the opinion of the Company Law Board there are circumstances suggesting that,
(i) That the business of the company is being conducted with intend to defraud its creditors, members or any other persons or otherwise for a fraudulent or unlawful purpose, or in a manner oppressive of any of its members, or that the company was formed for any fraudulent or unlawful purpose.
(ii) That persons concerned in the formation of the company or the management of its affairs have in connection therewith been guilty of fraud, misfeasance or other misconduct towards the company or towards any of its members.
(iii) That the members of the company have not been given all the information with respect to its affairs which they might reasonably expect, including information relating to the calculation of the commission payable to a managing or other director or the manager, of the company.

The Powers - The powers of the Inspector for carrying out the investigation, as listed in section 239, 240 and 240 (A) of the Companies Act are as follows:-

The appointed inspectors may investigate the following entities and may use other avenues of investigation mentioned herein below:

(a) Any other body corporate which is, or has at any relevant time been the company’s subsidiary or the holding company, or a subsidiary of its holding company, or a holding company of its subsidiary;

(b) Any other body corporate which is, or has at any relevant time been managed by any person as managing director or as manager, who is, or was at the relevant time, the managing director or the manager of the company;

(c) Any other body corporate which is, or has at any relevant time been, managed by the company or whose board of directors comprises of nominees of the company or, is accustomed to act in accordance with the directions or instructions of the company, or any of the director of the company, or any company, any of whose directorships is held by the employees or nominees of those having; the control and management of the first mentioned company;

(d) Any person who is or has at any relevant time been the company’s managing director or manager, the Inspector shall subject to the prior approval of the Central Government have power so to do and shall report on the affairs of the other body corporate or of the managing director or manager, so far as he thinks that the results of his investigation thereof are relevant to the investigation of the affairs of the first mentioned company.

(e) To call all officers and other employees and agents of the company to preserve and produce before him or any person authorized by him in this behalf with the previous approval of the Central Government, all books and papers of, or relating to, the company or, as the case may be, or of relating to the other body corporate which are in their custody or power.

(f) With the prior approval of the Central Government may require any body corporate other than a body corporate first one to furnish such information to, or produce such books and papers before him or any persons authorized by him in this behalf (with the previous approval of the Government) as he may consider necessary if the furnishing of such information or production of such books and papers is relevant or necessary for the purposes of his investigation.

(g) Under the provisions of section 240A of the Act where the Inspector has reasonable ground to believe that the books and papers of, or relating to any company or other body corporate or managing director or manager of such company or body corporate may be destroyed, mutilated, altered, falsified or secreted, he may make an application to the Magistrate of the First Class or, as the case may be, the Presidency Magistrate, having jurisdiction for an order for the seizure of such books and papers.

The Procedure - As the investigations are carried out under the provisions of the Companies Act, the Officer appointed as Investigating Officer by the Government has the final say in the matter related to investigation. The working groups of the officers constituted by the Director, SFIO in consultation with the I O, to assist the Investigating Officer are required to render him all possible assistance in the respective areas of their specialization so that the issues are examined from a multidisciplinary angle. He supervises the entire investigation and coordinates with subject specific team leaders in the matters related thereto. The Investigating Officer, after conclusion of his investigation, submits the Investigation Report to the Central Government in the Ministry of Corporate Affairs.

Administration - For smooth functioning of the administration of the SFIO office, the Director has been declared ‘Head of the Department’. He exercises the powers of HOD. He is assisted in this task by one of the Additional Directors who has been given the charge of Administration. Under him there is an administration unit headed by a Deputy Director who is assisted by two Assistants.

Time Frame - For each investigation that is to be carried out by the officers of this organization, the Central Government while ordering the same assigns a time frame. The investigation has to be completed within that time frame. The subject specific groups of officers which render necessary assistance to the Investigating Officer have to examine the issues involved in the case within a given time frame and give requisite inputs to the Investigating Officer.

Recommended Prosecutions - As per the information available, SFIO after their investigation has recommended prosecution the following companies.

