Essay on Holocaust Children - 2974 Words

Children of the Holocaust Advanced Composition/ ENGL 135 June 20, 2011 Alena Synjova once stated, â€Å" I’d like to go away alone where there are other, nicer people, somewhere into the far unknown, there, where no one kills another. Maybe more of us, a thousand strong, will reach this goal before too long† (Volavkovà ¡, 1994, p. 50). During the Holocaust, people craved opportunity to escape to a place where there were polite people and no one killed each other. The Holocaust affected everyone, ranging from the elderly to the young children, who were faced with horrific situations. They witnessed the death of the people around them and were forced to live under unmentionable conditions. The holocaust altered non-Jewish and Jewish†¦show more content†¦46). For this reason, the mentally retarted, physically handicapped, or mentally ill were targets, having been killed in gas chambers. Handicapped infants and small children were killed by an injection with a deadly dose of drugs or by starvation. The bodies were burned in cremato ries leading to more than 200,000 handicapped people murdered between 1940 and 1945 (Bachrach, 1994, p. 32). â€Å"The Jews were transported, either by trains or trucks to six camps; Poland, Chelmno, Treblinka, Sobibor, Belzec, Auschwitz-Birkenau, and Majdanek-Lublin. These camps were called extermination camps. The trips on the train took a few hours and sometimes it took days. The people were crammed into boxcars until there was no room for anyone to move. Freight cars had no seats, no bathroom facilities, and only slatted openings as windows, so inside it was dark, and the air reeked with the smell of bodies and human waste† (Bachrach, 1994, p. 48). Mendy Berger, a Holocaust survivor remembered the train ride and stated, â€Å"One hundred people standing in a locked railroad car, no food, no water, people dying, the smell of the dead, and we had no toilets. We did it right where we were standing, and we couldn’t move away from it† (Adler 1989, p. 67). Arthur Rubin, another Holocaust survivor recounts â€Å"children were crying for water, and mothers’ hearts were torn because they were unable to help them†¦..The train stopped at various stations. There were women standing near the railroad tracks withShow MoreRelatedChildren Of The Holocaust : Children1328 Words   |  6 PagesChildren of the Holocaust As the 1930’s came along, The Nazi’s set out a series of laws and regulations called ‘Nazi Laws’. One of the very first laws was ,†Laws against Overcrowding in German schools and universities†. This was a result of many children were looked down upon by Hitler and his Nazis as ‘racially inferior’. Letters from German Children to the editor of the Nazi tabloid Der Sturmer reveal a shameful potpourri Lettof and fanaticism against their Jewish classmates. The first punishmentRead More Children of the Holocaust Essay983 Words   |  4 Pagesdeliberate intention to kill children in numbers so great that there is no historical precedent for it.† (Lukas, 13 Kindle) About 1.5 million children were murdered by the Nazis during the Holocaust—one million being killed because they were Jews (ushmm.org) The Germans had a clearly defined goal of killing the Jewish children so that there would be no remnants of their race to reprodu ce, resulting in extinction. Not only were the children that were victimized in the Holocaust persecuted and murderedRead More Children of the Holocaust Essay1634 Words   |  7 PagesOver one million Jewish children died during the Holocaust. They were ripped out of their homes and taken away from their families, and stripped of their childhoods. Innocent lives were caught in a war that they were not able to stop. When Adolf Hitler came to power in 1933, he promised Germany that he would improve life their by getting rid of the one race that caused the problems, the Jews. Jews, including Jewish children, were sent to concentration camps, inspected, and if approved, were sentRead MoreThe Hidden Children Of The Holocaust1642 Words   |  7 PagesThe Holocaust is a very large topic with many subtopics within, which many people have never heard of. One in particular is the Hidden Children of the Holocaust. Like a majority of individuals, I never heard of this topic before, until I st arted my inquiry work. Hiding children during the holocaust was an effort to save thousands of children’s lives. The children were hidden in different ways, either with false identities, underground, and with or without their parents. The children with false identitiesRead MoreIs The Holocaust Over The Children Of The World?1078 Words   |  5 PagesIs the Holocaust over for the children of the world? The Holocaust was a dark time in human history during the reign of Hitler. Millions of Jews were killed by the Nazis. However, some people were still lucky enough to survive. One of these survivors, Leon Leyson, experienced the horrors of pure evil as a child. He lived to share his story, and today in America there are many programs and organizations dedicated to protecting children, but in other parts of the world children continue to experienceRead MoreThe Vulnerability of Children in the Era of the Holocaust942 Words   |  4 PagesChildren were especially vulnerable in the era of the Holocaust. The Nazis advocated killing children of â€Å"unwanted† or â€Å"dangerous† groups in accordance with their ideological views, either as part of the â€Å"racial struggle† or as a measure of preventative security. The Germans and their collaborators killed children both for these ideological reasons and in retaliation for real or alleged partisan attacks. The Germans and their collaborators killed as many as 1.5 million children, including over aRead MoreEssay on Jewish Children during the Holocaust1077 Words   |  5 Pagesit treats its children (Nelson Mandela). If this statement is considered true, then its fair to say that during times of the Holocaust, the German society was at an all time low. Children during the Holocaust did not have a carefree childhood, like they should have, but instead were placed under strenuous conditions. They had to go through being separated from all family and friends, being chosen the first to go to, and in most cases a permanent loss of family members. The Holocaust was undoubtedlyRead MoreEffects of War on Children: Comparing Experiences of Children During the Holocaust and Children Affected by the War on Terrorism1746 Words   |  7 Pageswith all wars that occurred in the past and present. This synopsis will focus on the effects of war on