The Value Of A Jury System Essay -- essays research papers

The Value of a instrument panel SystemThe Founders of our nation understood that no composition was more primaeval to our Bill of Rights -- indeed, to authorities of the people, by the people, and for the people -- than the citizen jury. It was cherished not only as a bulwark against tyranny but likewise as an essential mover of educating Americans in the habits and duties of citizenship. By enacting the Fifth, Sixth, and Seventh Amendments to the Constitution, the Framers sought-after(a) to install the right to trial by jury as a alkali of a free society. The Framers of the Constitution felt that juries -- because they were composed of ordinary citizens and because they owed no financial allegiance to the government -- were indispensable to thwarting the excesses of powerful and overzealous government officials. The jury trial was the only right explicitly included in each of the state constitutions devised between 1776 and 1789 . And the criminal jury was one of few rights explicitly mentioned in the original federal constitution proposed by the Philadelphia Convention. Anti-federalists complained that the proposed constitution did not go far enough in protecting juries, and federalists eventually responded by enacting iii constitutional amendments guaranteeing grand, petit, and civil juries. The need for juries was especially acute in criminal cases A grand jury could block any prosecution it deemed unfounded or malicious, and a petit jury could likewise interpose itself on behalf of a defendant charged unfairly. The famous Zenger case in the 1730s dramatized the libertarian advantages of juries . When New Yorks royal government sought to stifle its newspaper critics through criminal prosecution, New York grand juries refused to indict, and a petit jury famously refused to convict .     But the Founders vision of the jury went far beyond merely protecting defendants. The jurys democratic role was intertwined with other ideas ensh rined in the Bill of Rights, including free speech and citizen militias. The jury was an essential democratic institution because it was a means by which citizens could engage in self-government. Nowhere else -- not even in the voting booth -- must Americans come together in person to careful over fundamental matters of justice . Jurors face a solemn obligation to overlook personal differences and prejudices to fairl... ... jury service. If the jury system is to remain a central institution of democracy and citizenship, it must be refined. Jury trials must attract engaged and thoughtful citizens the rules of the courts must treat jurors as sovereign, self-governing citizens rather than as children. To this end, we suggest a number of reforms. In many instances, these changes would require no new laws, but merely a willingness on the part of the courts to unleash the park sense of the ordinary citizen.ReferencesAlschuler, Albert, "Our faltering jury.," Public Interest, &nb sp    Jan 1996, pp. 28.Culp, Douglass, "Do criminal juries let too many defendants loose?," Vol. 12, Birmingham Business Journal, 18 Dec 1995, pp. 15.Curriden, Mark, "Jury reform.," Vol. 81, ABA Journal,     Nov 1995, pp. 72.McElhaney, James, "Jury instructions.," Vol. 81, ABA Journal, Nov 1995, pp. 91.Savage, David., "A jury of your peers.," Vol. 81, ABA Journal, Oct 1995, pp. 40.Zobel, Hiller, "The jury on trial.," Current, Nov 1995, pp. 8.     

Global Information Infrastructure Essay -- Economy Information Papers

Global Information InfrastructureIntroduction Regardless of a nations take aim of economic development political, economic and social structure and language and culture they atomic number 18 all seeking to develop and improve the quality of life of their citizens. At present, the industrialized countries have an overwhelming lead in development over most developing nations. However, modern information and communication technologies offer a significant window of opportunity for developing countries to accelerate their development in all spheres of economic and social activity and to narrow the gap between countries. The world stands at present on the threshold of a Global Information Society. This position has been arrived at through the truly remarkable advances that have been made in recent historic period in the development of ICT as well as the construction and development of national and global information infrastructure. Through these developments it is now both technically and economically feasible to bring modern information and communications technologies to any part of the entire world. Equally as important, people around the world, including those in developing countries, are increasingly demanding access to the emerging global information network. Hence, communities in Mexico, for example, have installed personal computers and built microwave towers to communicate with the rest of the world, allowing school children to interact with former(a) students all over the world and keeping farmers apprised of both local and world crop prices. Also, India launched a programme to link its biggest cities with a nationwide network that lead facilitate the dissemination of government information and provide an infrastructure for commercial applicatio... ...ing to Content A Pilot Comparative Study. Paris UNESCO, September 1997 (CII-97/WS/8). Financial Times. Monday, July 10, 1998. Gore, Al and Ronald H. Brown. The Global Information Infrastructure Agenda fo r Cooperation, Washington, D.C. United States Government, 1995. The New York Times. Monday, January 20, 1997. dOrville Hans. Technology Revolution Study Communication and Knowledge-based Technologies for Sustainable Human Development. Report to the ally administrator and Director, Bureau for Policy and Programme Support (BPPS). New York United Nations Development Programme (UNDP), 30 April 1996 UNESCO, UNESCO and an Information Society for All A rate Paper, Paris UNESCO, May 1996 (CII-96/WS/4). UNESCO, Information and Communication Technologies in Development A UNESCO Perspective. Paris UNESCO, December 1996 (CII-96/WS/6).

Crimea: Paradise Divided Essay -- World Civilization

Crimean history would suggest that it is folly to think that possession of any place, especially paradise, is anything other than a tenancy (Newman, 2011).Crimea may be compared to paradise, the crowning(a) glory of many an empire, and it is no wonder with its subtropical climate, fertile lands, soft meadows and sprawling coastline. But the very aspects that make an Eden out of the Crimean Peninsula have similarly been the causes of struggle and conflict. For it may be said that Crimea is a contested land in an identity element crisis and is the subject of much debate still today. Divided by conflicting ethnicities, passed through the hands of the ancient Greeks to Ukraine and left battered by three major wars, Crimea truly is the jewel of many crowns (Newman, 2011).The period between 1 B.C. to 1475 set the stage for what was to become Crimeas legacy. It was the rich resources offered by the peninsula that first attracted the Greeks in 1 B.C. (Crimea, 2011 ). Crimea soon became an important source of wheat for the kingdom (Rubel, 2003). However, the Greeks were ineffective to maintain a firm hold on the peninsula and were constantly warding off invaders. It became apparent that Crimea was not to stay in the hands of one group for long, a fact that has been the bane of many empires ever since. First the Goths and then the Huns, Slavs and Mongols following in succession invaded Crimea over the next thousand years (Crimea). Each fought to chance upon control over what many deemed as paradise. The Romans were not to be left out either. By establishing protectorates and naval bases, they capitalized upon the fact that Crimea was an excellent area to position a navy and created the earliest ancestor to the Black Sea Fleet (Rubel, 2003). Navies were to bec... ...ecked/topic/514064/Russo-Turkish-wars Simonsen, S. (2000). You take your oath only once Crimea, the black sea fleet, andnational identity among russian officers. Nationalities Papers, 28(2), 289. The crim ean khanate- a brief history. (2008). Retrieved from http//www.accesscrimea.com/crimean-khanate The transfer of the crimea to the ukraine. (2005, July). Retrieved from http//www.iccrimea.org/historical/crimeatransfer.html TJK. (2004). The tatar khanate of crimea. Retrieved from http//www.allempires.com/article/index.php?q=The_Crimean_Khanate Voyetekhov, B. (1943). Last days of sevastopol. Saturday Evening Post, 215(46), 18-106. Zihni, A. (2010). Pages from the history of the crimea, the ukraine, caucasia, poland and muscovy. Washigton, DC The International Commitee for Crimea. Retrieved from http//www.iccrimea.org/historical/tevarih20100908.pdf

USInvasion Of Cambodia Essay -- American History

The banyan tree grows throughout Cambodia. It may reach a height of over 100 feet, and as it grows, smart roots descend from its branches, pushing into the ground and forming new trunks. The roots grow relentlessly many of the ancient temples of Angkor have toppled as these roots have arrive embedded in the cracks and crevices amongst their massive stones. A single tree might have dozens of trunks, and it is often impossible to tell which is the original.This is Cambodia today a thousand intertwined branches, a thousand stories woven together, a thousand currents of history swirling in different directions. To understand Cambodia in the present, it is necessary to look at Cambodia in the past. http//www.mekong.net/cambodia/banyan1.htmThis paper will begin by given a cursory overview of Cambodian history that sets the stage for the order of Norodom Sihanouk, then, in more detail, specific events that happened between 1953 ( the date of Cambodian Independence from France) through 1973 when Sihanouk was overthrown in a coup. With the background set, I will then discuss the version of events as describe by William Blum in his work Killing Hope. It is my hope that an objective look can be given into the role that the United States played during the 1950s, 60s and betimes 70s in Indochina and more specifically Cambodia. HistoryThe area that is present-day Cambodia came under Khmer rule about 600, when the region was at the center of a vast empire that stretched over most of Southeast Asia. Under the Khmers, who were Hindus, a magnificent temple complex was constructed at Angkor. Buddhism was introduced in the 12th century during the rule of Jayavaram VII. However, the kingdom, then known as Kambuja, fell into decline... ...playboy attitude of Sihanouk. Secondly, I believe that the change in Presidency between Johnson and Nixon and the change in values that came with it current of air to decisions to violate a neutral state. Lastly, I believe that Sihano uks attempt to always play both sides caught up to him and the people of Cambodia were the ones to pay. Although Sihanouk has been a leader to the Cambodian people, closer observation reveals an underlying theme of protecting himself and his family.Works Cited Chandler, David P. History of Cambodia. Boulder Westview P, 2000. Igout, Michael. Phenom Penh Then and Now. First ed. Thailand White Lotus, 1993. Osbourne, Milton. Sihanouk Prince of Light, Price of Darkness. capital of Hawaii University of Hawaii P, 1994. Shawcross, William. Sideshow Kissinger, Nixon and the Destruction of Cambodia. Revised ed. Cooper Square P, 2002.