Daewoo Motors India Ltd., Design Auto Systems Ltd., Bonanza Biotech Ltd, Vatsa Corporation Ltd., Mardia Chemicals Ltd., Soundcraft Industries Ltd., Kolar Biotech Ltd., Adam Comsof Ltd., DSQ Software Ltd., Usha India Ltd., Malvika Steels Ltd., Koshika Telecom Ltd., Chitrakoot Computers, Classic Credit Ltd., Classic Shares & Stock Broking Services Ltd., Goldifsh Computer Pvt. Ltd., KNP Securities Pvt. Ltd, Luminant Investrade Pvt. Ltd, Manmandir Estate Dev., N H Securities Ltd., Panther Fincap and Management Services Ltd., Panther Industrial Products Ltd., Panther Investrade Ltd., Saimangal Investrade Ltd., Triumph International Finance India Ltd., V N Parekh Securities Pvt. Ltd., Triumph Securities Pvt. Ltd., Nakshatra Software Pvt. Ltd., Morepen Laboratories Ltd. Shonk Tech. Ltd., Shonk Tech. Int. Ltd.

SFIO Addresses - The addresses of SFIO offices are as follows:

DELHI OFFICE – Serious Fraud Investigation Office, Ministry of Company Affairs, 2nd Floor, ‘B’ Wing, Paryaveran Bhawan, CGO Complex, Lodhi Road, New Delhi, India.

MUMBAI OFFICE – Everest Building, 6th Floor, 100 Marine Drive, N.S Marg, Mumbai.

The Author, CA A. K. Jain, can be contacted at, 21, Skipper House, 9, Pusa Road, New Delhi – 110005, Mobile No. – 98-100-46108, E-Mail:copindia@hotmail.com

Exchanging currencies is a common exercise these days, especially in the corporate world when you are dealing beyond the boundaries of your country foreign money exchange comes into picture and not only on big business transaction level but even when you are travelling for business or leisure for that matter you need that countries money and the money exchange is the process through which you get it.

You can go to any country with your domestic currency and get it exchanged there with their currency and in case you are left with some extra foreign cash you can get exchanged for your domestic currency. One thing you have to make sure is to declare the total money you are carrying or else it will be added into the “Black Money” account and that’s not good. There are number of ways foreign money exchange can happen

• Traveller’s cheque

• Using your Debit card or credit card

• Foreign money exchange banks

• Prepaid Travel Money card

These are some of the ways how domestic currency can be used in a foreign country. You should be very particular while spending money overseas as you are dealing with an unfamiliar currency and you might end up spending more than what you planned. There are few things to be kept in mind while exchanging foreign currency.

• Always use secure and reliable way for the process.

• Be clear on terms & conditions

• At all times be updated about the exchange rate of the currency you are dealing with

• Make sure to declare your money properly in case you are travelling overseas.

• Avoid using Travellers check

• Keep an account of every spending

Keeping these things in mind will make it easy for you to do the foreign money exchange and still there are lots of resources to help you on this the best amongst all would be your bank, discuss with them in detail about your scenario and they will be the best guide for you. Banks play a measure role in this exchange process after all they are the people dealing with all the money. Just check in case your bank has an international branch in the same country or some kind of business tie up with a local bank there, this will solve everything as you can just use your regular debit card there and don’t have to get into the actual exercise of exchanging the money and if you are not travelling and using the Foreign Money Exchange service for your business deals make sure that your bank has complete and thorough knowledge about the exchange market in fact they should have a special department for it. It will make your life easy treat them as your exchange partners and not just a bank.

For More Info Please Visit:

http://www.e-cash.org/Foreign_Money_Exchange/

Mr. Benjamin Wey is a Wall Street expert on China and U.S. – China trade relations. He is the current President of New York Global Group (“NYGG”), one of the largest Wall Street middle market advisory firms specialized in China related transactions in the areas of corporate finance, private equity investments, China due diligence and strategic consulting. Headquartered in New York City and Beijing, NYGG has more than 80 professionals, 16 years of China transaction experience supported by a large bilingual local Chinese staff, and access to more than US$500 million of investment capital. Since 1998, NYGG has advised and participated in over 200 China-related transactions and has helped raise approximately US$2 billion for China-based, highly profitable growth companies through global capital markets. In 2005, we were named “The best foreign investment advisory firm in China serving China’s middle markets” by China Securities Daily.