children and the different ways they survived through it. It will compare the children of the Holocaust and the children of the war on terrorism. War has a great effect on children and can harm them socially, mentally, and physically. Survival of the fittest differs vastly between these children and the wars they are going through. Terrorist groups are all over and have been around for a long timeRead MoreChildren During the Holocaust1306 Words   |  5 PagesThroughout the Holocaust, â€Å"the Nazis killed over 1.5 billion children† (Children during the Holocaust). Of these children, one million of them were Jewish. The Nazis had no good reason to kill them; they only killed these innocent children because Hitler did not care for their race. The Nazis, a forceful, merciless power led by Adolf Hitler brainwashed the country of Germany into believing that Jews and other races were awful. These children bravely fought persecution and avoided death by hidingRead MoreChildren Of The Holocaust Survivor Essay1384 Words   |  6 PagesAs children of the Holocaust survivor, Jacob in Fugitive Pieces by Anne Michael s novel haunted from his past from his memories of his parents and his beloved sister Bella. Growing up with Athos care, Jacob struggles to adapt to a new environment as a child with his memories of his parents still preserve into his mind and battling to make what might have happened to his sister Bella. As Jacob ponders on his past, his memories become stronger and save him that will eventually free him from pain and

Gothic Literature and Romantic Literature - 2607 Words

Novels, written in various styles, maintain their value because each one presents the reader with a new thought to consider. Sometimes however, rather than expanding on an entirely new style to â€Å"suggest a thought† authors borrow characteristics from other novels to express themselves. These borrowed traits are then molded into a new shape. Authors from the Romanticism era did just that. They borrowed traits from Gothic literature to express their thoughts. Although the novels are unique and valued for their distinctiveness, the borrowed traits remain a parallel between the two genres. Traits such as deterioration of characters, love combating sin, return to animalistic priorities, and alienation of human emotion are all depicted in†¦show more content†¦As his soul â€Å"undergoes†¦psychic disorder† (Monsman), his fascination with the grotesqueness of his picture also grows. Watching his picture Gray â€Å"would sit†¦filled†¦with that prideà ¢â‚¬ ¦that is half the fascination of sin†¦smiling with secret pleasure as the misshapen shadow†¦Ã¢â‚¬  (Wilde 133). Gray becomes interested in seeing his sin come alive on canvas. This in itself represents a man who is unstable mentally, as he derives pleasure from his own image’s ruin. Eventually Dorian’s downward spiral of mental ruin leads to his death. In Romantic literature characters also fall into their own personally created ruin. Miss. Havisham is one example of a character that causes her own destruction. Miss. Havisham stops her life at the precise moment when she was left at the altar (Dickens 179-180), and lets her surroundings fall into ruin to symbolize the deterioration of her body and soul. Miss. Havisham depreciates mentally with personal guilt when she sees the heartless person that her daughter has become. Miss. Havisham becomes no more than â€Å"waxwork and skeleton [with] dark eyes that move† (Dickens 56). Miss. Havisham eventually kills herself as a result of her realization that her actions created a scenario that was the same as hers in Pip. With guilt she ends her life, and ends her spiral into ruin. Characters from Romantic literature exhibit similar characteristics to their Gothic literature counterparts, showcasing the influence that GothicShow MoreRelatedRomantic and Gothic Literature1659 Words   |  7 PagesRomantic and Gothic Literature The gothic literary movement is a part of the larger Romantic Movement. Gothic literature shares many of the traits of romanticism, such as the emphasis on emotions and the imagination. Gothic literature goes beyond the melancholy evident in most romantic works, however, and enters into the areas of horror and decay, becoming preoccupied with death. â€Å"The Fall of the House of Usher† by Edgar Allan Poe is a powerful example of gothic fiction, whereas James Fenimore Cooper’sRead MorePoetry Is Not Just The Vision Of The Writer1036 Words   |  5 Pages poetry can grip the heart—the mind can be an awfully dark place. Within gothic poetry the horror and fears of the poet lie just beyond the words of the poem itself. The words are emotional viscera given form. Poetry is aesthetic and inspiring and its brevity extends it to forms beyond itself. The works of romantic poets have been recycled and reimagined as a result of our continued love affair with the ideas of the gothic and supernatural. The works of various authors, directors, artists, and musiciansRead MoreEssay about Mary Shelleys Frankenstein784 Words   |  4 Pagesclassic gothic novel. Her monster has frightened many generations throughout the ages, and lingers as a warning of science gone too far. But why did her monster survive the ages? I believe that Mary Shelleys monster managed to hold our attention and chill us to the bone, because she weaved a tale that incorporated the genres of gothic, and romantic literature into a narrative of complete terror, and psychological torment that managed to surpass any other gothic literature of her time. Gothic LiteratureRead MoreDark Romanticism1392 Words   |  6 PagesDark Side of Romanticism Romantic literary texts focus on the expression of emotion. Authors during the Romantic period developed and integrated the idea of the individual being the main focus in life. Romantic authors focused on the individual being at the center of their own happiness and destiny and evil dwelling outside mankind. Dark Romantics believed that evil is not only found in nature and in other people but evil also dwells inside every human being. Dark Romantics argued that earlier writersRead MoreThe Romantic Period Stressed Instincts, Affection, and Love1422 Words   |  6 PagesThe Romantic period or Romanticism was a literary movement that had sprung in England in late 18th century. The rise of the movement was precipitated by the issuing of Lyrical Ballads by William Wordsworth and Samuel Taylor Coleridge .The movement came to cope up with the general tenors of the Industrial and Enlightenment age .It stressed on things like instincts, affection , love,the heart