Internet and Politics - Despotic Regimes and Internet Censorship :: Exploratory Essays Research Papers

The cyberspace is out of the question to censor, right? Not if you are a despotic governance throwing totally your resources into it. You wont stop everyone and every subject, but if the aim is to prevent enough citizens from workting unthaw terminology to topple your regime, then you can succeed. For a start, people cant access code the internet using just brainwaves. They need a com giveer connected to a equip or wireless anticipate line. Stopping someone getting access to that, and you stop their Internet. Most countries ruled by authoritarian regimes are poor and pass water low telephone penetration. There are fewer than nine phone lines per thousand people in China, and three in Vietnam. It is pretty obvious that dissimilar people in democratic nations, few Vietnamese or Chinese can walk into their study room and log on. Some office workers baron have access at work, but someone will probably walk past as they are surfing. The majority of the population must go to Internet cafs. It was at an Internet caf in Hanoi that Vietnamese Internet dissident Le Chi Quang was caught by the secret police in February 2002, after the state-owned Internet backbone company FTP spotted Quang, who had posted an bind criticising Hanois secret donating of land near the border to appease the Chinese regime. In June that year, the regime told all Internet caf owners to report on customers accessing blocked sites. The same thing happened in the South. In Saigon in March 2003, democracy activist Dr Nguyen Dan Que, a Nobel two-eyed violet Prize nominee, was caught, again at an Internet caf. Both Quang and Que are concisely in prison. Even if every household had a telephone and everyone had a computer, free speech could still be blocked. Because the Internet backbones in these countries are controlled by the Communist Parties, it is quite easy for them to block sites. As the Nets secret police put on more and more filters, Net-literate dissidents find more and more ship canal to work around them. But as all this goes on, it gets harder and harder for less Net-literate people to gyp the game. The effect, then, is that only a small minority of the population can get around the authorities. And revolutions cannot be started and maintained by small minorities. For democracy to be strengthened up in these countries, millions of their ordinary citizens must be able to be exposed in their daily life to concepts of democracy and freedom.Internet and Politics - Despotic Regimes and Internet Censorship Exploratory Essays Research PapersThe Internet is impossible to censor, right? Not if you are a despotic regime throwing all your resources into it. You wont stop everyone and everything, but if the aim is to prevent enough citizens from getting free speech to topple your regime, then you can succeed. For a start, people cant access the Internet using just brainwaves. They need a computer connected to a wired or wireless phone line. Stopping someone getting access to that, and you stop their Internet. Most countries ruled by authoritarian regimes are poor and have low telephone penetration. There are fewer than nine phone lines per thousand people in China, and three in Vietnam. It is pretty obvious that unlike people in democratic nations, few Vietnamese or Chinese can walk into their study room and log on. Some office workers might have access at work, but someone will likely walk past as they are surfing. The majority of the population must go to Internet cafs. It was at an Internet caf in Hanoi that Vietnamese Internet dissident Le Chi Quang was caught by the secret police in February 2002, after the state-owned Internet backbone company FTP spotted Quang, who had posted an article criticising Hanois secret donating of land near the border to appease the Chinese regime. In June that year, the regime told all Internet caf owners to report on customers accessing blocked sites. The same thing happened in the South. In Saigon in March 2003, democracy activist Dr Nguyen Dan Que, a Nobel Peace Prize nominee, was caught, again at an Internet caf. Both Quang and Que are presently in prison. Even if every household had a telephone and everyone had a computer, free speech could still be blocked. Because the Internet backbones in these countries are controlled by the Communist Parties, it is quite easy for them to block sites. As the Nets secret police put on more and more filters, Net-literate dissidents find more and more ways to work around them. But as all this goes on, it gets harder and harder for less Net-literate people to play the game. The effect, then, is that only a small minority of the population can get around the authorities. And revolutions cannot be started and maintained by small minorities. For democracy to be built up in these countries, millions of their ordinary citizens must be able to be exposed in their daily life to concepts of democracy and freedom.

Internet and Politics - Despotic Regimes and Internet Censorship :: Exploratory Essays Research Papers

The network is impossible to censor, right on? Not if you are a despotic regime throwing scarce your resources into it. You wont break dance everyone and everything, but if the aim is to prevent enough citizens from getting free tongue to get it your regime, then you ground wrench succeed. For a start, spate cant access the net income using just brainwaves. They need a computer connected to a wired or wireless phone line. Stopping someone getting access to that, and you find out their Internet. Most countries ruled by authoritarian regimes are poor and moderate petty(a) telephone penetration. There are fewer than nine phone lines per chiliad people in China, and three in Vietnam. It is pretty obvious that unlike people in democratic nations, few Vietnamese or Chinese can offer into their study room and log on. Some office workers might have access at work, but someone will likely walk past as they are surfing. The majority of the population must go to Internet cafs. I t was at an Internet caf in Hanoi that Vietnamese Internet heretical Le Chi Quang was caught by the mystical police in February 2002, after the state-owned Internet backbone company FTP spotted Quang, who had posted an article criticising Hanois secret donating of land near the border to appease the Chinese regime. In June that year, the regime told all Internet caf owners to report on customers accessing blocked sites. The same thing happened in the South. In Saigon in March 2003, democracy activist Dr Nguyen Dan Que, a Nobel Peace appraise nominee, was caught, again at an Internet caf. Both Quang and Que are presently in prison. Even if every household had a telephone and everyone had a computer, free speech could still be blocked. Because the Internet backbones in these countries are controlled by the commie Parties, it is quite easy for them to block sites. As the Nets secret police put on more and more filters, Net-literate dissidents find more and more ways to work more or less them. But as all this goes on, it gets harder and harder for less Net-literate people to play the game. The effect, then, is that only a small minority of the population can get around the authorities. And revolutions cannot be started and maintained by small minorities. For democracy to be built up in these countries, millions of their ordinary citizens must be able to be capable in their daily life to concepts of democracy and freedom.Internet and Politics - Despotic Regimes and Internet Censorship Exploratory Essays Research PapersThe Internet is impossible to censor, right? Not if you are a despotic regime throwing all your resources into it. You wont stop everyone and everything, but if the aim is to prevent enough citizens from getting free speech to topple your regime, then you can succeed. For a start, people cant access the Internet using just brainwaves. They need a computer connected to a wired or wireless phone line. Stopping someone getting access to that, and you stop their Internet. Most countries ruled by authoritarian regimes are poor and have low telephone penetration. There are fewer than nine phone lines per thousand people in China, and three in Vietnam. It is pretty obvious that unlike people in democratic nations, few Vietnamese or Chinese can walk into their study room and log on. Some office workers might have access at work, but someone will likely walk past as they are surfing. The majority of the population must go to Internet cafs. It was at an Internet caf in Hanoi that Vietnamese Internet dissident Le Chi Quang was caught by the secret police in February 2002, after the state-owned Internet backbone company FTP spotted Quang, who had posted an article criticising Hanois secret donating of land near the border to appease the Chinese regime. In June that year, the regime told all Internet caf owners to report on customers accessing blocked sites. The same thing happened in the South. In Saigon in March 2003, democracy act ivist Dr Nguyen Dan Que, a Nobel Peace Prize nominee, was caught, again at an Internet caf. Both Quang and Que are presently in prison. Even if every household had a telephone and everyone had a computer, free speech could still be blocked. Because the Internet backbones in these countries are controlled by the Communist Parties, it is quite easy for them to block sites. As the Nets secret police put on more and more filters, Net-literate dissidents find more and more ways to work around them. But as all this goes on, it gets harder and harder for less Net-literate people to play the game. The effect, then, is that only a small minority of the population can get around the authorities. And revolutions cannot be started and maintained by small minorities. For democracy to be built up in these countries, millions of their ordinary citizens must be able to be exposed in their daily life to concepts of democracy and freedom.

How is violence presented in Lord of the Flies? Essay

Binary resistors Civilisation vs savagery (breakdowns). Zoomorphism Binary oppositions Dictatorship vs democracy (juxtapositions) Deaths of Simon and oafish animalistic, savage chanting, violent conduct when they let their temptations get the better of them. Simon and the beast?Conclusion end of the novelWilliam Golding explores the theme of power throughout his novel Lord of the locomote. He believed that both individual has the potential to bring out their inner evil, and that every human being is flawed in their nature. Hence, he wrote a novel with an aim to utilize characterisation of mankinds essential sickness, after his time spent in war. He alike aimed to challenge Ballantynes Coral Island. Lord of the Flies presents the helpless and violent breakdown along with devolution, of civilisation on the island by using authoritative symbolism, metaphorical imagery and biblical references to reinforce this loss of serviceman in this corrupt regime.In the exposition of the n ovel, we ar familiarised with the setting of the island which begins as a utopia for the boys, with the shimmering water. This has paradisiacal connotations, showing the island to be an obvious discover of beauty, along with the lagoon and young palm trees, which again is an idyllic characteristic for a place of bliss. However, this contrasts with the dark traits of the island also being depicted which start adequate prominent and sets the theme of furiousness in Goldings novel. The plane crash on the island is described as a scar, implying that the mark left has for good damaged the island, which was once untouched and flawless.The habit of this intimidating and daunting word scar shows the ruin and damage of the situation in which the plane has come from, and then portraying violent features. Furthermore, this reveals the background information to the plot the boys are evacuees from the war who have landedon this island due to a plane crash which connotes violence alread y. Another example of violence on the island is expressed through Goldings description of features generally associated with islands skull-like and decaying coconuts. These adjectives have oppressive connotations. Furthermore, the witch-like cry symbolises evil, and this creates appositions with the previous optimistic printing process of the island, which hints to the readers that this island may not really be as magical as deemed.Another way the theme of violence is presented across the novel, is through the binary oppositions in general the theme of civilisation versus savagery. The established division between the two groups of boys each represent a certain aspect to society. The characters (predominantly) Ralph, Piggy and Simon represent civilisation with the use of the conch to display order and control during the organised and contained meetings. On the other hand, there is Jack who fits his hunters (or his tribe), representing savagery. At first they work together, alo ne disagreements shortly lead to to dehumanisation of their relationships following progression from a shy liking between Jack and Ralph, to Jack trying to kill ralph towards the novels resolution. The fundamental beak of this opposition is present during the undeniable temptation of hunger, when Ralph and Piggy join the hunters as their desperation for food takes over.The metaphorical imagery set by Golding of Simons oddment shows the height of this violence and how the boys let the evil indoors of them win. Simons allegorical role or function in the novel includes biblical insinuations. and was covered with a coat of pearls these divine allusions emphasise the violence present, as they contrast with the angelic and Christ-like quality of Simon, whom the savages mercilessly murdered. Following this incident, the conch is shattered and when Piggys glasses are broken (along with the death of the fire that previously occurred), it foreshadows the total destruction of any possible civilisation ever returning back to the island, showing the demise but need of law, order and reason in society).Hereafter, Ralph is left alone to face the savages. This all underlines Goldings ideas that humans have evil and hatred deep inside of them, and could let the inner beast completely and violently take over if they be submissive to even a bit of temptation. The other binary opposition also prevailing in this novel isdictatorship versus democracy. This juxtaposition is also used to portray violence across the novel. For example, . Here, we can see the development of the demeanour of the, as turning more and more violent as soon as they lose sight of the conch, and the sense of democracy is broken down or lost. frenzy is presented in the novel through the very diverse deaths of both Piggy and Simon. Prior to Simons murder, the boys had been chanting Kill the beast Cut his pharynx Spill his blood in complementary circles. These are powerful phrases which Golding pervades us ing the rule of three, to highlight the viciousness of this violent, tribal practice. The actions of these young boys are also awe-inspiring and horrifying. At once, the crowd surged after it, poured down the rock, leapt on to the beast, scream, struck, bit and tore. There were no words, and no movements but the tearing of teeth and claws. These animalistic verbs have connotations of zoomorphism go humans with the likeness and behaviour of animals. This is also significant as humans are meant to be intelligent with the capacity for decent communication through talking to and words.However, here, the boys are so engulfed and consumed in their bestial actions of brutality, that they have lost touch with their human sides, unable to differentiate between good and bad, that they have lost that dexterity to converse, and instead are resorting to un-civilised, barbaric means. Teeth and claws are widely associated with large predators, and so by using this, Golding is showing us that once you give deflection to a little violence, you can turn into a complete animal. The verb tearing demonstrating ripping human is shocking and also portrays vehemence. This violence is further express through Goldings angelic description, post-death of the protagonist. was covered with a coat of pearls shows the purity reflected upon Simon, as well as the line of his cheek silvered, which has Christ-like implications. The phrase silver compel portrays a virtuous sheen and quality in Simon, as his dead body moved out towards the open sea, when he finally finds peace.This is also contrasted with Piggys matter-of-fact, and scientific death. Piggys arms and legs twitched, like a pigs after it has been kil direct. The lexical field used is nauseated and horrific, thus again portraying the violence, long with the use of sub-vocals, zup,noise, and clamour used to replace language, being used by the boys to express and connect with each other. Piggys death had been hinted from the ver y start of the novel, through small incidents of violence occurring. For example, it progressed from Roger at the beginning throwing stones at the little ones, aiming to miss, to him rolling the boulder that killed Piggy. Violence had also been present when Ralph machine-gunned Piggy. Moreover, jacks violent actions of killing the pig at the start also foreshadows piggys death, as it led to him being killed in the end.Towards the novels conclusion, we are brought back to reality and reminded that these savages, are in fact just a group of painted boys. This is some other way that violence is presented in the novel because we are shown that all these horrific actions in the novel, were in fact only performed by little, once innocent children. Indeed, the violence had been so strenuous, that is had caused dehumanisation of values and characters. For example, at the start Percival recited his name, whereas when help arrived, there was no more to come. Percival Wemys Madison sought in his head for an incantation that had worn out(p) clean away. This disintegration of speech, and the fact Percival as forgotten how to s stop underlines the destruction caused by the violence. The ending has a deus-ex-machina factor to it right at the peak of the violence, rescue had come. The officer asks the boys what have you been doing? Having a war or something? which is ironic because they were actually having a war. This could also be seen as a microcosm for the nipping war that had been occurring, during the time Golding wrote this novel.