A bilingual Chinese American, Mr. Benjamin Wey has advised many public and private institutions worldwide on deals and projects related to global capital markets and strategic development. Possessing extensive international business experience, a broad global network and in-depth cultural familiarity, Benjamin Wey is a leading U.S. based advisor for companies interested in accessing the Chinese markets and for Chinese companies seeking entree to the global markets.

Mr. Benjamin Wey came to the United States as a teenager on a Valedictorian and full academic scholarship. He received a Bachelor’s degree in Business Management and an MBA in Finance. Mr. Wey is a Visiting Professor of Finance at two top Chinese universities – China University of Petroleum and Shanghai University of Finance and Economics. He is a member of the Board of Directors at the Cardigan Mountain School – a leading New Hampshire based private boarding school founded in 1945. Mr. Wey is the current Executive Director of China Investment Association, an affiliated entity of China’s National Development and Reform Commission (NDRC). He is also Senior Economic Advisor to several Chinese cities.

Dedicated to philanthropic efforts, in 2006, Mr. Benjamin Wey was awarded the golden key to the city of Suning in China’s Hebei Province for his leadership in the establishment of an elementary school benefiting poor farm children and orphans. Mr. Wey is frequently quoted in top-tier media and is a regular speaker at various international events.

Vocational training schools are primarily intended for imparting certain work skills for the student, which will enable him/her to perform his job better. Since the current education system concentrates more on imparting generic theoretical knowledge, it is not enough for the young student to start his/her career and succeed in it.

According to the NSDC (National Skills Development Commission) report India will need 83 million skilled workers across different industry verticals by 2015. Unfortunately with our current training capacity India will produce only 3 million!! In this context courses that imbibe work-place skills and enhance the employability of a student is extremely important since it will not only help in youth empowerment, but contributes to national development also.

Vocational courses that offer the students not just classroom learning but also hands-on practical training in various aspects like customer relationship, people management, personality development etc. are in top demand now. Students are realizing that their regular college education does not equip them with the adequate communication and practical knowledge that are necessary to perform well in their professions. Even after a three year graduation, the youth often has to spend considerable amount of time job hunting, which becomes very frustrating. Vocational courses offer the student a fast-track education that opens up job opportunities and growth in the workplace. Thus the student gets a job faster, is able to support & provide for his family and self, becoming a responsible citizen of the society instead of an unproductive burden.

Vocational Training from IndiaSkills
IndiaSkills offers a wide range of qualifications across different industry verticals – while currently offering courses in Retail, Hospitality, Security, Hair & Beauty, Banking, Financial Services and Insurance (BFSI) and Spoken English, we will soon add technical trades in sectors like construction, manufacturing, refrigeration & air conditioning, auto service and follow it up with qualifications in sectors like warehousing and logistics, healthcare and media & entertainment. Apart from regular courses, IndiaSkills also works closely with the industry and government on specific skilling requirements they require like construction, refrigeration, air-conditioning etc.

Spoken English, BFSI, Retail and Hospitality are currently the most sought after courses by students. Developed with industry inputs and recognized by leading players in the industry, the qualifications are designed to provide a combination of both classroom learning and practical skills required to perform the specific job role. For the industry employers this translates into a job-ready workforce with “first day, first hour” productivity.

Benefits of IndiaSkills Training
The most important benefits of a finishing school/vocational course is the wide range of job opportunities they offer. Retail, Hospitality & BFSI are the fastest growing sectors and would need 20 million skilled candidates by 2015. Specialized sectors like Auto and Hair & Beauty are projected to need 5 million resources while the Construction sector alone will require over 15 million skilled workers.

IndiaSkills alone has a mandate of more than 15,000 job placements with different retail & hospitality companies. The huge and rising number of job opportunities for skilled candidates underlines the importance of a vocational course and the benefits they offer.

Vocational courses need to be seen as a necessary addition to the regular school or graduate education, since the college education will only provide knowledge enhancement while the vocational courses gives training to get a job and start a successful career. Vocational courses can also be incorporated in regular college environment, wherein the students will have easier access to the skills training and can complete the course easily along with his graduation.

