Remittance Form 2011 Remittance Form: Fill & Download for Free

Why is the Nigerian currency worth so little in comparison to the American dollar?Because the Nigerian economy ($446.5billion, GDP) is a fraction of the American economy ($19.39 trillion, 2017, GDP). The American is the number economy in the world; the Nigerian economy is the 30th.A currency's exchange rate is not a thing of nationalist pride. It is an economic indicator. Get it right to your good. Get it wrong to your dire disadvantage.A currency is a measure or indicator of the relative strength, competitiveness, productivity of its underlying economy.With reference to the underlying, real economy a currency is described as overvalued or undervalued. Thus finding a realistic exchange rate is, and should be a necessity for overall macro-economic management. A realistic exchange rate is critical to overall economic development strategy. An overvalued exchange rate reduces international competiveness, dampens export drive with consequences for investment, employment, balance of payment, etc.The closer to par the Naira is to the US Dollar the less foreign investment the Nigerian economy attracts, the more expensive Nigerian manufactures are on the international market; the more import-indulgent and consumerist the Nigerian becomes.Thus many countries deliberately undervalue the exchange rate of their currency in the pursuit of international competitiveness. Often these are production-oriented countries. In contrast, consumption-centred, import-dependent economies overvalue the exchange rate. Thereby perpetuating their Underdevelopment status.The relative productivity of the economies is the pointer to the relative exchange rates between their currencies.On the basis of what can you compare the America economy to the Nigerian economy? That should answer your question.The journey to find the realistic exchange rate began with the Structural Adjustment Program in 1986. At this time, Nigeria was facing serious Balance of Payment crisis. The country's Letters of Credit were not being honoured by its trading partners. Crude oil prices, against the backdrop of world recession were extremely low. The country was broke. An economic austerity program put in place since 1978 was undermined and thwarted by the the fiscal indiscipline, ineptitude and corruption of the succeeding civilian government that ruled the country between 1979 and 1983.In the face of a economic depression, non-existent foreign reserves, the government went cap-in-hand to the International Monetary Fund. The Fund's conditions for the bail out requested included a devaluation of the currency, deregulation of the economy.Before this time, the exchange rate of the Naira, a fixture of the regulated regime of the economy, characterized by administrative controls rather than market forces in demand and supply, was almost at par to the US dollar.Given this, it was smarter to import consumer items for distribution than engage in any value-creating Enterprise or business.The Naira was devalued - with serious short-term pains - to reverse this trend, and the journey has been on since.But this was the beginning of the process of growing non-oil exports and diversifying the economy. That process has been counteracted by other factors, seriously. Nonetheless, has remained on course.The result? Among others:Unleaching the creative and entrepreneural drive of Nigerians. Today, there are many home-made substitutes for foreign consumer items due to the relative low rate of the Naira to the US dollar.2. With still a long way to go but the hope of Nigerian export manufactures only have traction with this policy. BuyNaija only makes sense with a low exchange rate relative to the US dollar and other major currencies. It is the sure remedy to Nigerians low patronage of Made-in-Nigeria.3. Making Nigeria a favourable destination for foreign investors. Even the best of infrastructure and security can only complement this.4. Increase in remittances form Nigerians abroad. A mighty boost to the economy.“Remittances to Nigeria have been on the rise for over a decade now. Data from BusinessDay reveals that $14.64 billion was remitted in 2005; in 2006 it was $16.93 billion; $18.014 billion in 2007; $19.203 billion in 2008; 2009 saw $18.368 billion remitted; in 2010 it was $19.745 billion; and $20.617 billion in 2011.” Remittances by Nigerians in diaspora soars to $25 billion in 2018 - Ventures Africa