Gothic Fiction Speech Essay

Slide 2- What is it? gothic manufacturing is the literature of nightmare overly referred to as Gothic abomination. It delves into and feeds on the ghoulish and monstrous creatures that haunt the very good-for-naughtest places in your mind. Fears of claustrophobia, entrapment, terror, horror, pain, madness, the supernatural and the inexplicable. The word Gothic derives from Goth, the name of a barbarian Germanic tribe that invaded Europe. Gothic medieval architecture such as cathedrals attributes a majestic style often with savage or grotesque ornamentation. It ramate forth from the Romanticism movement which occurred during the 18th and 19th century. Gothic illustration gives shape to the concepts of the place of evil in the tender-hearted mind.Slide 3- Origins (historical context)An intellectual and blasphemous movement that dominated the eighteenth century. The rise of Gothicism has been attributed by several scholars as a response to the enlightenment thinkers who favo ured rationality and reason over emotions and feelings. It rejected anything that resembled the speech of the medieval period in their eyes. Their purpose was to demonstrate that science and natural philosophy were the only means of obtaining knowledge, and not religion which was considered foolish. Gothic fiction was an essential part of the Enlightenment movement as it provided an escape from rationality and reason. Over judgment of conviction though, philosophers and writers began to rebel against the Enlightenment movement and privilege the irrational, emotional and uncanny. Whilst the Enlightenment movement looked to the classical periods of Greece and Rome, Gothic writers looked to the Middle Ages as their inspiration and model.Slide 4RevolutionRevolution had a significant influence on the brass of Gothic fiction. The French revolution began in1789 and brought a Reign of Terror to the people and shook the foundations of European statehood. Critics suggest the Gothic moveme nt arose during the French Revolution as the social anguish and pain gave rise to the dark resource and character of the Gothic. As violence and blood-shed persisted, the terror of the Gothic novel in amalgamation with imagery of chase and capture and the threat of evil conquering good, reflects the general anxiety and anguish of the people the writers and the reading public.Romanticism (1780-1850)Romanticism was the movement that emerged as a reaction to Enlightenment values and promoted liberty in literature. Artists were free to express their most intense emotions and escape from reason and rationality. through with(predicate) this movement some(a) looked to the gothic onetime(prenominal) whilst others turned to religion, the supernatural and Nature. After the French Revolution there was a burst of writers inspired by these core concepts of human nature, emotions, irrational entities, individualism and the realms of your imagination. Gothic romance became increasingly popular and many writers took from Walpoles The Castle of Otranto.Slide 5- ConventionsWalpoles novel established the extend conventions of Gothic fiction that would inspire and continue to be adapted in contemporary society Intricate plot- plots within plots with multiple narrators Stock characters (Virginal maiden, hero, tyrant/menacing villain) Subterranean labyrinths/ enigmatical rooms and passageways Ruined castles (later made way to haunted sept) Supernatural occurrences Remote/isolated setting- wide landscape and therefore nowhere to escape from. Darkness as intrinsic to humanity Graveyards/churches/ruins Monstrous creatures- ghosts, devils, vampires, witches, spirits, angels. Misty weather Dreams/vision Mood/sense of mystery or dread Justice- E.g. Most common is the sins of the father Family secrets/ familial curses The double or the Doppelganger (German for double-goer) Mysterious deathsSlide 6- Evolution of GenreHorace Walpole is credited as the founding figure of gothic literat ure with his novel The Castle of Otranto (1765). The stock conventions of Gothic fiction were established through his novel the haunted castles, supernatural occurrences, hidden passageways, etc. Writers such as Clara Reeve and Ann Radcliffe adapted Walpoles plot to contextually and aesthetically be more socially acceptable in18th century realism by exploring the concept of explained supernatural. Gothic novels were looked down upon by erudite people as sensationalist womens entertainment. Anne Radcliffe introduced the dark and menacing figure of the Gothic villain, the Byronic Hero.The gloomy villain, forbidding mansion, and persecuted heroine evident in novels demonstrates Walpoles and Radcliffes influence on Gothic literature. By the Victorian era, Gothic fiction ceased to be the dominant genre and was dismissed by critics. Edgar Allan Poe posed as an forward-looking American writer during in the 19th century, a re-interpreter of Gothic fiction. He payed greater attention to t he psychology of the characters he conjured up. In his story The Fall of the home base of Usher he explores the terrors of the soul as most of his characters descended into madness whilst incorporating Gothic tropes of death, decay and madness.The 1880s saw the revival of Gothic fiction feeding move out contemporary fears such as ethical degeneration with famous authors such as Robert Louis Stevenson, Arthur Machen and Oscar Wilde producing gothic works. The twentieth century significantly contributed to the genre with the introduction of film. During the mid-twenties and 30s movies were based around Dracula, Frankenstein and werewolves then later films began to draw on Poes works. The twentieth and twenty-first centuries maintained an ongoing fascination with horror, terror, the supernatural vampires and werewolves demonstrating the ongoing reason of the Gothic in contemporary society.Slide 8-Psycho Contextual PlacementThe beginning of the twentieth century saw the renewed popu larity of the horror tale and it is supposed that it was a way of expressing the horrors of World War I. There were numerous variations of Gothic fiction established in this time. Successful mass Gothic novels, often called Modern Gothic or Gothic Romance were written for females, by females like Daphne Du Mauriers Rebecca (1993 considered the archetypal Modern Gothic thriller. The 60s, when Psycho was released was an era of great positive vary for the role and rights of women. It was a time of sexual revolution which was exploited in the media especially film. Hitchcock broke all film conventions featuring the leading female protagonist having a lunchtime affair in her sexy white undergarments in the first scene. This was significant because before the 60s female sexuality was repressed. In relation to Gothic fiction, the Gothic genre gave way to modern horror fiction.Slide 9- Psycho ConventionsPsycho employs several stock gothic conventions includingAn Isolated/remote setting wit h the motel off the side of a large motorway, separated from the outside world. The spooky old house is architecturally Gothic and critics own stated that it is a fine twentieth Century stand-in for Draculas castle. Bates characterises villain who is psychologically unstable reincarnating his dead mother, whom he murdered, through himself when committing the murders but doesnt take the responsibility.Themes of corruptibility, conf utilize identities, voyeurism, human vulnerabilities and victimization, the deadly effects of m angiotensin-converting enzymey, Oedipal murder, and dark past histories are realistically revealed. Through the shower murder scene, it is suggested that horror resides in everyday life rather than in the alternate worlds of the supernatural, the fantastic, or the Gothic. The film employs psychological terror rather than the monsters and supernatural trappings that were associated with the genre at the time (1960s). Hitchcocks psycho changed the direction of th e genre with the subsequent rise of splatter films.Slide 11- FallContextual PlacementDuring his short life he faced many hardships which influenced his unique style. He was a victim of depression and turned to alcoholism. He was influenced by the Gothic movement in England and in his case the term Gothic can be used interchangeably with Dark Romanticism. Critics classify Poe as a post-Gothic writer but he nonetheless incorporated the Gothic style in his masterpieces. Contextually Poes adapted direction of Gothic fiction the psychological effects of guilt and sin, the conflict amid good and evil, people plagued with madness all stemmed from the absence seizure of parental figures and his alcoholism. Poe is often considered the father of the horror genre.Slide 12- FallConventionsThe Usher house portrays the clich Gothic house- as stated by Professor Fred Botting The house is two a Gothic manifestation, an architectural ruin set in a desolate and gloomy landscape and a family equally in decay decease from an unknown and incurable disease.Captures the element of claustrophobia, with Madeline falling victim to the confinement of a coffin whilst still alive and the mental confinement of the characters in the house. Psychological haunt is evident through Rodericks knowledge of burying his sister alive and the intense guilt he feels. The seemingly supernatural noises that occur whilst the narrator reads a story, intensifies this guilt.Terror encompasses the characters, particularly Roderick, building up steadily as the anticipation of Madelines supposed death loiters. The horror is revealed when Madeline, bursts through the doors wearing a apparel covered in blood.Decay and ruin are evident physically with the decaying of Roderick and Madeline and the Usher bloodline. In the end both Roderick and Madeline die together followed by the house crumpling around them confirming the collapse of the Usher family.Slide 13Rather than characterising the traditional complex n arrative structure, it is told in first person by one person only and contains an increasing intensifying suspense building to an excessive climax. The climax confirms Rodericks fear as Madeline bursts through the doors covered in blood. Through this dramatic climax the Gothic value of excess is seen. Poe is a key figure in the transformation of Gothic fiction placing a larger ferocity on the internal rather than the external. He delves into the psychology of man and of the true nature of evil.Through his works Poe has had an ongoing influence of Gothic on contemporary literature.Slide 15- burnished Contextual PlacementWith the introduction of film in the twentieth century, the most prominent variation of Gothic literature was established. With this new outlet of technology, horror and terror could a be explored on a totally different level with special effect features, lighting and filming intensifying the gruesome and dark imagery of the genre. Punter effectively states the parti cularities of twentieth century gothic fiction Contemporary gothic reflects and provides a singular symbolic language for the discussion of preoccupations of our time capitalism, inhumanity, information overload, child abuse, serial murder, pollution, and corruption. Child and domestic violence, serial murder and corruption are clearly evidentSlide 16- Shining ConventionsThe Shining exhibits traditional Gothic conventions as well as modern adaptations of the genre. The huge old vacant hotel that ends up being haunted hides a dark past of brutal murder. There are numerous supernatural events involving the ghosts of the previous family, Dannys visions of their murder and the chases through the hallways.The double or the doppleganger seen at the end of the film presents a photo shown of a ball in 1921 with Jack standing in the middle of the gathering suggesting that Jack could be a reincarnation of himself and lives out the outrageous events of the past once more. This also ties in th e convention ofThe theme of appearance and reality is prevalent in the film, Gothic fiction exploring this murky ground between what is real and fantasy. This is what descends Jack into madness. Eee/Gothic fiction has undergone significant transformation as seen and continues to significantly influence contemporary literature. Even though many conventions have been refined, adapted or created the core values and character of Gothic have provided society with an outlet into the dark world of decay, death and mystery leading you on a road to that sublime place in the mind composed of fear and beauty.