Last fall, afterwards banking constraints affected Isaac Mizrahi to abandon his characterization and Todd Oldham to shut down his high-end line, altercation in the Manhattan appearance world–a accumulation for whom a big-think catechism is whether or not archetypal Esther Canadas’ aperture are bigger than Barbara Hershey’s in Beaches–suddenly angry weighty. From where, the appearance association acutely wondered, were its approaching leaders traveling to come? In accession to the departures of Mizrahi and Oldham, designers Marc Jacobs and Michael Kors were now agreeable their time amid their own collections and those of the French houses Louis Vuitton and Celine, respectively. When the Dow reached, say, 80,000, who would be there to accouterments its beneficiaries?

The business that turns models into old women at 22 and more ignores the chump who avalanche too far above Felicity’s demographics is bedeviled in the U.S. by a leash advancing alimony age. For abundant of the accomplished two decades, Calvin Klein, Donna Karan and Ralph Lauren accept disqualified American style. Although none will retire tomorrow, the leash occupies so abundant amplitude in administration stores, on the abandon of buses and appropriately in the accessible alertness that it has become abundantly difficult for adolescent designers to breach through. It says something about the abreast American appearance arena that one of the a lot of publicized belief of the accomplished few seasons is the re-emergence of Diane Von Furstenberg, who has appear aback alms the aforementioned blanket dress she apparent in 1972.

Beyond the cosmos of DKNY, DVF and added acronym wear, however, an absolute spirit is agilely thriving. Indeed, the approaching of American dress seems defended on the sketchpads of a few adolescent Manhattan designers, all of whom accept acquired a afterward after the account of big accumulated backers, eponymous SoHo-based retail monuments or commercial campaigns.

Among them are Josh Patner and Bryan Bradley, who aggregate the architecture aggregation Tuleh, a purveyor of attractive activity wear. In business for just one year, the ally endure anniversary won a choice for the celebrated Perry Ellis Award from the Council of Appearance Designers of America. Sportswear too is flourishing, conspicuously in the achievement of Patrick Robinson and Pixie Yates. And even brawl gowns accept a tasteful apostle in William Calvert, whose accumulating is abiding to be the highlight of this week’s South of Seventh accident in New York City, which is advised to advertise the plan of abundantly alien new designers.

Tuleh, like Robinson and Yates, already shows flush at New York’s semiannual collections. The team’s abatement ’99 presentation, captivated in February, was a arranged affair, with abounding of the city’s above appearance editors present. Down the aerodrome came ruffles and adventurous cottony prints, all allotment of the duo’s beef adjoin fashion’s I’m-off-to-my-assembly-line-job-on-a-Mars-colony ache of chic. “There is an ever intellectualized, anarchic access to appearance at the end of the aeon that is anticipated and dreary,” says Patner, “and why should women be dreary?”

Calvert has the attending of a aesthetics alum student, but his clothes are not meant for library dwellers. He specializes in architectural gowns bare of abounding ornament. “I don’t accomplish dresses for hangers,” he explains. “They are about the contours of the body.” Calvert has already begin a fan in the eminent (and like-minded) Geoffrey Beene, a artist not accepted for the abandoned use of agreement like actually fabulous. Says Beene: “There has been a abundant aeon of mediocrity in fashion, and William is the animated ablaze at the end of that tunnel.”

Ads for fragrances, underwear and eyeglasses from any of these designers won’t be actualization on artery billboards anytime soon. All are advancing the affectionate of alcove strategies that appearance watchers altercate is the key to constancy in today’s market. That’s fine–the capital was already way too crowded.

Payroll services are no easy tasks and doing them is even tougher. Companies usually hire payroll service providers in order to reduce the burden of calculating payroll issues. By payroll we actually mean every tit-bit relating to payroll. The process is conducted by an outsourcing company in order to deliver cost-effective operations. Offering integrated services is what these managed payroll services are meant for. In this age of advanced technology it would be a rather foolish idea to stick to some traditional business ideas that are expensive. In other words there are also financial assistances that you can avail from these organizations.