over the head .It came als o to celebrate such things as mysticism and the natural world.Romanticism alsoRead MoreCritical Analysis of Mary Shelleys Frankenstein974 Words   |  4 PagesThe essay discussed in this document is Said I. Abdelwaheds The Gothic, Frankenstein and the Romanics, which was published in 1997 in An-Najaj N. J. Res. The author is the assistant professor of English literature at Gazas Al-Azhar University. These credentials are fairly impressive considering the international reputation of the university the author was working at during the time of publication. Additionally, the authors status as an assistant professor helps to imbue this work with a degreeRead MoreThe Romantic Era Of Mary Shelley s Frankenstein1502 Words   |  7 Pages Near the end of the 18th century through the first decades of the 19th century, the romantic ear took over the styles of novels. This was a time of disagreement and confusion over principles and aesthetics; there were many philosophies, agendas, and poi nts of interest that competed in all types of literature. Frankenstein, written by Mary Shelley, is a work from the Romantic Era, and you can see some characteristics of this era in her novel. Romanticism was an era where the individual becameRead MoreGothic Literature : A Dark Atmosphere967 Words   |  4 PagesSchroder English IV Honors 8 December 2016 Gothic Literature Gothic literature has been popular since the 19th century and has given readers the opportunity to look at romantic movement that focuses on a darker horror like imagination. Some of these involve a combination of extreme landscapes, icy wastes, and extreme weather, horrifying events or the threat of such happenings, as well as supernatural manifestations, and presenting evil. Gothic literature gives us a way of looking more depth intoRead MoreDark Romanticism By Edgar Allen Poe1625 Words   |  7 PagesOne of the biggest literary of all times was known as dark romanticism. This kind of literature comes from the darkness inside of a person. Many people who like this style are know to be obsessed with gothic nature. Dark Romanticism is also know to come from darkness in the human soul, original sin, and a dark outlook on society. Dark Romanticism is the complete opposite of romanticism. According to what is dark romanticism â€Å" Dark Romanticism is. A sort of genre threat combines traditional love objectsRead MoreAnnotated Bibliography On The Novel Frankenstein 764 Words   |  4 Pagesthat the creature went through and how it had affected him later on. Carlson, Katherine L. Childhood and Romantic Literature. Encyclopedia of Literary Romanticism. Infobase Publishing: New York, 2010. Bloom s Literary Reference Online [Facts On File News Services]. Web. 8 May 2015. This source is an overview of Romantic novels that involve childhood in them. One example of the Romantic stories with childhood is Frankenstein. It observes that the creature is like a child of Doctor Frankenstein

Electronic Payment System Free Essays

UNIT – 3 Electronic Payment System Contents †¢ What is E-payment? †¢ Types of E-payment Systems †¢ Digital Token-based Electronic Payment Systems †¢ Smart Cards Electronic Payment Systems †¢ Credit Card-based Electronic Payment Systems †¢ Risk Electronic Payment Systems †¢ Designing Electronic Payment System What is E-payment ? †¢ E-payment systems is the mechanism of transferring money over the Internet and technology used in this transfer is called as EFT. EFT defined as â€Å" any transfer of fund initiated through an e-terminal, telephonic instrument, or computer or magnetic tape to order, instruct or authorize a financial institution to debit or credit an account. It is mostly used for Business to business (B2B) commerce where companies doing business together tend to use electronic data interchange (EDI) system to send each other bills and notices of payment. We will write a custom essay sample on Electronic Payment System or any similar topic only for you Order Now E-Payment †¢ Information online offline $ Products/services Advantages of E-Payment †¢ †¢ †¢ Increase payment efficiency – Reduce transaction costs – Enable trade in goods and services of very low value Increase convenience of making payments – Payment can be made swiftly and remotely using various devices Can be used for – e-commerce / e-Trade – For other purposes like paying bills, taxes, etc MBA-II, EBF (FT-204C) Unit-3, Study material compiled by Prof. Vanita Joshi, SOM, SIMS, Indore 1 Categories of EFT Banking and financial payments * Large-scale or wholesale payment * Small scale or retail payment * Home banking Retailing payments * Credit cards * Debit cards On-line electronic commerce payments * Token-based payment system ~ Electronic cash ~ Electronic checks ~ Smart cards or debit cards * Credit card-based payment systems ~ Encrypted credit cards ~ Third-party authorization numbers Main factors when selecting e-payment method †¢ Availability (bank system, laws and regulations) †¢ The consideration of size and type of business, type of a target group of consumers, types of products and services. The ability to provide security against fraudulent activity †¢ Being cost effective for low value transaction fees †¢ Being protective of the privacy of the users †¢ Easy to use, and being convenient for purchasing on the web based e-business Token-based E-Payment Systems Electronic tokens are the new financial instruments which are in the form of electronic cash/money or checks. Electronic tokens are same as cash that is backed by bank. They are of three types: 1. Cash or real-time ( e-cash) 2. Debit or Prepaid (smart cards, e-purses) 3. Credit or Postpaid (credit/debit cards, e-checks) E-cash Electronic cash is a consumer-oriented electronic payment. Though it replaces the cash but still cash is quite dominant form of payment for three reasons: 1. Lack of trust in banking system 2. Inefficient clearing and settlement of non-cash transaction 3. Negative real interest rates paid on bank deposit Advantages of cash over credit cards †¢ It is negotiable †¢ Cash is a legal tender †¢ Cash is a bearer instrument †¢ It need require bank account to operate †¢ No risk on the part of acceptor that the medium of exchange may not be good MBA-II, EBF (FT-204C) Unit-3, Study material compiled by Prof. Vanita Joshi, SOM, SIMS, Indore 2 Properties of e-cash E-cash must have following four properties: Monetary values: Interoperability Retrievability Security E-cash in Action †¢ E-cash based on cryptographic systems called â€Å"digital signature† †¢ †¢ †¢ This method involves pair