Transfer Pricing

Chapter 1 Introduction of the twitchic TRANSFER PRICING TRANSFER PRICING is a terminal figure white plagued to describe comely aspects of inter Comp either perform arrangements among cogitated argumentation entities, and comm alone applies to inter go with transportations of tangible and intangible property. Inter Company accomplishments across b strays argon growing rapidly and be be glide slope practic altogethery to a greater extent complex. depute set refers to the internal charge system that is used when divisions in the analogous tight deliver products or aids to each other(a).The enrapture outlay is a salute for the receiving division and receipts for the supplying division, so it affects the mo lowlifeary resoluteness of both divisions involved. impart harms merchant ship be musical themed on merchandise costs, but for various origins a market-based permute outlay might non be appropriate legal proceeding taking place between the div isions of the say(prenominal) firm argon often unique and would not be offered stand-alone on the market. In fare, in that locationfore, greet-based and negotiated channel of training prices are used apart from market-based prices. remove determine, for valuate purposes, is the price of inter Company accomplishments that rail place between affiliated businesses. The transfer pricing process determines the amount of income that each society count ups from that effect. Taxpayers and the tasking administ proportionalityn focus exclusively on related-party proceedings, which are termed compriseled exertions, and have no direct dissemble on indep poleent-party transactions, which are termed irrepressible transactions. Transactions, in this context, are determined colossally, and include sales, licensing, leasing, serve, and interestIn India also, considering the importance of Transfer set, Section 92 of the Income-tax mask, 1961 (the Act) authorize tax authorit ies to make adjustments to income on progresss space basis in case of transactions between residents and nonresidents having close connection. Also, naval division 40A (2) (a) was introduced in the Statute, giving powers to the assessing single-valued functionr to disallow the expenditure incurred in respect of which payment is do to related parties, if assessing officer is of the opinion that much(prenominal) expenditure is profligate or unreasonable.However, these sections were limited in scope and had certain inadequacies viz. the term close connection was not defined, there were no rules business organisationing documentation, the burden of proof was on the assessing officer, no rules were prescribed for determining forts space prices etcetera On the Customs side, low the Customs Valuation (Determination of monetary value of Imported Goods) Rules, 1988, there were supplyings for rejecting the transaction value when the buyer and parcel outer were related persons or when they had interest in one anothers businesses.Corporate the world everyplace are flourishing their wings in an effort to gain a plowshare of the inter matter pie. on that point is talk of the world fast spoting into a global village with economies increasingly becoming inter-connected. But with cross-border trade comes a whole new set of problems, Transfer pricing is one of them. When a company opens a branch in another country, gets its products manufactured there and then imports it, there is a question mark over what price should the heighten pay for acquire the product from the subsidiary.This price till now has been subject to the levys discretion and has been used by legion(predicate) corporal the world over to picture the tax outgo to their Government. In effect, the price at which goods are transferred from one arm of the company to another is kn take as transfer pricing. The Finance Act dickens hundred1 introduced the detailed Transfer Pricing Regulations (T. P. R. ) in India from initiatoryApril cc1 APPROACHES TO TRANSFER PRICING Taxation that is based on transfer pricing is becoming an cardinal issue for many companies, whether U. S. based or exotic based.The regulations have sought to get d cause extensive general principles and guidelines that apply when the taxpayer drives the transfer pricing system. These methods impose penalties on an inappropriate filling of a transfer pricing method. In addition, the administrative cost of complying with the regulations can be extensive. As a result, implementation of the transfer pricing regulations may impose world-shaking costs on the taxpayer supra and beyond the taxes themselves. Faced with this transfer pricing onslaught, businesses have elect different approaches to the tax aspects of transfer pricing.At the outset, the cream of a transfer pricing strategy is determined by three factors 1. Taxes imposed on the transfer pricing decision 2. Administrative measure and write off incurred 3. Potential penalties (which are discussed next) Over the past decades, the topic of transfer pricing has continuously attracted attention in the literature. The reasons for this intensive degree of attention are diverse. lots of managers, in particular CFOs and controllers, can elaborate on the number of hours spent in order to reach a transfer pricing policy that is copasetic and acceptable for all organizational sections involved.Tax managers in multi home(a) go-aheads (MNEs), from their side, will explain the difficulties they encounter when fulfilling the transfer pricing tax rules in the different countries in which they operate. This article focuses on the dual role of transfer pricing managerial versus tax compliance and sheds insights by approaching these issues from a corporate governance perspective. pic It is a well known fact that Multi-National Enterprises (MNEs) have found India conducive to set up their operations, largely because of the availabil ity of a skilled work force at reasonable costs.Investments into India result in transactions between the Indian and the parent company as also between the Indian company and other foreign group companies. Such transactions could encompass sale of goods, provision of services, licensing of intangibles, to give a few typesetters cases. These transactions give rise to transfer pricing issues. Transfer prices are important for both tax payers and tax authorities because they determine, in large part, the income, expense and taxable scratchs of the associated (group) enterprises in different tax jurisdictions. utile April1, 2001, India introduced a comp TP legislation as an anti-avoidance measure. The Indian TP regulations are broadly based on the transfer pricing guidelines issued by the Organization for Economic Co-operation and education (OECD), but are unique in some respects. The Indian TP regulations mandate that global transactions with related parties shall be determined ha ving pretend to the arms length price, i. e. the price that would be charged by enterprises in an torrential transaction. In India, not besides are taxpayers selected for compulsory audits based on quantitative parameters i. . international transactions in excess of INR 50 million in a fiscal year (proposed to be increased to INR one hundred fifty million), but further, Indian tax authorities are seen as adopting an increasingly aggressive approach on TP related issues. In several cases, in the repenny past, taxpayers faced significant challenges in reason their transfer prices. Taxpayers typically defend their transfer prices as being at arms length by conducting a transfer pricing study and comparing their meshwork margins with those earned by parallel rampant enterprises.Therefore, whether a particular transfer price is accepted as being at arms length or not depends to a large extent on the process of selecting comparable data for the analysis. The lack of quality compar able data in public domain is a challenge faced by the taxpayers while preparing their documentation. This challenge is further compounded by the approach adoptive the Transfer Pricing military officers (TPOs) during audits. In addition to victimisation comparable data which was not available at the time of preparing the documentation, TPOs have also resorted to cherry-picking of comparables (especially y eliminating loss making/ low secondover comparables) rather than adopting an impersonal approach to identifying and screening the comparable companies. This approach creates a bias in favor of take inable companies in the comparable data, resulting in transfer pricing adjustments for the taxpayers. The welt affected were prisoner service providers, which bear little or no risks as they plough with parent or group companies as compared to comparable uncontrolled transactions down the stairs taken by other companies which cater to third parties and bear a range of risks inclu ding recovery of the price from the third party customers. or captive service providers. It is a fundamental economical principle that entities which However, in a number of instances, TPOs have largely ignored the importance of risk in a transfer pricing analysis and determined high mark ups on costs, to be the arms length margin do not undertake risks can expect to earn a lower rate of return. Recently, The Delhi Income Tax Appellate Tribunal (ITAT) has revived the hopes of tax payers in India. This decision was given in the case of a captive service provider, Mentor Graphics (Noida) Private Limited, employed in rendering software services to its US parent.The decision has laid level certain broad principles that could have a significant influence on transfer pricing in India. Steps of Transfer Pricing The scope for Transfer Pricing in such(prenominal) transactions also increases in cases with tie-in clauses in licensing agreements or technical/financial collaborations which r equire the purchase of goods from the licensor or party designated by the licenser. There are three aspects of Transfer Pricing which are- i) Motivational and Operational Aspect, ii) Regulation of Transfer Pricing, iii) Estimation and control. i) Motivational and Operational Aspect- Operational and financial manipulations for transfer pricing take the form of false invoicing. This is defined by the OECD Committee on Fiscal Affairs (1976), as- A transaction intended to set back tax by putting taxable objects outside the reach of national tax authorities by means of an invoice that does not accord with economic facts This object is achieved through and through both under and over invoicing (of imports and exports), often by the selfsame(prenominal) company. Policy induced motivation for transfer pricing manipulations may organise because of both tax and non-tax factors.Corporate tax rates and fiscal provisions, exchange rate fluctuations and import duties as also labor laws, polici es restricting monopolies International tax avoidance to achieve these and other objectives may occur through general manipulations, as well as through specific items in the balance sheet of paper and the meshing and loss bill. In BS loans to foreign affiliates may represent the repatriation of foreign profits in an attempt to avoid domestic payment of dividends, as also may excessive balances with affiliates.Write-off of inter company debt may be attempted to reduce balances that may have resulted from non weapons length transaction. Omissions in the balance sheet of expected assets or liabilities may indicate transfer or sale of intangible assets like patents, know-how etc to tax affiliates. In P&L A/c, R and D expenditures may be privy, pooled or distributed to avoid taxes royalties may be excessive and may go to unlikely recipient affiliates patents and trademarks may be charged for at monopolistic rates, or involve reciprocal benefits and may be prices even laterwards th eir expiry.In case of payments, for both royalties and patents and trademarks, to affiliates the charges may not meet with the arms length criterion. Payments for home-office administrative support, R and D etc. , may be excessive and may contain hidden profits which are not assessed in the country of receipt. bargains of partly entire goods, third party commissions or discounts to foreign affiliates, unexpected purchases or sales, rentals, office and travel expenses, changes in the pattern of accounts, liquidation and sales of foreign affiliates etc. also provide ample opportunity for transfer pricing and consequently tax avoidance. (ii) Regulation of Transfer Pricing- In a mixed economy like ours this could mean a misallocation of resources, accompanied by an adverse redistribution of incomes away from national entities and the related BOP effects. Before dealing with transfer pricing before it can occur and after it has occurred, policy regulation is therefore also required, to deal with its macro economic consequences.The adverse impact on host government foreign exchange revenue losses and the consequent implications for internal resources mobilization twist in the functioning of specific policy instruments resulting in the non-achievement of plan targets all call for an diligent role of the state. Similarly, at the micro level the proliferation of market soaking up and oligopolistic practices require state intervention. (iii) Estimation and Control- 1).Any proper appraisal of the scope of transfer pricing manipulations on the part of transnational corporations, and of their actual practice must be assessed within the framework of the specific set of government measures and structural factors endemic to TNCs which tend to be the motivational forces behind such practices. 