Businesses are going for lighter ways to make functioning easier yet cost-effective. They are piling all payroll jobs to outsource companies which have taken birth to leverage companies by means of handling payroll issues. Most importantly the company may encounter sudden crunch from the financial aspect. Post recessions though situations have bettered, most firms have gone economically dependent on companies providing financial assistance.

After the economic slump took place, banking institutions have drawn strict lending rules. This has ultimately led companies to borrow financial help from managed payroll finance service providers. A lesser known source for financial help is called invoice factoring. Another known problem for the small or medium sized business is slow payment. They usually come across customers who are default or slow payers. However there are only handful number businesses which can stand-by the crisis of slow payments.

A fluency in capital flow can be attained through managed finance which in majority includes invoice factoring. Payroll issues come to a dead end in case the company is finding it hard to meet up with payroll expenses. Business expansion is mainly dependent on working capital, and a swift and easy flow of the same would get rid of all kind worries from your mind. Payroll finance is an important issue for most businesses. Another major type of managed finance is freight factoring. A different scenario prevails when we use the term freight factoring. Freight factoring offers ready funds to companies on freight invoices receivable.

The most lucrative characteristic of freight factoring is the fact that any freight company can qualify for it. The stronger your shippers, the better are your chances to acquire funds. For freight factoring the companies easily offer the funds without much scrutiny. This is one of the best options for transporters and shipping businessmen for whom a long 30-45 days of payback time become really treacherous.

Nowadays, wealth management can be very effective for anyone, as it helps in deciding some of the most essential things in life, analyzing them and then planning to turn hopes and dreams into reality. It is almost a complete approach to manage finances which allows protecting, growing and reproducing the wealth. Moreover, it is very vital to manage our earnings wisely, in order to live a luxurious and peaceful life. And, you can easily find that most of the leading entrepreneurs in India have started their companies to manage wealth of various people.

And, these private wealth management companies are getting popular day by day, as they are serving their clients with the best in class services. Apart from this, the main aspects in sound wealth management that you must understand are – where are you coming from (industry you are related with), what you wish to achieve and what are the challenges you would probably face.

Answer to all the above mentioned questions is now with firms that are providing services related to private banking & wealth management India. Moreover, with the help of these firms you would be able to make out your investment prospects, borrowings, and systematic management of risks involved in the investments made by you, and all this will be very helpful for you to live a better and happier lifestyle. These companies will help you to attain the maximum profits you can gain from the investments by making some exceptional strategies for investing money wisely.

Today, with the growing unpredictability in the global share market, predicting the track of the economy in the long run has become impracticable. The primary function of private wealth management firms is to examine the risks involved in investments, such as real estate, stock market, insurance, for future returns and to conclude how much wealth can be attained from the investments. Apart from this, these firms also help people to determine their monetary objectives in life.

So, if you belong to any of the wealthy families in India,and are looking to get the services such as family office, estate planning, wealth protection, international operations, etc., then just hire a well reputed wealth management firm, and sit relaxed. These firms render high quality services that can secure your monies in the best possible manner, so that your finances earn on your behalf, while you relax and enjoy a tension free time.

Messages are becoming a special part of our everyday life, whether it is news,sharemarket, horoscope and also in banking. SMS is a critical statement for our daily use. Callwave have come across with a easy yet with no-cost SMS technique that will help all. By using their technique you are using better technology where it can forward all over the planet & no charges are there. If you have kids, you should came to know that the children are the most text messaging composer’s around.

Now with only clicking you may insert the gadget into your yahoo, google, apple or vista page in a moment, no registeration required. It’s a free service. And get link with your associates & family around all over the earth for no rate. Don’t think to build a message with the conventional cell phone just use this gadget and catch the sms in a second. The callwave even present visual voicemail for free & you can also interact with people by simply clicking.

This widget works most of the network support platform. In a case when somebody calls you in your absence, then the call is forwarded to callwave. It records the message & shows it on your machine. It’s that simple! With no additional rate & it saves the wastage of time and money. Free Visual Voicemail(FVV) works with more US carriers & handsets, including Cingular, T-MobileVerizon Wireless and over 30 others. When you insert your mobile phone number & email on the register screen we’ll instantly verify availability. If our services work with your provider, you will be soon provided an activation code & that’s it.