of two numeric keys (very large number or integer) that work in tandem (cycle): one for encoding and another for decoding. Message encoded with one numeric key can only be decoded with other numeric key and none other. The encoding key is kept private while the decoding key is made public. E-checks †¢ E-checks are another form of electronic tokens. †¢ †¢ A new electronic version of paper check. E-check is an instruction to a financial institution to pay a given amount of money to the payee. It is a specially formatted email message sent over the Internet. It contains as the same information as on paper based check. Check service providers PayByCheck (http://www. paybycheck. com) CyberSource (http:// cybersource. com) Transaction Payment Sequence in E-check system Payer Transfer e-check Payee Deposit e-check Forward e-check for payer authentication Bank Accounting Server MBA-II, EBF (FT-204C) Unit-3, Study material compiled by Prof. Vanita Joshi, SOM, SIMS, Indore 3 Transaction Payment Sequence in E-check system †¢ Buyer must register with third party account server using electronic check. †¢ On receiving the check, the seller presents it to accounting server for verification and payment. †¢ The accounting system verifies the digital signature on the check. †¢ Properly signed and endorsed checks can be electronically exchanged between financial institutions through electronic clearing house. Advantages of E-Check †¢ They work in the same way as traditional checks. †¢ E-checks are suited for micro payments. Eliminate the need for expensive process reengineering and taking advantage of the banking industry. †¢ Financial risk is assumed by accounting server. †¢ E-checks create a float through third-party accounting server. They make money out of buyers and sellers transaction by providing deposit account. Difference b/w EFT and E-check †¢ In E-Cheque, electronic versions of the cheque are issued, received processed. So, payee issues an E-Cheque for each payment. †¢ In EFT transfer automatic withdrawals are made for monthly bills or other fixed payments; no cheques are issued. Smart cards †¢ A smart card is a plastic card with an embedded microchip containing information about you. †¢ A smart card can store about 100 times the amount of information that a magnetic strip plastic card can store. †¢ A smart card contains private user information, such as financial facts, private encryption keys, account information, credit card numbers, health insurance information, etc. †¢ So far not successful in U. S. , but popular in Europe, Germany, Singapore and Japan to pay for public phone call, transportation. Mondex Smart Card †¢ Holds and dispenses electronic cash (Smart-card based, stored-value card) †¢ Developed by MasterCard International †¢ Requires specific card reader, called Mondex terminal, for merchant or customer to use card over Internet †¢ Supports micropayments and works both online and off-line at stores or over the telephone †¢ Secret chip-to-chip transfer protocol †¢ Loaded through ATM – ATM does not know transfer protocol; connects with secure device at bank MBA-II, EBF (FT-204C) Unit-3, Study material compiled by Prof. Vanita Joshi, SOM, SIMS, Indore Mondex Smart Card Processing Mondex Smart Card †¢ Disadvantages – Card carries real cash in electronic form, creating the possibility of theft – No deferred (overdue) payment as with credit cards – cash is dispensed immediately Types of Smart cards Smart cards are basically of two types: 1. Relationship-based Smart Cards 2. Electronic Purses and Debit Cards Rela tionship-based Smart Cards It is the enhancement of existing card services that offer customers far better options like: 1. Access to multiple accounts (debit, credit, e-cash) on one card. 2. Offer various functions ( cash access, bill payment, balance inquiry, fund transfer) 3. Multiple access options at multiple location using multiple access device (ATM, PC, PDA or screenphone etc) Electronic Purses and Debit Cards Electronic Purses or E- wallet are the smart cards embedded with programmable microchip that store sum of money instead of cash. Once a purse is loaded with money it require card reader vending machine which verifies its authenticity . Then after amount is deducted from balance. It shows the remaining balance on the card hence eliminate the small bill in busy stores. E-wallets when depleted can be recharged with money . MBA-II, EBF (FT-204C) Unit-3, Study material compiled by Prof. Vanita Joshi, SOM, SIMS, Indore 5 Credit cards-based e-payment system Credit Cards †¢ A credit card is a small plastic card issued to users dealing in e-commerce. Most credit cards are the same shape and size, as specified by the ISO 7810 standard. †¢ A credit card is different to a debit card in that it does not remove money from the user’s account after every transaction. In the case of credit cards, the issuer lends money to the consumer (or the user) to be paid to the merchant. Credit cards-based e-payment system Customers who purchase any goods send their credit card details to the service provider involved and the credit card organization will handle this payment. Online credit card payment has following categories: 1. Payment using plain credit card details 2. Payments using encrypted credit card details 3. Payment using third-party verification Entities involved in Credit card Transaction Consumer (Buyer or Card holder) Merchant (Seller) Card Issuer (Consumers’ Bank) Acquirer or Principal (Merchant’s Bank) Card Association (Visa, Master Card etc) Third party processor How an Online Credit Transaction Works Encryption and Credit cards Encryption process starts when credit card information is entered into a browser and sent securely over network between buyer to seller. Encryption process includes following steps: 1. Customer presents his credit card information securely to merchant. 2. Merchant validates the authenticity of card holder 3. Merchant relays this information to its bank or on-line card processor. MBA-II, EBF (FT-204C) Unit-3, Study material compiled by Prof. Vanita Joshi, SOM, SIMS, Indore 6 4. The bank relays the information to customer’s bank for authorization approval 5. The customer’s bank returns the credit card , charge authentication and authorization to the merchant Processing Payment with Encrypted Third-party authorization and Credit cards In third party processing, consumer register with third party on the internet to verify emicrotransaction. The companies providing third party payment service on internet are: ( First Virtual) †¢ http://www. fv. com †¢ http://www. openmarket. com †¢ http://www. 2checkout. com/ †¢ http://www. paypal. com/ Payment can be made by credit card via clearing house. Online Third-Party Processor (OTPPs) has following steps for buying information online. 