2). recant the free market model and allow for a changed role of the state, from one of trying to restore some traditional version of market congeners to that of an active interven er in the struggle over international distribution of sur accession.Keeping in mind these approaches, we would like to focus on the problem of estimation the extent of pricing manipulations by TNCs, in various areas and industries in developing countries, in the context of applicable government policies and regulations. Exemption for Bankers Bankers have sought an exemption from the provisions of transfer pricing regulations. When banks extend loans and guarantees by way of investment in equity, this may lead to the specify shareholding limits being exceeded.Though the banks may not have any control over the company, such transactions are subjected to transfer pricing rules of the Income Tax Act. In their meeting with the finance minister earlier this month, public sector banks had said banks should be excluded from the purview of the transfer pricing provisions under the income tax law. Current regulations also cover loans advanced for not less than 51% of the book value of the total assets of the borrower and guarantees granted for more than 10% of the total borrowings of the guarantor. But experts feel that banks do not usually have so much exposure to a single borrower.Banks provide financial assistance to various corporate and non-corporate clients by way of investment in equity or penchant shares, subscription to debentures, loans and guarantees. Under section 40A(2) of the Income Tax Act, any expenditure incurred between related parties treated as unreasonable by the assessing officer is not allowed as a deduction. This section empowers an assessing officer to disallow deduction of any expenditure incurred between related parties and considered by the officer as excessive or unreasonable having assure to the fair market value of the goods, services or facilities.Similar restrictions are applicable to banks according to the transfer pricing provisions under sections 92 A to 92F. The scope of related person under section 40A(2) for a banking company includes a person in whom it has a substantial interest in the business, where willpower of shares is not less than 20% of the voting power. However, according to Reserve Bank of India regulations, voting powers are limited to 10%, irrespective of the proprietorship of shares.The transfer pricing provisions (sections 92 to 92F) only apply to transactions between two non-residents or between a resident and a non-resident and not to transactions between Indian banks and Indian counterparties. While the transfer pricing provisions can be applied to transactions between the foreign subsidiaries of Indian banks and Indian counterparties, only under very rare exceptions do such foreign subsidiary banks have an exposure to unrelated borrowers to bring their transactions within the transfer pricing rules. Also, it is unlikely that transactions between Indian branches of foreign banks and Indian counterparties would result in a loan greater than 51% of the book value of assets of the borrow er for the transfer pricing rules being made applicable to genuine third party transactions. The objective of transfer pricing is that the correct amount of profits should be hold within the country and thus the transfer pricing provisions should be made inapplicable to transactions between Indian branches of foreign banks and the groups related Indian companies, Mr Wadhwani added.While lending, banks may grant loans at fluctuating rates compared with market rates after factoring in risk factors, creditability and graphic symbol of industry. Given that the pricing adopted is within the framework of norms outlined by banks that are regulated by RBI, the Indian Banks Association is of the view that banks should be re impact from the purview of such sections TYPICAL CASH FLOW The question arises that how the transfer price can be used as a mechanism to table tax, especially between countries that have a treaty against double taxation. To explain this lets take an example.Suppose th ere is an MNC shoe corporation with a subsidiary in India. The Indian subsidiary manufactures shoes at a cost price of Rs 50 per unit and supplies it to the MNC. The MNC sells the same shoes in its own country at Rs 200. To be fair, the transfer price, which the Indian subsidiary should get, is cost plus a reasonable rate of return (i. e. Rs 50 plus). This is where the MNC company calls the shots. In India, the corporate tax on profits is at 35%. Suppose for the MNC country the rate of tax is 45%. eccentric person 1. The MNC decides that Rs 100 is the correct transfer price.Then the scenario looks like this Transfer Price at Rs 100 Indian subsidiary MNC Grand Total Cost price 50 100 exchange price 100 200 kale 50 100 150 Tax 17. 5 45 62. 5 concluding Profit 32. 5 55 87. 5 The transfer price becomes the cost price for the MNC and thus it earns a profit of Rs 100 per unit. Post tax, its profit is whittled down to Rs 55. Overall, the total profit after tax earned by the MNC (including the subsidiarys profit) is Rs 87. per unit. Case 2. The MNC decides that Rs 150 is the correct transfer price. Then the scenario looks like this Transfer Price at Rs 150 Indian subsidiary MNC Grand Total Cost price 50 150 Selling price 150 200 Profit 100 50 150 Tax 35 22. 5 57. 5 Net Profit 65 27. 5 92. 5 The MNCs profits federal agency tax in its own country comes down to Rs 27. 5. But overall the profit surges to Rs 92. 5 per unit.Case 3. The MNC decides that Rs 200 is the correct transfer price. In such a case, the MNC earns cryptograph profits in its own country, but its subsidiary pays a 35% tax on its profit of Rs 150 and thus overall net profit surges to Rs 97. 5. Transfer Price at Rs 200 Indian subsidiary MNC Grand Total Cost price 50 200 Selling price 200 200 Profit 150 0 150 Tax 52. 5 0 52. 5 Net Profit 97. 5 0 97. 5 Case 4. The MNC decides that Rs 300 is the correct transfer price. In this case, the MNC earns a loss of Rs 100 per unit of shoe sold in the home country. Meanwhile, its subsidiary earns Rs 162. 5 as profit, after paying Rs 87. 5 as tax. But the clever MNC gets a tax write off at home worth Rs 45 m. Transfer Price at Rs 300 Indian subsidiary MNC Grand Total Cost price 50 300 Selling price 300 200 Profit 250 -100 150 Tax 87. 5 -45 42. Net Profit 162. 5 0 192. 5 Please remember, these are just a few supposed simple situations. In reality, these dealings are much more complex with conglomerates having more than 50 subsidiaries in just as many countries. Transfer pricing became a subject of much debate in the western countries as governments felt that corporates are down paying their fair share of tax. As a result, these countries spearheaded awareness regarding transfer pricing. Case Study High Court Rules Against Coca-Cola in Transfer Pricing CaseM Padmakshan Economic clock January 6, 2009 MUMBAI The Punjab & Haryana High Court has ruled against Coca-Cola Indias contention that the proof of profit tra nsfer outside India is a precondition for applying transfer pricing rules. Coca-Cola had approached the high act after it was served a notice on transfer pricing. The soft drink company had an agreement to offer advisory services to Britco at the rate of cost plus 5%. Coca-Colas main contention was that transfer pricing rules cannot be applied in the absence of prima facie evidence of profit transfer outside India.The high salute said that Indias transfer pricing rules can be applied to any cross-border transaction between associated enterprises, irrespective of profit transfer outside India. The court said the only requirement is income generation in a cross-border transaction and income has been computed at arms length. Coca-Cola told the court that transfer pricing rules were meant to check profit wearing away outside India and therefore could not be applied in cases where there is no prima facie evidence of profit transfer outside the country.The high court did not accept th is view. It held that existence of a cross-border transaction and computation of the resultant income at arms length price are sufficient grounds for applying transfer pricing rules. According to Coca-Cola, the transfer pricing provisions have been incorporated in the Income-tax Act by the Finance Act 2001 and the applicability of these provisions has been limited to situations involving profit diversion outside India. There is no material evidence to show that profits have been diverted outside India, the company said.The court said that it is the perk of the income-tax department to issue such a notice and expressed its inability to intervene in the matter. Coca-Cola was assessed under I-T Act in 2004 for the year 1998-99. The dispute arose after the income-tax department concluded that the income had escaped assessment under the Income-Tax Act. FAIR USE NOTICE This document contains copyrighted material whose use has not been specifically original by the copyright owner.India Resource Center is making this article available in our efforts to advance the understanding of corporate accountability, human rights, labor rights, social and environmental justice issues. We believe that this constitutes a fair use of the copyrighted material as provided for in section 107 of the U. S. Copyright Law. If you wish to use this copyrighted material for purposes of your own that go beyond fair use, you must obtain liberty from the copyright owner. Arms Length orderArms length, as the term indicates, means keeping a neutral balance between inter-corporate arms. The idea is that companies should treat each subsidiary as a separate entity and deal with them on purely commercial terms, as they would have if they transacted with any other market player. Arms length methodologies are of two types- a) Transactional Methods b) Profit Methods Transactional Methods Where focus is on the product or the technology to ascertain the correct transfer price. Transaction methods ca n be further divided into three broad sub-groups. ) Comparable anarchical Price Method 2) Resale Price Method 3) Cost Plus Method (1) Comparable Uncontrolled Price (CUP) Method The price charged or remunerative in a comparable uncontrolled transaction or a number of such transactions shall be identified. Such price shall be familiarised to account for differences, if any, between the related party transaction and the comparable uncontrolled transactions or between the enterprises incoming into such transactions, which could materially affect the price in the open market.The adjusted price shall be taken as arms length price. The uncontrolled transaction means a transaction between independent enterprises other than related parties and shall cover goods or services of a similar type, quality and quantity as those between the related parties and relate to transactions taking place at a similar time and stage in the production/distribution chain with similar terms and conditions ap plying. (2) Resale Price MethodThe price at which the goods purchased or services obtained from a related party is resold or is provided to an unrelated entity shall be identified. Such resale price shall be cut back by the amount of a normal gross profit margin accruing to the enterprise or to an unrelated enterprise from the purchase and resale of the same or similar goods or services in a comparable uncontrolled transaction or a number of such transactions. The price so arrived at shall be further reduced by the expenses incurred by the enterprise in connection with the purchase of goods or services.Such price shall be further adjusted to take into account the functional and other differences including differences in accounting practices, if any, between the related party transaction and the comparable uncontrolled transactions or between the enterprises entering into such transactions, which could materially affect the amount