We are seeing the most amazing rates we have seen in decades and it’s all because the fed knows that if rates rise, it prices out even more homeowners out of homes and home values will see yet again another correction in high priced home states. Keeping the rates low is just another way of doing extend and pretend economics. Just like the tax incentives and credits the government gave, rates are low so that the housing prices slide lower instead of correcting quickly. By keeping rates low it allows the prices to stay high and really keeps the typical middle class tax payer stretched to the limit if they want home ownership, especially now with high unemployment and under employment. We have already seen over a decade of lost mortgage payments for the home owner and all so that the banks can fatten their wallets.

America as a whole went through a period of debt backed growth and now the debt has run out. People were spending at a rate higher than the wage growth and now it’s all catching up to us. In my opinion, we need to take our hit and get on with tightening our wallets, increase savings and get back to the normal job growth so that we can get through these volatile economic times. The fed needs to stop the “to big to fail” political game and let the hit come. There will be a major shift in wealth and new opportunity to present itself. They are now looking to increase the federal debt ceiling yet again and for what, to try and save us from ourselves and put their nose where it does not belong again, putting us into an even greater financial crisis than the current $14 trillion in debt. Talk about the biggest ponzi scheme in U.S. History. It was not Madoff or Enron.

It was the financial sector and bank bail-out. And it’s our tax dollars at work. The federal government has stolen money from us and will continue to do so. Sorry to be bleak but it’s the truth, but most just turn a blind eye. The only way to fair through it is to get financially educated, stop complaining about your financial position in life, and take advantage of the opportunity that presents itself in front of you. No more fear based spending, saving and investing. People need financial education in order to survive. Get out there and get educated. It’s the only way we as the middle class will not be the New Poor.

Shortly after it was opened to the general public, the Internet has become a prominent fixture in the daily lives of millions of people. The technology allows for much of the knowledge and content of the world to become available with just a few clicks. It is a common view that the Internet houses the sum of all human knowledge still available at this point, missing only that which has been lost to history. With a single lick of the mouse, the average person can access a myriad of topics, including banking, history, electronics, finance, politics and so much more. The Internet has also evolved to become a prominent part of entertainment, with games, TV shows and more being easily accessible over its networks.

What most people don’t know how the Internet actually works, or how it is different from the World Wide Web. The Internet is essentially thousands of small localized networks, all of which are interconnected into an even larger network, which in turn is connected to a global one. Though this complicated interconnection are the web pages that make up the World Wide Web, as well as the virtual and real architecture required for services such as instant messaging, e-mail and social media. In essence, the Web is merely a function of the Internet.

The Internet runs on hardware that, in simple terms, is a massive network of cables and dedicated computer hardware that allows access to information in various forms and locations. The data is transmitted through the Internet Protocol – every website and every device that connects to the Internet has a unique IP address.

The Internet was very expensive before it became a household must-have in 1996. People would go to Internet shops and centers to use the service, but for a higher price per hour. Not long after, as it became more and more popular, the speed was increased and the cost was decreased. Many service providers saw that it was such a hit, so they ultimately joined the market. In fact, the demand made the competition tighter. As a result, it became more affordable for the users. Currently, almost everyone at home can afford the service with unlimited access. Since the Internet was developed in America, English is the key language used by the majority of the users. Nonetheless, to provide services to wider audience, there are other languages as well, such as French, German, Japanese, Chinese and Arabic.

Many people benefit from the Internet. It gives way to numerous opportunities to the average human. For example, if you are a single mother of 3 children, it’s now possible for you to get a job through the Internet, without having to go beyond the comforts of your home. See how convenient it is? You don’t have to spend a dime on transportation, and it spares you from all the walking. You can even get a degree through online education. Now, almost everyone, from children to the elderly, uses the Internet whenever and wherever possible.

As technology continues to push forward, it has made activities far easier than before. Even today, the Internet still continues to be used by the governmental institutions that first developed its technology. So it isn’t surprising that it developed rapidly after it became publicly-accessible in 1996, all the way to today.