1. Consumer registers for an OTPP a/c that is backed by credit card. 2. To purchase customer request merchant by her OTPP account no. 3. Merchant then contact the OTPP payment server with customer’s account no. 4. OTPP payment server verifies the customer’s account no. for vender (merchant) checks for sufficient funds. 5. OTPP server send a message to buyer that can be responded back by buyer as ; yes/agree; No/disagree; fraud. 6. If OTPP gets ‘Yes’ from customer, merchant is informed then customer is allowed to download material. MBA-II, EBF (FT-204C) Unit-3, Study material compiled by Prof. Vanita Joshi, SOM, SIMS, Indore 7 Online Payment Processing using a Third-party Processor Risk in using Credit cards †¢ Customer uses a stolen card or account number to fraudulently purchase goods or service online. †¢ Many people who will be on the Internet have not even had their first Web experience. †¢ Hackers find the ways into an e-commerce merchant’s payment processing system and then issue credits to hacker card account numbers. Many users are also likely to be younger and have less access to credit and debit cards †¢ Many purchases they make will be micropayments. †¢ Credit cards cannot be used for large sums of B2B transactions †¢ Customer falsely claims that he or she did not receive a shipment Limitations of Online Credit Card Payment Systems †¢ Security – neither merchant nor consumer can be fully authenticated. †¢ Cost – for merchants, around 3. 5% of purchase price plus transaction fee of 2030 cents per transaction. †¢ People living in rural areas don’t have same access to computers and Internet that others do. Social equity – many people do not have access to credit cards (young and old age), disabled, individuals who are not computer savvy and individuals who cannot afford cards ( poor credit risk). Designing Electronic Payment Systems Following criteria should be satisfied while designing any new E-payment System: 1. Privacy 6. Pricing 2. Security 7. Standards 3. Intuitive Interface 4. Database Integration 5. Brokers MBA-II, EBF (FT-204C) Unit-3, Study material compiled by Prof. Vanita Joshi, SOM, SIMS, Indore 8 How to cite Electronic Payment System, Papers Electronic Payment System Free Essays UNIT – 3 Electronic Payment System Contents †¢ What is E-payment? †¢ Types of E-payment Systems †¢ Digital Token-based Electronic Payment Systems †¢ Smart Cards Electronic Payment Systems †¢ Credit Card-based Electronic Payment Systems †¢ Risk Electronic Payment Systems †¢ Designing Electronic Payment System What is E-payment ? †¢ E-payment systems is the mechanism of transferring money over the Internet and technology used in this transfer is called as EFT. EFT defined as â€Å" any transfer of fund initiated through an e-terminal, telephonic instrument, or computer or magnetic tape to order, instruct or authorize a financial institution to debit or credit an account. It is mostly used for Business to business (B2B) commerce where companies doing business together tend to use electronic data interchange (EDI) system to send each other bills and notices of payment. We will write a custom essay sample on Electronic Payment System or any similar topic only for you Order Now E-Payment †¢ Information online offline $ Products/services Advantages of E-Payment †¢ †¢ †¢ Increase payment efficiency – Reduce transaction costs – Enable trade in goods and services of very low value Increase convenience of making payments – Payment can be made swiftly and remotely using various devices Can be used for – e-commerce / e-Trade – For other purposes like paying bills, taxes, etc MBA-II, EBF (FT-204C) Unit-3, Study material compiled by Prof. Vanita Joshi, SOM, SIMS, Indore 1 Categories of EFT Banking and financial payments * Large-scale or wholesale payment * Small scale or retail payment * Home banking Retailing payments * Credit cards * Debit cards On-line electronic commerce payments * Token-based payment system ~ Electronic cash ~ Electronic checks ~ Smart cards or debit cards * Credit card-based payment systems ~ Encrypted credit cards ~ Third-party authorization numbers Main factors when selecting e-payment method †¢ Availability (bank system, laws and regulations) †¢ The consideration of size and type of business, type of a target group of consumers, types of products and services. The ability to provide security against fraudulent activity †¢ Being cost effective for low value transaction fees †¢ Being protective of the privacy of the users †¢ Easy to use, and being convenient for purchasing on the web based e-business Token-based E-Payment Systems Electronic tokens are the new financial instruments which are in the form of electronic cash/money or checks. Electronic tokens are same as cash that is backed by bank. They are of three types: 1. Cash or real-time ( e-cash) 2. Debit or Prepaid (smart cards, e-purses) 3. Credit or Postpaid (credit/debit cards, e-checks) E-cash Electronic cash is a consumer-oriented electronic payment. Though it replaces the cash but still cash is quite dominant form of payment for three reasons: 1. Lack of trust in banking system 2. Inefficient clearing and settlement of non-cash transaction 3. Negative real interest rates paid on bank deposit Advantages of cash over credit cards †¢ It is negotiable †¢ Cash is a legal tender †¢ Cash is a bearer instrument †¢ It need require bank account to operate †¢ No risk on the part of acceptor that the medium of exchange may not be good MBA-II, EBF (FT-204C) Unit-3, Study material compiled by Prof. Vanita Joshi, SOM, SIMS, Indore 2 Properties of e-cash E-cash must have following four properties: Monetary values: Interoperability Retrievability Security E-cash in Action †¢ E-cash based on cryptographic systems called â€Å"digital signature† †¢ †¢ †¢ This method involves pair of two numeric keys (very large number or integer) that work in tandem (cycle): one for encoding and another for decoding. Message encoded with one numeric key can only be decoded with other numeric key and none other. The encoding key is kept private while the decoding key is made public. E-checks †¢ E-checks are another form of electronic tokens. †¢ †¢ A new electronic version of paper check. E-check is an instruction to a financial institution to pay a given amount of money to the payee. It is a specially formatted email message sent over the