of gross profit margin in the open market. The adjus ted price shall be taken as arms length price in respect of goods purchased or services obtained from the related party.The resale price method would normally be adopted where the seller adds comparatively little or no value to the product or where there is little or no value addition by the reseller prior to the resale of the finished products or other goods acquired from related parties. This method is often used when goods are transferred between related parties before sale to an independent party. (3) Cost Plus Method The total cost of production incurred by the enterprise in respect of goods transferred or services provided to a related party shall be determined.The amount of a normal gross profit mark-up to such costs arising from the transfer of same or similar goods or services by the enterprise or by an unrelated enterprise in a comparable uncontrolled transaction or a number of such transactions shall be determined. The amount of a normal gross profit mark-up shall be adju sted to take into account the functional and other differences, if any, between the related party transaction and the comparable uncontrolled transactions or between the enterprises entering into such transactions, which could materially affect such profit mark-up in the open market.The total cost of production referred to above increase by the adjusted profit mark-up shall be taken as arms length price. It is also important here to ensure that the cost base to which mark-up is applied is comparable to the cost base of the third party transaction which serves as comparable. For example, it may be necessity to make an adjustment to cost where one person leases its business assets while other owns its business assets.The cost plus method would normally be adopted if CUP method or resale price method cannot be applied to a specific transaction or where goods are sold between associates at such stage where uncontrolled price is not available or where there are long term buy and supply arrangements or in the case of provision of services or contract manufacturing. Profit method- It has been further sub-divided into three sub-groups i) Profit Split Method ii) Transactional Net Margin Method iii) Authentication of Documents Provided by the Company (1) Profit Split MethodThe combined net profit of the related parties arising from a transaction in which they are engaged shall be determined. This combined net profit shall be partially allocated to each enterprise so as to provide it with a basic return appropriate for the type of transaction in which it is engaged with extension to market returns achieved for similar type transactions by independent enterprises. The residual net profit, thereafter, shall be split amongst the related parties in proportion to their congress contribution to the combined net profit.This relative contribution of the related parties shall be evaluated on the basis of the function performed, assets employed or to be employed and risks assum e by each enterprise and on the basis of reliable market data which indicates how such contribution would be evaluated by unrelated enterprises performing comparable functions in similar circumstances. The combined net profit will then be split amongst the enterprises in proportion to their relative contributions. The profit so meted out shall be taken into account to arrive at an arms length priceThis method would normally be adopted in those transactions where integrated services are provided by more than one enterprise or in the case multiple inter-related transactions which cannot be separately evaluated. 1) Transactional Net Margin Method The net profit margin realized by the enterprise from a related party transaction shall be computed in sexual intercourse to costs incurred or sales affected or assets employed or to be employed by the enterprise or having regard to any other relevant base.The net profit margin realized by the enterprise or by an unrelated enterprise from a comparable uncontrolled transaction or a number of such transactions, shall also be computed having regard to the same base. This net profit margin shall be adjusted to take into account the differences, if any, between the related party transaction and the comparable uncontrolled transactions or between the enterprises entering into such transactions, which could materially affect such net profit margin in the open market.The cost of production referred to above increase by the adjusted profit mark-up shall be taken as arms length price. The adjusted net profit margin shall be taken as arms length price. This method would normally be adopted in the case of transfer of semi finished goods distribution of finished products where resale price method cannot be adequately applied and transaction involving provision of services. (3) Authentication of the documents provided by the companyThe information/documents provided by the company to the auditor for certification as provided in cl ause 7 hereof shall be sign(a) on behalf of the Board by the Company Secretary and at least one Director of the company. In the absence of Company Secretary in the company, the same shall be signed by at least two Directors of the company on behalf of the Board. pic The most appropriate method referred to in sub-section (1) shall be applied, for stopping point of arms length price, in the manner as may be prescribed Provided that where more than one price is determined by the most appropriate method, the arms length price shall be taken to be the arithmetical mean of such prices, or, at the option of the assessee, a price which may vary from the arithmetical mean by an amount not exceeding five per cent of such arithmetical mean. Where during the course of any proceeding for the assessment of income, the Assessing Officer is, on the basis of material or information or document in his possession, of the opinion that- (a)The price charged or paid in an international transaction has not been determined in accordance with sub-sections (1) and (2) or b)any information and document relating to an international transaction have not been kept and maintained by the assessee in accordance with the provisions contained in sub-section (1) of section 92D and the rules made in this behalf or (c)The information or data used in computation of the arms length price is not reliable or correct or (d)the assessee has failed to yield, within the specified time, any information or document which he was required to furnish by a notice issued under sub-section (3) of section 92D,The Assessing Officer may proceed to determine the arms length price in relation to the said international transaction in accordance with sub-sections (1) and (2), on the basis of such material or information or document available with him Provided that an opportunity shall be given by the Assessing Officer by serving a notice calling upon the assessee to show cause, on a date and time to be specified in the notice, why the arms length price should not be so determined on the basis of material or information or document in the possession of the Assessing Officer.Where an arms length price is determined by the Assessing Officer under sub-section (3), the Assessing Officer may compute the total income of the assessee having regard to the arms length price so determined Provided that no deduction under section 10A 82or section 10AA or section 10B or under Chapter VI-A shall be allowed in respect of the amount of income by which the total income of the assessee is enhanced after computation of income under this sub-section Provided further that where the total income of an associated enterprise is computed under this sub-section on determination of the arms length price paid to another associated enterprise from which tax has been deducted 83or was deductible under the provisions of Chapter XVIIB, the income of the other associated enterprise shall not be recomputed by reason of such de termination of arms length price in the case of the first mentioned enterprise. While going through each of these methods, it becomes clear that all these methods are not definitive methods for ascertaining transfer prices.Being a complex subject, more fine-tuning is needed to finally get a definitive benchmark method for calculate the transfer price. As business between countries is likely to only increase in future, transfer-pricing issues would be subject of even more scrutiny not only by government and legal bodies, but also the companies respective shareholders. But there is a lot of ground still to be done in this area. Speaking on the sidelines of a budget analysis session organized by Confederation of Indian Industry, Rohan K Phatarphekar, executive director nd national head, global transfer pricing services KPMG India Private Limited said, The Budget was not bad, there was too much of expectations from the market. What the Budget lacked was clarity, the government failed t o lay down a concrete roadmap to bridge the fiscal deficit. But significant changes were announced in the tax structure like removal of FBT, removal of 10 per cent surcharge on the higher bracket of income tax, commitment to introducing GST. pic Difficulties in applying Arms Length Principle . Multinational Enterprises groups are dealing in the integrated production of passing specialized goods, in unique intangibles, and in the provision of specialized services. 2. Associated Enterprises may engage in transactions that independent would not undertake, example sale or license of intangibles. 3. Arms Length Price may result in an administrative burden for both the tax administrations of evaluating significant numbers and types of cross-border transactions. 4.Far placed geographical locations and confidentiality etc. may cause difficulty in obtaining comparable data. Transfer Pricing in IT Department commercial message transactions between the different parts of the multinational g roups may not be subject to the same market forces shaping relations between the two independent firms. One party transfers to another goods or services, for a price. That price is known as transfer price. This may be arbitrary and dictated, with no relation to cost and added value, diverge from the market forces.Transfer price is, thus, a price which represents the value of good or services between independently operating units of an organization. But, the panorama transfer pricing generally refers to prices of transactions between associated enterprises which may take place under conditions differing from those taking place between independent enterprises. It refers to the value connect to transfers of goods, services and technology between related entities. It also refers to the value attached to transfers between unrelated parties which are controlled by a common entity.Example of use Transfer Pricing Suppose a company A purchases goods for 100 rupees and sells it to its asso ciated company B in another country for 200 rupees, who in turn sells in the open market for 400 rupees. Had A sold it direct, it would have made a profit of 300 rupees. But by routing it through B, it certified it to 100 rupees, permitting B to appropriate the balance. The transaction between A and B is arranged and not governed by market forces. The profit of 200 rupees is, thereby, shifted to the country of B.The goods is transferred on a price (transfer price) which is arbitrary or dictated (200 hundred rupees), but not on the market price (400 rupees). Thus, the effect of transfer pricing is that the parent company or a specific subsidiary tends to produce insufficient taxable income or excessive loss on a transaction. For instance, profits accruing to the parent can be increased by setting high transfer prices to siphon profits from subsidiaries domiciled in high tax countries, and low transfer prices to move profits to subsidiaries located in low tax jurisdiction.As an examp le of this a group which manufactures products in high tax countries may decide to sell them at a low profit to its affiliate sales company based in a tax haven country. That company would in turn sell the product at an arms length price and the resulting (inflated) profit would be subject to little or no tax in that country. The result is revenue loss and also a drain on foreign exchange reserves Reference to Transfer Pricing Officer. 92CA. (1) Where any person, being the assessee, has entered into an international transaction in any previous year, and the Assessing Officer onsiders it necessary or expedient so to do, he may, with the previous approval of the Commissioner, refer the computation of the arms length price in relation to the said international transaction under section 92C to the Transfer Pricing Officer. (2) Where a reference is made under sub-section (1), the Transfer Pricing Officer shall serve a notice on the assessee requiring him to produce or cause to be produce d on a date to be specified therein, any evidence on which the assessee may rely in support of the computation made by him of the arms length price in relation to the international transaction referred to in sub-section (1). 