Of all of bitcoin’s uses as a currency, a payment system, an investment, a commodity, a technology, a remittance network, a market hedge perhaps its most notorious is as a facilitator of online drug transactions. For years now, the cryptocurrency has allowed anonymous purchasers to pay anonymous vendors on eBay-like markets, avoiding the use of the formal financial system and thus the easy intervention of the federal authorities.“Making small talk with your pot dealer sucks. Buying cocaine can get you shot. What if you could buy and sell drugs online like books or light bulbs? Now you can: Welcome to Silk Road,” the journalist Adrian Chen wrote in an exposé for Gawker on the now-defunct market, back in 2011. At the time, Chen called it “the most complete implementation of the bitcoin vision” of freewheeling, anarcho-libertarian anonymity.Seven years later, though, problems with using bitcoin on the dark web a kind of mirror internet that uses encryption to ensure its participants’ privacy and features websites that are not accessible from standard browsers have piled up. Purchasers and vendors are cancelling orders, losing money, and fleeing to other forms of cryptocurrency. Bitcoin remains in wide use for drugs and other illegal goods, but the shadowy markets that made it famous, and infamous, are turning on it.The first issue lies in the extreme volatility of the price of bitcoin. The cryptocurrency has, since its very earliest days, been a highly unstable one, its price surging and collapsing much like that of a penny stock. Even so, the past year has proven unusually volatile, with dramatic day-to-day and even minute-to-minute swings and plunges. Investors crowding into the cryptocurrency including those putting bitcoin on their credit cards, or taking out equity loans on their houses to buy it and regulatory interest from governments around the world have helped to drive those fluctuations. And the currency’s short-term volatility has been matched by some longer-term volatility too: The currency’s value surged 1,300 percent last year, and it has fallen by more than half of late.

I will try to be rational here and write with my own understanding of living in different parts of India over the extended period of 30 years. You are allowed to disagree so you can leave reading my post anytime. Am not here to sooth the egos and praise my fellow Indians, you are most welcome to bash me; comments section is meant for that.This snapshot is from site http://howindialives.com. Just look at the concentration of blue color in typical North India - Punjab, Haryana and Delhi, along with Kerala.Problem is we look at overall numbers of State GDP and divide it by count of population to arrive at the per person number. So in this regards, your Maharashtra always tend to do well because of presence of Mumbai as financial capital and Mumbai-Pune as top industrial belt. But if i leave aside these two districts, the overall Maharashtra states doesn’t looks promisingThis can corroborated to the fact that high number of farmers suicides , shortage of water in Vidarbh regionLets look at Tamil Nadu. Most of the industrial development is concentrated in Vellore-Chennai belt and Coimbatore belt. You can see dark blue color in these areas. But what about other districts like Madurai etc. I have personally traveled in Tamil Nadu state and infrastructure wise i can assure rest of india, they are superior in many things. Local parties have really worked to get the things in order. Tamil Nadu is a dry state and despite being having coastal line covering close to half of its perimeter, didn’t make color bleed blue in all the districtsNow talk about Andhra and Telangana. Only Hyderabad is colored as compared to other districts and bit of west and east godavari districts. They also have good coastal line and Vizag is one of largest port on the eastern side.Telugus are my favorite and let me elaborate a bit more on this. Only the castes like Kamma, Reddy, Kapu and Brahmins are rich in Andhra belt with few exception of Arya vaishyas and Rajulu people. Rest other castes are very poor and corruption is way high. Areas like Anantapur, kadapa etc are drought prone area and have suffered most of times in last ten centuries.Punjab and Haryana :- Their overall development can be related to past few decade of agricultural revolution and small scale industries developed in this region. Plus river and irrigation system supporting the economy. Mind you my fellow Indians, they both are landlocked states. Punjabis who have travelled to different countries also send lot of remittances back to their home state. Haryana shifted its focus from agriculture to industrial production, gurgaon-rewari-bawal belt is classic example.Curious case of Rajasthan and Gujarat :- Both of these states have traditionally been the dry states with no natural resources at their disposal. But we see concentrated blue colors in district like Bikaner, Jodhpur in Rajasthan and Surendranagar, Rajkot in Gujarat, it gives a different picture. One reason i can think off is : Marwaris and Gujaratis have been the progressive communities to better their lives, be it migrating to other countries or states and sending the remittances back home. Plus their natural inclination towards the savings.To me very disappointing is if i look towards the Uttar Pradesh and adjacent states. Full of water, arable lands, natural resources, people often attribute it to caste based politics but it is same scenario in gujarat and rajasthan where lets say Rajputs are traditional vote banks of BJP, Vokkaligas in Karnataka are vote banks