Internet. It contains as the same information as on paper based check. Check service providers PayByCheck (http://www. paybycheck. com) CyberSource (http:// cybersource. com) Transaction Payment Sequence in E-check system Payer Transfer e-check Payee Deposit e-check Forward e-check for payer authentication Bank Accounting Server MBA-II, EBF (FT-204C) Unit-3, Study material compiled by Prof. Vanita Joshi, SOM, SIMS, Indore 3 Transaction Payment Sequence in E-check system †¢ Buyer must register with third party account server using electronic check. †¢ On receiving the check, the seller presents it to accounting server for verification and payment. †¢ The accounting system verifies the digital signature on the check. †¢ Properly signed and endorsed checks can be electronically exchanged between financial institutions through electronic clearing house. Advantages of E-Check †¢ They work in the same way as traditional checks. †¢ E-checks are suited for micro payments. Eliminate the need for expensive process reengineering and taking advantage of the banking industry. †¢ Financial risk is assumed by accounting server. †¢ E-checks create a float through third-party accounting server. They make money out of buyers and sellers transaction by providing deposit account. Difference b/w EFT and E-check †¢ In E-Cheque, electronic versions of the cheque are issued, received processed. So, payee issues an E-Cheque for each payment. †¢ In EFT transfer automatic withdrawals are made for monthly bills or other fixed payments; no cheques are issued. Smart cards †¢ A smart card is a plastic card with an embedded microchip containing information about you. †¢ A smart card can store about 100 times the amount of information that a magnetic strip plastic card can store. †¢ A smart card contains private user information, such as financial facts, private encryption keys, account information, credit card numbers, health insurance information, etc. †¢ So far not successful in U. S. , but popular in Europe, Germany, Singapore and Japan to pay for public phone call, transportation. Mondex Smart Card †¢ Holds and dispenses electronic cash (Smart-card based, stored-value card) †¢ Developed by MasterCard International †¢ Requires specific card reader, called Mondex terminal, for merchant or customer to use card over Internet †¢ Supports micropayments and works both online and off-line at stores or over the telephone †¢ Secret chip-to-chip transfer protocol †¢ Loaded through ATM – ATM does not know transfer protocol; connects with secure device at bank MBA-II, EBF (FT-204C) Unit-3, Study material compiled by Prof. Vanita Joshi, SOM, SIMS, Indore Mondex Smart Card Processing Mondex Smart Card †¢ Disadvantages – Card carries real cash in electronic form, creating the possibility of theft – No deferred (overdue) payment as with credit cards – cash is dispensed immediately Types of Smart cards Smart cards are basically of two types: 1. Relationship-based Smart Cards 2. Electronic Purses and Debit Cards Rela tionship-based Smart Cards It is the enhancement of existing card services that offer customers far better options like: 1. Access to multiple accounts (debit, credit, e-cash) on one card. 2. Offer various functions ( cash access, bill payment, balance inquiry, fund transfer) 3. Multiple access options at multiple location using multiple access device (ATM, PC, PDA or screenphone etc) Electronic Purses and Debit Cards Electronic Purses or E- wallet are the smart cards embedded with programmable microchip that store sum of money instead of cash. Once a purse is loaded with money it require card reader vending machine which verifies its authenticity . Then after amount is deducted from balance. It shows the remaining balance on the card hence eliminate the small bill in busy stores. E-wallets when depleted can be recharged with money . MBA-II, EBF (FT-204C) Unit-3, Study material compiled by Prof. Vanita Joshi, SOM, SIMS, Indore 5 Credit cards-based e-payment system Credit Cards †¢ A credit card is a small plastic card issued to users dealing in e-commerce. Most credit cards are the same shape and size, as specified by the ISO 7810 standard. †¢ A credit card is different to a debit card in that it does not remove money from the user’s account after every transaction. In the case of credit cards, the issuer lends money to the consumer (or the user) to be paid to the merchant. Credit cards-based e-payment system Customers who purchase any goods send their credit card details to the service provider involved and the credit card organization will handle this payment. Online credit card payment has following categories: 1. Payment using plain credit card details 2. Payments using encrypted credit card details 3. Payment using third-party verification Entities involved in Credit card Transaction Consumer (Buyer or Card holder) Merchant (Seller) Card Issuer (Consumers’ Bank) Acquirer or Principal (Merchant’s Bank) Card Association (Visa, Master Card etc) Third party processor How an Online Credit Transaction Works Encryption and Credit cards Encryption process starts when credit card information is entered into a browser and sent securely over network between buyer to seller. Encryption process includes following steps: 1. Customer presents his credit card information securely to merchant. 2. Merchant validates the authenticity of card holder 3. Merchant relays this information to its bank or on-line card processor. MBA-II, EBF (FT-204C) Unit-3, Study material compiled by Prof. Vanita Joshi, SOM, SIMS, Indore 6 4. The bank relays the information to customer’s bank for authorization approval 5. The customer’s bank returns the credit card , charge authentication and authorization to the merchant Processing Payment with Encrypted Third-party authorization and Credit cards In third party processing, consumer register with third party on the internet to verify emicrotransaction. The companies providing third party payment service on internet are: ( First Virtual) †¢ http://www. fv. com †¢ http://www. openmarket. com †¢ http://www. 2checkout. com/ †¢ http://www. paypal. com/ Payment can be made by credit card via clearing house. Online Third-Party Processor (OTPPs) has following steps for buying information online. 1. Consumer registers for an OTPP a/c that is backed by credit card. 2. To purchase customer request merchant by her OTPP account no. 3. Merchant then contact the OTPP payment server with customer’s account no. 4. OTPP payment server verifies the customer’s account no. for vender (merchant) checks for sufficient funds. 