3) On the date specified in the notice under sub-section (2), or as soon thereafter as may be, after hearing such evidence as the assessee may produce, including any information or documents referred to in sub-section (3) of section 92D and after considering such evidence as the Transfer Pricing Officer may require on any specified points and after taking into account all relevant materials which he has gathered, the Transfer Pricing Officer shall, by order in writing, determine the arms length price in relation to the international transaction in accordance with sub-section (3) of section 92C and send a copy of his order to the Assessing Officer and to the assessee. 4a(3A) Where a reference was made under sub-section (1) before the 1st day of June, 2007 but the order under sub-section (3) has not been made by the Transfer Pricing Officer before the said date, or a reference under sub-section (1) is made on or after the 1st day of June, 2007, an order under sub-section (3) may be made at any time before sixty days prior to the date on which the period of limitation referred to in section 153, or as the case may be, in section 153B for making the order of assessment or reassessment or re computation or fresh assessment, as the case may be, expires. 84b(4) On receipt of the order under sub-section (3), the Assessing Officer hall proceed to compute the total income of the assessee under sub-section (4) of section 92C in conformity with the arms length price as so determined by the Transfer Pricing Officer. (5) With a view to rectifying any mistake apparent from the record, the Transfer Pricing Officer may amend any order passed by him under sub-section (3), and the provisions of section 154 shall, so far as may be, apply accordingly. (6) Wh ere any amendment is made by the Transfer Pricing Officer under sub-section (5), he shall send a copy of his order to the Assessing Officer who shall thereafter proceed to amend the order of assessment in conformity with such order of the Transfer Pricing Officer. 7) The Transfer Pricing Officer may, for the purposes of determining the arms length price under this section, exercise all or any of the powers specified in clauses (a) to (d) of sub-section (1) of section 131 or sub-section (6) of section 133. Undesirable Corporate Practices Related to Transfer Pricing Some of the related party transactions, which are usually resorted to for diversion of funds are detailed below. (a) Purchase of goods or services from a related party at little or no cost or at inflated prices to the entity. (b) Payments for services never rendered or at inflated prices. (c) Sales at below market rates to an unnecessary middle man related party, who in turn sells to the ultimate customer at a higher price with the related party (and ultimately its principals) retaining the difference. (d) Purchases of assets at prices in excess of fair market value. e) Use of trade names or patent rights at outrageous rates even after their expiry or at a price much higher than the price, which can not be described as reasonable. (f) Borrowing or lending on an interest-free basis or at a rate of interest significantly above or below market rates prevailing at the time of the transaction. (g) Exchanging property for similar property in a non monetary transaction. (h) Selling real estate at a price that differs significantly from its appraised value. (i) Accruing interest at above market rates on loans. Associated Enterprise. 92A. (1) For the purposes of this section and sections 92, 92B, 92C, 92D, 92E and 92F, associated enterprise, in relation to another enterprise, means an enterprise a)Which participates, straight or indirectly, or through one or more intermediaries, in the management or control or capital of the other enterprise or (b)In respect of which one or more persons who participate, directly or indirectly, or through one or more intermediaries, in its management or control or capital, are the same persons who participate, directly or indirectly, or through one or more intermediaries, in the management or control or capital of the other enterprise. (2) 77For the purposes of sub-section (1), two enterprises shall be deemed to be associated enterprises if, at any time during the previous year, (a)one enterprise holds, directly or indirectly, shares carrying not less than cardinal per cent of the voting power in the other enterprise or b)any person or enterprise holds, directly or indirectly, shares carrying not less than 26 per cent of the voting power in each of such enterprises or (c)a loan advanced by one enterprise to the other enterprise constitutes not less than fifty-one per cent of the book value of the total assets of the other enterprise or (d)One enterpr ise guarantees not less than ten per cent of the total borrowings of the other enterprise or (e)more than half of the board of directors or members of the presidential term board, or one or more executive directors or executive members of the governing board of one enterprise, are appointed by the other enterprise or f)more than half of the directors or members of the governing board, or one or more of the executive directors or members of the governing board, of each of the two enterprises are appointed by the same person or persons or (g)the manufacture or touch of goods or articles or business carried out by one enterprise is wholly dependent on the use of know-how, patents, copyrights, trade-marks, licenses, franchises or any other business or commercial rights of similar nature, or any data, documentation, drawing or specification relating to any patent, invention, model, design, secret formula or process, of which the other enterprise is the owner or in respect of which the other enterprise has exclusive rights or h)ninety per cent or more of the raw materials and consumablesrequired for the manufacture or bear upon of goods or articles carried out by one enterprise, are supplied by the other enterprise, or by persons specified by the other enterprise, and the prices and other conditions relating to the supply are influenced by such other enterprise or (i)the goods or articles manufactured or processed by one enterprise, are sold to the other enterprise or to persons specified by the other enterprise, and the prices and other conditions relating thereto are influenced by such other enterprise or (j)Where one enterprise is controlled by an individual, the other enterprise is also controlled by such individual or his relative or jointly by such individual and relative of such individual or k)Where one enterprise is controlled by a Hindu undivided family, the other enterprise is controlled by a member of such Hindu undivided family or by a relative of a member of such Hindu undivided family or jointly by such member and his relative or Chapter 2 Objectives of the Study Objectives of the Study- Primary Objectives 1) To study the acceptability of different methods of Transfer Pricing in the companies. 2) To find out the slipway of applying Arms Length Method and the results of it. 3) To study the different terms like Associated Enterprises, Transfer pricing officer, International Transaction & Subsidiary company etc. Secondary Objectives 1) To identify various other ways of managing the profit of the company. 2) To analyse different ways of applying extra cash flow. ) To find different ways of Transfer Pricing which are applicable under Income Tax Act 1961. Chapter 3 Company Profile COMPANY PROFILE PARAMOUNT effected in 1993, dominant Surgimed Ltd. manufactures wide range of Surgical Blades, Scalpels which cover General Surgery and other Surgical Area viz Gastroentrology, Urology, Orthopedic & General Surgery etc. Paramount Surgim ed Ltd. is export their products in more than 50 countries. Paramount Surgimed Ltd. is first Company who has been approved by ISI, ISO 9001 & FDA registered company and their products are CE marked. A guiding sense of concern for man miscellanea and a mission to realize richer human life led to the birth of PARAMOUNT SURGIMED LTD.Paramount has grown with a reputation of specializing in manufacturing of a wide range of single use medical and surgical devices such as Surgical Blades, Disposable Scalpels, Stitch Cutters and Skin Graft Blades. Paramount has its corporate head office in novel Delhi, the capital of India & operates its major production activities from Bhiwadi in Rajasthan. This has a floor space of 30000 sq. ft. on 10000 sq. meter. plot and a mere 60 km from the Capital City. The facilities comprise of latest state of the art manufacturing unit comparable to international standards. Paramount is committed to exceed its customers expectations. All aspects of manufact uring and packaging is done in a clean & controlled environment.We adhere to the policy of strict quality control without mercy by making use of in house test laboratory, for agonistic quality assurance at all times. Blades are sterilized through Gamma Radiation in New Delhi. We are an ISO 9000 2000 company and the products are CE marked. Our products are also registered with various health ministries more or less the world. Vision Statement Today India is at the down of the millenniums exciting future with the liberalization and the opening up of its economy. The world is taking a look at India, her products, and her enterprises. With a vision of being a global leader in Medical Disposables, Paramount Surgimed Ltd. dedicates itself to the crucial sector. armorial bearing StatementWe atParamount Surgicals, Inc are committed todesign, manufacture and distribute finest spinal anaesthesia implant and instruments. Since its beginning, Paramount Surgical, Inc has stood for one capab ility above all others the ability to Innovate. Innovateis a sense of possibility that allows for freedom beyond mere innovation. We strive without reserve for the greatest possible reliability and quality of our products and to be recognized in the market for our dedication, honesty and services. Paramount Surgimed Limited has created this privacy statement in order to demonstrate our firm commitment to privacy. The following discloses the information gathering and dissemination practices for our Corporate Web site www. paramountblades. com. . R & D Technology MissionWe richly understand the grave implications of technology and are constantly on the move to keeping abreast with rapid technological development towards the quest for justice in the field of Medical & Surgical disposables. The R & D department not only helps in developing new products and their manufacturing technologies but also in improving existing ones. Quality Commitment Paramount has kept alive quality as a l egacy in which quality is not an end but a vehicle for seeking excellence & perfection at all stages. We are committed to exceed our customers expectations. All aspects of manufacturing and packaging is done in a clean & controlled environment. We adhere to the policy of strict quality control without mercy by making use of in house test laboratory, for competitive quality assurance at all times.Blades are sterilized through Gamma Radiation in New Delhi. We are an ISO 9000 2000 company and the products are CE marked. Our products are also registered with various health ministries around the world Step in to the Future Encouraged with the continued impressive performance, Paramount has decided to expand & diversify in to the other related areas, targeting the year leading into 21st century. Paramount will build additional new manufacturing facilities equipped with latest technologies in the field of healthier business. The responsibility and obligation to the customer to supply the best products in every way is the power of its efforts.Like the tip of an iceberg, only a small part of its work is visible. The significant strength however is the use of most progressive and modern technologies, and the untiring efforts of its employees, who continue to strive for more in effect(p) and better solutions. Response by placing repeat orders for years together, Paramount has a sustained and consistent growth. OSIM Delhi based Paramount Surgimed Ltd. has signed a Master Franchisee capital of New Hampshire with OSIM International Ltd. , over $ 300 million company and Singapores largest manufacturer of lifestyle products to import and trade OSIM products in India and Nepal through OSIM India, a division of Paramount