of congress, Lingayat for BJP. I tend to disagree with my fellow writes that caste based politics is main factor. UP and bihar were under the direct control of Britishers so they did have an advantage of better railway network, educational institutes, municipal institutions, early industries like leather, coal etc but it was never capitalized.Few decades back, when india moved into Nehruvian model of development, many of tribal areas like jamshedpur, bokaro etc developed into large business typically the mining and metals. Companies like SAIL, Coal authority India limited has base in these areas, where people across all the india came and settled here but irony is, these states are still BIMARU ones.West bengal, pioneer in education, philosophy, literature, science, arts etc completely lost to the left based politics. Access to the largest port in east, rivers, ponds, natural resources, early onset of education and what not. Bengalis can be intelligent and good students but they miss on entrepreneurial instincts. Marwaris looting them for decades made them wary of capitalistic structure and society. Given bengal has lot of quality educational institutions, good literacy rates but on average, you will see bengali flourishing outside the bengal.Madhya pradesh and Odisha :- Lot of unarable lands and dense forest cover with indigenous indians living in these two states. Odisha is also having good coastline but they didnt turn anything into their favour. They never migrated outside their state for centuries but state was self sufficient in terms of natural resources. Bigger castes like karn, khanadyat etc are rich people in odisha but you have large number of adivasis, which are very poor.MP on the eastern side, is bit of developed, thanks to indore and bhopal belt but still has long way to go.Karnataka, classic example of fragmented development. Bangalore provides most of the revenues in order of IT, alcohol and engineering products. On coastal side, large banks and hotels from shetty families have contributed to the growth of region. Southern Karnataka is where cauvery flows and has amazing agricultural produce of rice and sugarcane. People completely miss out on Northern karntaka, which is again very dry and poor socio economic statusKerala : Exemplary model to look at. I dont belong to kerala but have many good friends from Kerala and i can relate to what they have to say. Majority of keralites send back the remittances to their home state working in gulf. Keralites have less of differentiation based on caste or religion as compared to other states. Their work at local level, connecting district to town to panchayat level has been commendable. This is how your services and ideas should ideally flow. Half of kerala is under mountainous region and with very little arable land but they pioneered in their core strengths -rubber, spices, seafood, tourism etc. People say literacy is important factor, i agree but how to apply this in real life makes altogether difference.Delhi has 86% of literacy rate as compared to 94% of kerala as per 2011 consensus report but we all know the difference between people from these two regions. Delhi has been provider of major employment opportunities to the Indian tribe for the last few decades. Primary because of the Capital of country and simultaneous development of satellite town of Gurgaon, Faridabad, Noida etc. Again the landlock state.North east i will not talk about, apologies to my NE brothers and sisters but i havent stayed there and never interacted with people much. So i really can’t comment on this.In my opinion, it is upto a fellow Indian to look at the things from his or her perspective. Am sure many people in comment sections will blurt the googled statistics and substantiate the fact that they are very developed and I in my honest intention, truly support that. This will only enhance the knowledge base of the reader.It is the people who makes the overall difference in terms of development. Natural resources are just a support measure to enhance your prosperity. You can have gift from god in terms of natural coastline, rivers flowing for year long, arable lands but if you do not have desire to success and simultaneously look for overall community development, then am sorry, even you may highest GDP in terms of the numbers, you are still very underdeveloped.Edit : Its almost three months now of writing this answer and have seen the varied responses from the country, be it in form of comments or messages. Thanks for that.Two things :- My narration might not have gone well with few section of readers but i can assure, i wrote this basis my understanding of things after living in different parts of this country.Also i have seen a deep bias and sense of separatism in large section of people. They are not aware that time takes the tide; the things which were not rosy previously has become blossoming flowers now; old glory days have been forgotten. So it naturally shifts the objectivity of deciding what is right or what is wrong.