5. OTPP server send a message to buyer that can be responded back by buyer as ; yes/agree; No/disagree; fraud. 6. If OTPP gets ‘Yes’ from customer, merchant is informed then customer is allowed to download material. MBA-II, EBF (FT-204C) Unit-3, Study material compiled by Prof. Vanita Joshi, SOM, SIMS, Indore 7 Online Payment Processing using a Third-party Processor Risk in using Credit cards †¢ Customer uses a stolen card or account number to fraudulently purchase goods or service online. †¢ Many people who will be on the Internet have not even had their first Web experience. †¢ Hackers find the ways into an e-commerce merchant’s payment processing system and then issue credits to hacker card account numbers. Many users are also likely to be younger and have less access to credit and debit cards †¢ Many purchases they make will be micropayments. †¢ Credit cards cannot be used for large sums of B2B transactions †¢ Customer falsely claims that he or she did not receive a shipment Limitations of Online Credit Card Payment Systems †¢ Security – neither merchant nor consumer can be fully authenticated. †¢ Cost – for merchants, around 3. 5% of purchase price plus transaction fee of 2030 cents per transaction. †¢ People living in rural areas don’t have same access to computers and Internet that others do. Social equity – many people do not have access to credit cards (young and old age), disabled, individuals who are not computer savvy and individuals who cannot afford cards ( poor credit risk). Designing Electronic Payment Systems Following criteria should be satisfied while designing any new E-payment System: 1. Privacy 6. Pricing 2. Security 7. Standards 3. Intuitive Interface 4. Database Integration 5. Brokers MBA-II, EBF (FT-204C) Unit-3, Study material compiled by Prof. Vanita Joshi, SOM, SIMS, Indore 8 How to cite Electronic Payment System, Essay examples

Core Tax Legislation and Study

Quetion: Discuss about the Core Tax Legislation and Study. Answer: Introduction: It has always been a confusion that whether the amount a person is receiving lies under the category of ordinary income or not! In many of the cases, this has not been resolved, although, there are some laws and legal obligations which completely explain the process of understanding the concept of ordinary income. In the present case, a girl named Peta has purchased a land in Kew where she thought of living with her family once she builds the three unit house. The other way around, she might want to sell the house on a profit. She has got two tennis courts in her land which she wanted to use for the construction of her house. But, the tennis club at the next door asked Peta to sell the land at a price of 600, 000$ but they put a condition for that, which states that Peta has to renovate the tennis courts before selling it. Peta agreed and spent 100, 000$ on it to sell it at a handsome price. This involved a great deal of work. Peta had to resurface the tennis courts and build new fences around them. She then sold the tennis courts in the current tax year to the tennis club for $600,000. Now the question is whether the amount of 600,000$ is an ordinary amount or not in the tax year! According to the law of Australia, the tax is imposed on the ordinary income of the individual which means that if a person is earning or receiving money through a direct or indirect source, that amount is known as the ordinary amount. (Crifo Diaye 2011) So, as far as the case is concerned where Peta has renovated both of the tennis courts in order to sell the house, the amount she is receiving against that house is a direct amount as she is the owner of the property. The Income Tax Assessment Act states that if Peta is an Australian resident, then, the ordinary amount is assessable. (Gaal 2013) It means if Peta was residing in Australia, then the amount she is getting against the tennis courts is the ordinary amount. So, under the statement of the law, it is quite clear that the receipt of 600,000$ is of ordinary amount. (Feldstein 2011) Peta has invested 100,000$ on the renovation because the next door tennis club asked Peta to renovate it and then sell it to them. She got 500,000$ as a profit from selling the tennis courts where she was thinking to build his own three unit house to live with her family. There have been so many misconceptions in the past about the concept of the ordinary income but the court has legally defined it in a very straight forward way. All the amounts which are normally considered as income are known to be the ordinary amounts. (Gravelle 2010) But even then, people get confused about the concept of ordinary income. The law has simply called the income ordinary if the income has been defined under such conditions: Income from personal activity like salary or wages Income from property like rent and interest Income from your business like farming, etc. (Odunlade 2012) So, the government has made the things easier for the people to understand but still problems come up like in the present case. However, the amount of 600, 000$ comes from the property Peta owned so, therefore, it comes under the second clause of the above mentioned criteria for understanding the concept of ordinary income. (Rand Tarp 2011) In simple words, the receipt of 600, 000$ is the ordinary amount. The ordinary income is considered to be the assessable income because this is the income which is liable to pay tax against itself. Although, there are some limitations upon which it is decided that whether the income is ordinary or not! The origin of the income matters in order to see whether it falls under the ordinary incomes or not! (Slemrod 2010) The law is slightly different for those who are not the residents of the Australia but as in the present case where Peta is living with her family in the house, the amount she received from the tennis club is the ordinary income. This is how it can be categorized and sorted out because there are too many ambiguities when it comes to the assessment of the ordinary income. (Reinhardt Steel 2006) It does not matter whether you are receiving the amount directly or indirectly, the amount which is linked to an Australian source would fall under the ordinary amount. (Royalty 2000) Peta received the amount directly from the tennis court which was owned by her so in this case, the receipt of 600, 000$ is pure ordinary income for Peta in the income year. Scenario: Fringe Benefits Tax is one of the kinds of tax which is imposed on the companies due to some of their acts. This type of tax is imposed on the company when the company