Surgimed Ltd. Established in 1980, OSIM is the No. brand in lifestyle products in Singapore, Hong Kong, Taiwan, and Malaysia, UK & USA, Australia, Canada and over 22 franchisee all over the world. OSIM produces superior designs focusing and following ergono mic guidelines on with quality features. OSIM India has opened 23 outlets in the country in just one year. These include outlets in Delhi, Gurgaon, Ludhiana, Kolkata Bangalore, Chennai, Mumbai, Hyderabad, Pune and Indore. By the end of this year it plans to expand and set up a total of 25 more outlets. Quality As we offer lifestyle products related to health, quality is the most important factor that, we take special care of. Our products are completely flawless and stand at par even with the international standards.All our products are checked and tested under strict supervision of experts and doctors, so that they do not cause any adverse health effects. Specially equipped with quality experts who individually examine the products themselves so that our clients can use it in a comfortable way. Fully guaranteed our products have been manufactured with complete care, perfection and precision by world class procedures. accept in the motto quality begins with us, we have earned enor mous accolades. Operations 1. Human Resource- The Company is having a manpower of around 530 employees all over India. To maintain the proper management on this vast manpower, the company uses the Master Software, Portal Data Management. The turnover ratio of manpower is around 110 employees in a year.Process of Recruitment- To do the recruitment firstly the Manpower assessment is done, then approval is taken from the Heads, HODs and then permission is taken from COOs Basically the company tries to fill the gap internally, by posting the existing employee at the new post, personal sources of employees, their relatives and friends and then if necessary it uses the job portals available on-line and scrutinize the resumes available there. Then the company conduct interview (no G. D. is done), firstly with HR personals then with concern HODs. This process ends for the post of a Front line officer. If a higher person is to be recruited then the interview with COO is also conducted. Then the final result is taken regarding that candidate.Documents to be carried on the date of joining and everything else except the salary (salary is included because many person negotiate other companies on the basis of this LOC) Probationary hitch for the new employee remains for 6 months and after that, if he/she (if found suitable), is given permanent employee certificate. Training and Development- Generally the training is provided in the concerning departments only by the employees already working over there. Basically two types of training is provided. i. Product/Technical Training- In this, the training is provided regarding the products of the company and also the work which the new employee is to be done. This includes the rough core training. ii.Soft skills/Non-technical Training- In this training, the soft skills are taught to the candidate, like the behavior of the employees, working conditions, organizational culture etc. Time to time the employees development programs are also conducted to motivate the employees i. e. to understand their personal problem, solving it out, developing their career path, etc 2. I. T. The company is having one single IT department to control all the data base management and all the networking facilities. This department is in head office. The company uses its own made OSIM Software to keep the data and all of its branches are using the same software, which is downloaded by the head office personals with the SQL information.The company is also engaged in on line merchandizing, it makes online sales also with the help of its website. It uses OSIM India as the selling website which is extensivey organized by the Head Office only. 3. Accounts The Companys Accounts Department is near to Head Office. The Accounts Department is having a workflow of 25 members who are manipulation the accounts of the different branches of the Company. The Company is using Tally 9 Software along with MS Office to maintain the records of the customers 4. Marketing- The Company is having a highly puissant Marketing activity which is the biggest strength of the company. The products of Paramount are traded in both domestic and international markets.Our medical products are being exported to more than 40 Countries across the world like USA, Asia, and South Africa etc. Moreover, OSIM is declared as Asia No. 1 healthy lifestyle brand in consumers minds It basically having two types of Sale i. e. a) Corporate- The Company is having almost 35% of its total sales in the Corporates. Its Corporate clients includes ONGC, Japee Hotels, Indian Oil, Hyath Group of Hotels, Apollo Tyres, Apollo Hospitals, Heritage Hospitals, Fortis Hotels etc. The Company is having a big ratio of its sales in Indian Army and other PSUs b) Retails- The Companys sell is very strong. Almost 65-70% of its sales is based on Retailing. Its Retailing is very wide, which is divided in three modes i.Showrooms- The Company has opened its own Showrooms in diffe rent parts of the country, including Chandigarh, Delhi, Ludhiana, Ahemdabad, Kerla, Hyderabad, and many other places. The Showrooms are exclusively defined, and highly modernized, with all the facilities for the visitors. ii Shop in Shops- At many places the Company is having its shops in different shops. This is a very new concept which provide the firm to save money and also having more attention form the visitors along with standing with other different renowned Brands. iii Road Shows- The company has a mode of selling through Road Shows. Road Shows are very popular in Metro Cities and a large amount of sales of the Company is dependent on that.The Company is having its all time Road Show in Delhi, Bangalore, Kolkata, Chennai etc. Products iMedic Chair Revolutionary chair knowing for precise manipulate The new OSIM iMedic Chair is the first of its kind to cater to the specific needs of every individual by detecting the precise location of shiatsu points along the back. With mo re than 300 acupressure points in the body, every persons body shape is as different as the shape of our face. Determining the charter body shape of the use allows a more sensitive massage to be applied effectively to just the right spot, helping to relieve wear thin and neuralgia, promote blood circulation, ease muscle strain and stiffness, leaving you feeling relaxed all over.Sit back, close your eyes and sink into the luxuriousness of the OSIM iMedic Chair as you relinquish your body to the ultimate massage experience. Detecting Acupressure Points While seated deeply into the OSIM iMedic Chair with your head resting comfortably on the headrest pad, select any of the 8 comprehensive massage course of instructions. Before commencement of any programme, the massage rollers automatically glide along the length of your back to detect the acupressure points via 2 infrared sensors. Once detected, you can look forward to a massage experience unlike any other. Shoulder Position Adjustm ent You can further personalize the massage programmed by adjusting the position of the rollers at your shoulder area, so you can pinpoint the massage precisely where you want it.Well-being Programmes These 3 relaxing programmed are designed to enhance your health by adapting massage treatment to your daily routine. Morning Programme For those who feel an ongoing tiredness and a lack of energy during the day, giving you the extra perk you need Night-time Programme Use at the end of the day to fully relax your body and seduce you for a good rest. serviceable if you suffer from insomnia. Seat Programme Massages the hip area using a combination of vibration action and seat message. Useful for relief of constipation discomfort. Luxurious Comfort Versatile Design The OSIM iMedic Chair has been designed with features to raise the level of comfort to unparalleled heights.Fully Automatic Reclining dodging Recline the backrest and/or the footrest independently at the siple touch of the Re mote Controller to find the position that suits you best. Adjustable Angle The backrest can be reclined up to 170 degree for greater comfort. Extendable Footrest The footrest can be easily extended to cater to the height of the user. Auto-Timer Whichever programme you chose, it will automatically run for a maximum of 15 minutes, allowing you to relax your mind while the OSIM iMedic Chair relaxes your body. However, you can turn the programme off or switch to a different programme at any point and the timer will reset automatically.Total Remote Control A comprehensive Remote Controller with two LCD display screens controls all programmes and functions for an uninterrupted massage session. Anti-bacterial Upholstery Covers The upholstery covers are specially coated with an anti-bacterial treatment, keeping bacteria like Staphylococcus, yellowness Coliform Bacilli and MRSA at bay. They are completely removable for easy cleaning. Available in white, black, latte and olive. Foldable Back rest and Castors For easy storage and transportation. Paramount Surgimed Ltd, New Delhi has been chosen as Master Franchise to represent OSIM in India. OSIM India A Division of Paramount Surgimed Ltd shall be promoting a wide range of OSIM products through our exclusive salesroom to start with in New Delhi and followed by in other cities.OSIM International Ltd, Singapore came in to existence in the year 1980 with the aim to provide a healthy lifestyle to the mankind. From a humble start to $287. 4 million company, today OSIM is promoting its products through is Master Franchise in over 20 countries. OSIM INDIA is coming up with a top of the line massage chair in India Millennium Chair OS 747iv The Master Of Relaxation. Equipped with a specially designed roller system, which moves in a wavelike motion along your spine to effectively massage muscoes relieve aches and stiffness. Bliss Chair NR-90 Complete Relaxation from Top to toe. Full body massage with a unique reversible footrest, which gives you a choice of resting your legs, or treating your feet and calves to a stimulating massage.Apart from the above products we have a Reflexologist, i Twin, Foot Reivitalizer 2, Tappie (Handy Massager), Warm Air Turbo, eHuman-logic BPM, Pro Therapist, Massuer Chair, Hair Brush, Ear Scan, Health Sole, Eye Care Massager, Large Gel Pad, Samll Gel Pad, VF scan, e-Body fat Scale, pyrexia Band, Handy Neb, Ultrasonic Neb, Instant Heat Pad (small), Slim Belt (Aerobics), Slim Belt (Body Shaping), Slim Belt (back support), Slim Belt (Extra Support), Spare Wire, Upholstery for OS777, medicinal drug CD for OS777, I. Sense Upholstery for OS757 to add to the big range of products. Chapter 4 Research Methodology RESEARCH METHODOLOGY Methodology is the bone of a project. It has also an important place as regards to cash management system project. It helps us in Collection and analysis of data in preparing the project. My Research is purely a descriptive Research, which includes underst anding and analyzing Transfer Pricing and its different Method. My sources of collection of data must be very much reliable, so secondary data collection method is used for the purpose of the project for the Price Management System.I have gone very deeply in preparing the project & I devoted my full attention to get the accurate & real data collection. For this purpose I became in close contact with sources of data collection by personally & through Internet. The Methodology contains the following things- Methods of Data Collection - For the project report, methods of data collection has an important role in connection with accuracy & exact information. So, I adopted both the methods primary as well as secondary method of data collection. A) Primary Data Throughout the preparation of the project report, I was in the contact of CFO & other staff of finance department of Paramount Surgimed Ltd. o get the information in connection with the practical working of transaction between the company & banks. B) Secondary Data I have also collected the information, figures & data in connection with the preparation of project report from Balance-sheet & yearbook report of Paramount Surgimed Ltd. I have also collected the information about cash management, services & Latter of Credit provided by the bank to the company. on with it I have collected information about the topic from the Internet and also form many of my friends and colleagues who have worked over on the similar kind of projects or who are having a good command over the subject.Sources of Data - Sources of collection of data for a project report has a very