is offering some non-cash benefits to its employees. The benefits which are provided to the employees vary because you will see in this scenario how people have been given different benefits. Alan is an employee at ABC Pty Ltd (ABC). He has negotiated with the company upon the following benefits to be provided: Salary of $300,000; Payment of Alan's mobile phone bill ($220 per month, including GST). Alan is under a two-year contract whereby he is required to pay a fixed sum each month for unlimited usage of his phone. Alan uses the phone for work-related purposes only; Payment of Alan's children's school fees ($20,000 per year). The school fees are GST free. ABC also provided Alan with the latest mobile phone handset, which cost $2,000 (including GST). At the end of the year ABC hosted a dinner at a local Thai restaurant for all 20 employees and their partners. The total cost of the dinner was $6,600 including GST. The case revolves around few parameters that if some changes have been made in the current scenario, then how FBT gets affected and what are the possibilities they can improve their FBT amount at the end of the financial year. Fringe benefits tax would be taken care of under different conditions and it has different variables for each country as per their laws and regulations. Fringe Benefits Tax is one of those taxes which have to be reported at the end of the financial year. There are some limitations on which these taxes are based. In the present case, Alan is getting a salary of 300, 000$ monthly with some of the other non-payment benefits like his phone bill is being paid by the ABC Pty Ltd which is about 220$ per month. Moreover, the company also bought a phone for Alan which costed 2000$. Lastly, the company is also taking care of his children school fee which 20,000$ annually. Plus, the company also arranged an annual dinner for all the 20 employees and it costed 6600$. Now, the consequences which the company might face according to the conditions of FBT include some of the following facts: If a company is giving the benefits to the employee which increases the amount of 2000$ from April 1 to 31 March, then the company is liable to pay FBT on the benefits. In the current scenario, the company is already giving benefits to Alan which is more than the amount of 2000$ annually. We can simply calculate it in this way: Alans per month phone charges: 220$ Annual phone charges: 220x12 = 2,640$ Cost of Mobile phone: 2000$ Cost of dinner for Alan: 330$ Cost of dinner for 20 employees: 6600$ Annual fringe benefits cost: 2640 + 2000 + 6600 Total = 11, 240$ The value clearly shows it is quite higher than the threshold value set by the law for FBT to be imposed. However, one thing should be clear about the FBT and that is, the amount which only include GST on it is liable to fall under FBT, otherwise it would not be considered as the amount to be used for FBT. (Matthews 2011) Now in the present case, ABC needs to submit the report of the fringe benefits amount which is known as reportable fringe benefits amount. The sum of the fringe benefits amounts for an employee after a year is known as reportable fringe benefits total. As you can see that the amount for the school fee is not included in the FBT amount because it does not have GST on it. Therefore, company has to pay the FBT amount in the month of the June. (Carroll et al. 2010) If ABC had only 5 employees, then the scenario might have been a bit different because the cost for the 20 employees at the dinner is quite more than the amount for the 5 employees. The amount gets reduced to only 1650$ at the dinner and then if we calculate the amount under the conditions of FBT, that is, the amount which include GST becomes 6, 280$ which is quite less than the amount calculated earlier. The consequences are less critical for the ABC Pty Ltd now because the FBT amount has been decreased. But, still the company has to pay the FBT for his employee. The law, however, varies from country to country and the value set by the government for FBT also differs. (Woellner et al. 2016) If clients of ABC also come in the dinner, then the scenario would have been changed completely because the amount would have been increased a lot and so is the GST. The more the amount of GST, the higher will be the FBT amount which company has to pay. (Saez 2013) So, fringe benefits tax is a totally different type of tax which is imposed on the company on the basis of the benefits offered to its employees. (Barkoczy 2016) It also includes the medical facility being provided to the employees. So, the amount has already crossed the threshold value which is only 2000$ and if the clients of ABC were also present in the dinner, then it would have cost a lot to ABC and the consequences might get worse. References Barkoczy, S., 2016. Core tax legislation and study guide.OUP Catalogue. Carroll, R., Joulfaian, D. and Mackie, J., 2010. Income versus consumption tax baselines for tax expenditures.National Tax Journal, Forthcoming. Crifo, P. and Diaye, M.A., 2011. The composition of compensation policy: from cash to fringe benefits.Annals of Economics and Statistics/Annales d'conomie et de Statistique, pp.307-326. Feldstein, M., Feenberg, D. and MacGuineas, M., 2011.Capping individual tax expenditure benefits(No. w16921). National Bureau of Economic Research. Gaal, J., 2013. Fringe benefits tax issues.Division 7A Handbook: The Practitioner's Guide to the Div 7A Rules, p.219. Gravelle, J.G., 2010. Practical Tax Reform for a More Efficient Income Tax.Va. Tax Rev.,30, p.389. Matthews, S., 2011. Trends in top incomes and their tax policy implications. Odunlade, R.O., 2012. Managing employee compensation and benefits for job satisfaction in libraries and information centres in Nigeria. Rand, J. and Tarp, F., 2011. Does gender influence the provision of fringe benefits? Evidence from Vietnamese SMEs.Feminist economics,17(1), pp.59-87. Reinhardt, S. and Steel, L., 2006. A brief history of Australia's tax system.Economic Round-up, (Winter 2006), p.1. Royalty, A.B., 2000. Tax preferences for fringe benefits and workers eligibility for employer health insurance.Journal of Public Economics,75(2), pp.209-227. Saez, E., 2013. Income inequality: evidence and policy implications.Arrow Lecture, Stanford University. Slemrod, J., 2010. Complexity in the Australian tax and transfer system. InMelbourne InstituteAustralias Future Tax and Transfer Policy Conference (p. 257). Woellner, R., Barkoczy, S., Murphy, S., Evans, C. and Pinto, D., 2016.Australian Taxation Law 2016. Oxford University Press.